Director Offloads 116,000 Units of Stanbic IBTC Stocks

By Dipo Olowookere

A non-executive director of Stanbic IBTC Plc, Mrs Ifeoma Lilian Esiri, has offloaded some of her holdings in the financial powerhouse.

Mrs Esiri is one of the female billionaires in the nation’s capital market and is currently the Managing Partner of the law firm of Lilian Esiri and Co. which focuses on capital market activities, mergers and acquisitions, as well as corporate and commercial law.

According to a notification of share dealing by insiders released by Stanbic IBTC to the Nigerian Stock Exchange (NSE), Mrs Esiri sold off 116,000 units of the company’s shares on Tuesday, March 24, 2020.

In the disclosure, the respected boardroom guru sold the stocks at an average price of N26, raking a total of N3.0 million from the transaction, which was consummated in Lagos.

This deal came some days after a subsidiary of Standard Bank Group Limited (SBG), Stanbic Africa Holdings Limited (SAHL), increased its holdings in Stanbic IBTC Holdings by 25 million units.

SAHL paid about N756 million to acquire the additional equities, buying 10 million units at a unit price of N30.20, amounting to N302 million at first and a day after purchased additional 15 million units at N30.25 each, amounting to approximately N454 million.

Business Post reports that shares of Stanbic IBTC appreciated by N2.25 or 9.43 percent on Tuesday to N26.10 per unit from N23.85 per unit it traded on Monday.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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