Zenith Bank Shares Shed 0.43% as Director Retires

By Modupe Gbadeyanka

Shares of Zenith Bank Plc performed woefully on Wednesday after news of the retirement of one of the longest serving members on the company’s board hit the market.

A notice to the Nigerian Stock Exchange (NSE) from Zenith Bank said a non-executive director of the financial institution, Mr Baba Tela, retired after 12 years on the board.

“Zenith Bank wishes to announce the retirement of Alhaji Baba Tela (independent non-executive director) from the board of the bank with effect from October 2, 2018.

“This follows the expiration of his tenure of office, having served the group for almost 12 years.

“The retirement has been approved by the board of directors at its meeting of November 15, 2018,” the notice signed by its scribe, Michael Otu, said.

On the trading floor of the NSE today, shares of Zenith Bank depreciated by 10 kobo or 0.43 percent.

The stock, which closed at the previous session at N23.15kper share, ended at N23.05k per share at the close of business on Wednesday.

Zenith Bank was the most traded stock at themarket today, with a turnover of 55.3 million shares sold for N1.3 billion.