Abubakar Suleiman, the Managing Director (MD) of Sterling Bank has purchased 750,000 shares of the bank according to a new filing on the Nigerian Stock Exchange (NSE).
The shares were purchased on July 1st 2020, for N1.32 per share for a total consideration of N990,000.
Nigerian stocks are some of the cheapest in the frontier market space, however foreign investors have largely been underweight stocks on the NSE.
Sterling Bank stock has returned -49 percent in the past year. The stock is trading at N1.19 per share for a market capitalisation of N34 billion.