Godson Chukwuemeka Okonkwo the Chief Executive Officer (CEO) of Union Bank of Nigeria Plc has purchased 2.431 million new shares in the bank, amid whispers of a buyout by either Access Bank or Zenith Bank.
The purchase was made on Thursday May 06, 2021, at an average price of N4.90 per share, according to a filing on the Nigerian Stock Exchange (NSE).
This means a total of N11.9 million was spent on the trade.
News broke last week that Union Bank was a takeover target with tier-one Nigerian firms including Access and Zenith Bank said to be interested.
If so that should help push the stock higher as investors will expect the takeover to come with a significant premium.
Union Bank stock is down 25 percent in the past year and the bank sports a market capitalization of N144 billion.