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Thursday, March 23, 2023

NGX Insider Offloads 2.935 million Shares at 50% Above Listing Price

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Pivot Capital Limited, a Company related to Mr. Dare Adejumo, a member of the Statutory Audit Committee of the Nigerian Exchange Group Plc has just offloaded 2,935,961 shares of the NGX.

The shares were sold at N24 per share, about 50% higher than when the NGX shares were listed in October 2021 on the Main Board of Nigerian Exchange Limited (NGX) at N16.15 per share.

The share sale netted an estimated N70 million for Pivot Capital, according to MoneyCentral calculations.

This is the third major insider sale of NGX shares in 2022, including 3.407 million share sales by VFD Group Plc in February at N25.5 per share and Pilot Securities Limited which sold 6 million shares at N20.94 per share in March.

The NGX with reported revenues of N6.79 billion and profit of N2.24 billion in 2021. It also reported an operating loss of N36.59 million in the first quarter of 2022.

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