- Zenith Bank's Ebenezer Onyeagwu paid N112 million to acquire more shares in the lender
- Onyeagwu purchased five million shares of Zenith Bank to increase his 46.5 million direct shares
- The GMD is the third highest shareholder among the board of directors at Zenith Bank
The Group Managing Director of Zenith Bank, Ebenezer Onyeagwu, went on a shopping spree at the stock market on Friday, March 19, 2021. Onyeagwu acquired millions of shares on four occasions.
Onyeagwu invested over N112 million in Zenith Bank to acquire more stake in the lender. The total number of shares purchased by the banker on Friday, March 19, 2021, was put at five million, at a different price range.
His first acquisition was two million units of shares at N22.25kobo per share, then Onyeagwu added more stakes by purchasing one million units at N22.30kobo per share.
He made his third purchase by acquiring 1.5 million units at N22.60kobo per share, and final acquisition of 500,000 units at N22.65kobo per share. This brought the total of shares purchased to five million at an average price of N22.41kobo per share.
The new share acquisition by the Zenith Bank boss increased his holdings in the lender. As of December 31, 2020, checks by Ripples Nigeria showed that Onyeagwu has a direct shareholding of 46.5 million.
This makes him the third highest shareholder among the directors behind Jim Ovia, Zenith Bank's chairman, and Deputy Managing Director, Adaora Umeoj, both of whom account for 3.54 billion shares and 68,87 million shares respectively.
Ovia also has 1.53 billion indirect shares in Zenith Bank, and serves as the majority shareholder of the lender.
Meanwhile, Legit.ng had earlier reported that former Skye Bank chairman, Tunde Ayeni, reported his business partner, Hosa Okunbo, to the police and anti-graft agency, EFCC, accusing him of deceiving him to take over his company.
Ayeni also stated that Okunbo mismanaged the funds of the company and also diverted the company's money.
Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.