UACN Chairman Pays N98m to Acquire Additional Stocks

By Modupe Gbadeyanka

Chairman of UAC Nigeria Plc, Mr Daniel Agbor, has increased his stake in the leading conglomerate in the country.

The seasoned lawyer in his 50s spent almost N98 million to acquire nearly 11 million stocks of the firm he chairs in two separate trading sessions early this month.

According to a notice released to the Nigerian Stock Exchange (NSE) by UAC Nigeria, Mr Agbor, who works in one of the leading commercial law firms in the country, Udo Udoma & Belo-Osagie, made the first set of purchase by paying about N65.1 million for 7,234,148 units of the company’s stocks at N9 per unit at the exchange on Thursday, March 5, 2020.

The next day, Mr Agbor bought additional 3,727,000 units at N8.73 each, amounting to about N32.5 million. This transaction, according to the disclosure, also took place at the NSE.

Mr Agbor is a seasoned stakeholder in the nation’s capital market. He was formerly the Company Secretary/Legal Adviser of Gulf Bank of Nigeria Limited.

He worked variously at the Corporate Finance and Legal Departments of Citibank (formerly Nigeria International Bank Limited) and as a Solicitor in the firm of Ajumogobia, Okeke & Oyebode, a Lagos-based firm of legal practitioners engaged in the general commercial practice of law.

Mr Agbor serves on the Board of the following companies: Chairman, FSDH Securities Limited (Member of the Nigerian Stock Exchange); Director, FSDH Merchant Bank Limited; Director, Pensions Alliance Limited (a Pension Fund Administrator) and Director, Swift Network Services Limited.

Some months ago, UAC Nigeria announced that it was unbundling itself from one of its subsidiaries, UACN Property.

UACN Property is a Nigeria-based company, which acquires, develops, sells and manages serviced commercial and residential accommodation, and retail space. The company has business with activities in the sectors, including real estate and hotel management.

It was speculated that UAC Nigeria was separating itself from the property firm because of the losses it was making. It is believed that the move will give fresh air to the parent company, which itself has few of its flagship businesses threatened by competitors, including Gala, Mr Bigg’s and others.