The founder of FCMB, Michael Balogun, has acquired N24.5 million worth of stocks in the financial institution, while his investment company also increased its stake in the lender.
Balogun parted with the figure to purchase 7,000,000 shares on April 28, according to filing obtained from the Nigerian Exchange Limited (NGX) on Thursday, while his property firm, Primrose Investment Limited, bought double.
Ripples Nigeria gathered that Primrose acquired 14 million shares at the cost of N49 million, on the same day Balogun made his own asset purchase. Primrose has been increasing its stake in FCMB in the last two years.
Prior to the recent acquisition, Primrose held 1.01 billion shares, which gave the company 5.12% ownership of FCMB as of December 31, 2021 – a year before, the investment firm held 3.25% stake.
However, Balogun and Primrose, which is the third largest stakeholder in FCMB, are not the only substantial investors busy on the lender’s exchange floor in the capital market to improve investment assets.
FCMB Trustees Limited FCMB ESOP invested N1.51 billion in the financial institution, in exchange for 432,330,102 shares, while Bluechip Holdings Limited purchased 7,000,000 shares for N24.5 million.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...
INVESTIGATION: Uncompleted Old Enugu-Onitsha Road brings untold hardship, tears to commuters, residents of Enugu communities
Ugwu Obinna’s younger sister was killed after a truck driver transporting cows rammed into her shop located at the Okpatu...
INVESTIGATION: Students sit on floors, under leaking roofs as multi-million naira project is nowhere to be found in Zamfara
Suleman Tukur, 15, an SS 2 student of Government Day Secondary School (GDSS) Bakura in Bakura local government area of...