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FCMB majority investor, MD, other directors mop up millions of firm’s shares



FCMB majority investor, MD, other directors mop up millions of firm’s shares

The single majority investor and directors at First City Monument Bank (FCMB) were busy mopping up shares in the stock market last week, buying 13.37 million units on May 10, 2023.

According to multiple director dealings documents obtained on Monday, Primrose Investments Limited, the single majority investor, Olufemi Badeji (Executive Director), Obaro Odeghe (Executive Director), Gbolahan Joshua (Chief Operating Officer), Yemisi Edun (Managing Director) and Olufunmilayo Adedibu (Company Secretary) were active in the equity market last week.

The aforementioned purchased 13.37 million units of shares worth N53.50 million on the same day. Surprisingly, since the acquisition, FCMB’s share has depreciated to N4.07 as of Friday, May 12, falling below the N4.19 kobo the share was priced a day before they purchased the shares.

In the corporate disclosure, Primrose Investment Limited bought 2.75 million shares at the cost of N11 million to slightly pull its shares up to 1.07 billion, which is worth N4.35 billion as of May 12, and represents a 5.40 per cent ownership stake in FCMB.

READ ALSO:FCMB’s parent company borrows N20.68bn to support financial stability

Primrose Investment Limited previously held 1.06 billion shares, representing a 5.39 per cent ownership stake in the commercial bank as of the end of last year. The investor has been increasing shares in the lender since last year, having closed 2021 with 1.01 billion shares, which is a 5.12 per cent stake.

Also, Badeji paid N10 million to purchase 2.5 million shares in FCMB, increasing his total shares in the creditor to 7.5 million, valued at N30.52 million as of Friday, from the 5 million shares held at the close of 2022.

Joshua acquired 2.12 million shares at the cost of N8.50 million. This moved the volume of shares he holds in FCMB from 5.37 million, as of the end of 2022, to 7.5 million shares, worth N30.52 million.

New entrants to the shareholding structure are Edun, Odeghe and Adedibu, as the three bought 3 million, 2 million and 1 million shares respectively.

Edun spent N12 million to acquire the 3 million shares, Odeghe bought the 2 million shares at a worth of N8 million and Adedibu parted with N4 million to acquire the 1 million shares.

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