The Managing Director/Chief Executive Officer (CEO) of Aiico Insurance Plc, Babatunde Fajemirokun, has purchased 4.6 million new shares in the Insurance Company.
The purchase was made last month at an average price of N1.07 per share for a total consideration of N4.9 million, according to a filing on the Nigerian Stock Exchange (NSE).
Various insiders in Nigeria’s top firms listed on the NSE have been making purchases in recent months, as beaten down stock prices mean a lot of firms are trading below fair value.
MoneyCentral reported last week that Aiico Insurance reported better underwriting results in Q1 as its profit surged even amid COVID-19.
For the first three month through March 2020, AIICO Insurance posted an underwriting profit of N217.37 million from a loss position of N3.12 billion the previous.