By Dipo Olowookere
The Chief Audit Executive of First Bank of Nigeria Limited, Mr Uduak Nelson Udoh, has increased his stake in FBN Holdings Plc with the purchase of the company’s shares.
The respected auditor, who is a member of the Institute of Internal Auditors (IIA), Nigeria, bought the shares of the firm in two tranches.
The transactions were made known by FBN Holdings in compliance with the listing rules of the Nigerian Stock Exchange (NSE), which mandate quoted firms to announce insider trading.
According to the notice, Mr Udoh acquired a total of 134,548 shares of the company last month, precisely on November 11, 2020, and November 12, 2020. The value of the stocks was N984,674.50.
A breakdown indicated that the senior staff of the lender purchased 126,183 units of FBN Holdings’ equities at a unit price of N7.25 and this amounted t0 N914,826.75 and in the second tranche, he purchased 8,365 units for N8.35 each, totalling N69,847.75.
Business Post reports that on Monday, shares of FBN Holdings appreciated by 10 kobo after it closed at N6.95 per unit in contrast to the previous session’s N6.85 per unit.
During the session, investors traded 3,490,733 units of the company’s shares valued at N23.9 million in 171 deals.
FBN Holdings is one of the major players in the country’s financial sector. Its flagship subsidiary, First Bank of Nigeria Limited, is one of the oldest lenders in Nigeria.
Adedapo Adesanya 
Modupe Gbadeyanka