Eterna CEO, Nwaezeigwe, splashes millions to buy company’s shares

The Managing Director and Chief Executive Officer of Eterna Plc, Benjamin Nwaezeigwe, has acquired shares in the oil and gas company.

Nwaezeigwe bought a total of 422,000 shares on May 5, in the Nigerian Exchange Limited (NGX) or the stock market in Nigeria, where Eterna is publicly listed.

He acquired the shares at three different periods on the same day. The MD initially bought 61,000 shares, before acquiring 126,357 more, after which he added 234,643 shares.

Prior to the acquisition, Nwaezeigwe had no shares in Eterna, a company he started leading as CEO and MD on August 1, 2022.

He was appointed to replace Nnamdi Obiagwu, who resigned as Managing Director and CEO in April 2022, two years after his appointment on September 1, 2020.

READ ALSO: Eterna Plc loses N69.23m in foreign exchange forward contract

Nwaezeigwe, who was previously an Executive Director, bought the 422,000 shares on May 5 at the cost of N2.67 million, a corporate document obtained on Wednesday from the capital market authority, Nigerian Exchange Limited (NGX), showed.

The acquisition comes at a time Eterna’s share is on a resurgence, having dropped by 17.29 per cent, from N6.65 kobo per share to N5.50 kobo between January to the first week of April.

Since the third week of last month, Eterna’s share value has been on a recovery run, although it has been fluctuating amid the 18.2 per cent growth in the last four weeks which has pushed the stock up to N6.50 kobo per share as of Tuesday, May 9.

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