By Dipo Olowookere
Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu; MD/CEO of UBA, Mr Kennedy Uzoka; and some other persons have been prohibited from trading shares of the financial institution from Wednesday, October 2, 2019 (today), Business Post reports.
A notice from the lender said the affected can only resume transacting securities of the company 24 hours after the release of the firm’s unaudited accounts and financial statements for the third quarter ended September 30, 2019 to the Nigerian Stock Exchange (NSE).
This action was taken to prevent these persons from either mopping up or offloading shares the company at the market because of the vital information about the bank’s Q3 earnings at their disposal.
“No director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the bank and their connected persons may directly or indirectly deal in the securities (shares and bonds) of the bank until 24 hours after the release of the group unaudited accounts and financial statements for the third quarter ended September 30, 2019 to the Nigerian Stock Exchange,” a notice from UBA declared.
In the disclosure, UBA said it announced this closed period because its board would be having a meeting in Abuja on Friday, October 18, 2019 by 10am to consider, amongst other matters, the third quarter results of the firm.
“The board of directors of United Bank for Africa Plc is scheduled to meet in Abuja at 10:00am on Friday, October 18, 2019 to consider, amongst other matters, the group unaudited accounts and financial statements for the third quarter ended September 30, 2019,” it said.
“In compliance with the post listing requirements of the Nigerian Stock Exchange for quoted companies, United Bank for Africa Plc hereby declares the commencement of the closed period for trading in the bank’s shares from Wednesday, October 2, 2019 in respect of the group unaudited accounts and financial statements for the third quarter ended September 30, 2019,” it added.
Business Post reports that shares of UBA were traded at the stock exchange on Wednesday (today) at N6.15 each, going down by 5 kobo or 0.81 percent from the N6.20 per unit it traded at the last trading session.
From the UBA 2018 financial statements analysed by Business Post, Mr Elumelu directly controls 189,851,584 shares of the company and indirectly controls 2,045,354,57 units, while Mr Uzoka has a direct control 37,173,909 equities.
Wife of former Governor of Cross River State, Mrs Owanari Duke, another director, has a total of 86,062 shares of UBA, while the Vice Chairman of UBA, Mr Joe Keshi, controls 433,499 units.
