Nigerian CEO Buys N231.7 million Worth of Shares to Increase N3.49billion Fortune

Nigerian CEO Buys N231.7 million Worth of Shares to Increase N3.49billion Fortune

- The Chief Executive Officer acquired 22.5 million shares of UAC Nigeria for N10.3kobo per share

- Folasope Aiyesimoju spent N231.7 million on the shares to increase his investment at the company

- Aiyesimoju is a majority shareholder at UAC Nigeria, with a total share worth N3.39 billion before the recent acquisition

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The Chief Executive Officer of UAC Nigeria, Folasope Aiyesimoju, has purchased more shares at the company to increase his investment in the company. The acquisition was done on May 11.

Aiyesimoju paid N231.7 million to acquire 22.5 million shares from the food and beverage company where he has served for three years. He purchased the stocks at N10.3kobo per share.

He purchased a total of 22,500,000 in a single transaction on a day the company recorded 38,274,061 shares exchanged among investors and shareholders. Aiyesimoju's investment pushed UAC Nigeria's stock up by N0.15kobo within two days.

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Nigerian CEO Buys N231.7 million Worth of Shares to Increase N3.49billion Fortune
Naira notes being counted. Photo: PIUS UTOMI EKPEI/AFP
Source: Getty Images

Prior to the acquisition last week Tuesday, the Estate Management graduate had direct shareholding of 31,569 and 334,498,403 indirect shares, bringing his total shares at UAC Nigeria to 334,529,972 as at first quarter of 2021.

This put Aiyesimoju's fortune from UAC Nigeria at N3.39 billion, as the company's stock price currently trade at N10.45kobo per share. The CEO's new investment also cement his position as the majority shareholder at the company.

Note that Aiyesimoju Is a founding partner at Themis Capital Management and founder of Foodpro Limited. He had worked with Standard IBTC as head of Merger and Acquisition.

Meanwhile, had previously reported that analysts have projected the future of bitcoin after the cryptocurrency lost millions of dollars in value betwee last week and this week.

The bitcoin community is trying to determine which stage the crypto price is currently, either at a bearish run, price correction or it has reached its price floor as bitcoin struggles to surpass $50,000.

The analysts said the current price situation of bitcoin is a bearish run that will soon return to a bullish state. They said panic selloff is behind the millions of dollars lost, and corrections will be made.


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