Stanbic IBTC CEO, Demola Sogunle increases ownership stake in bank

Stanbic IBTC Chief Executive Officer, Demola Sogunle, has increased his ownership stake in the financial institution, as he continued his share acquisition spree that started last year.

Sogunle was present in the Nigerian capital market on Monday, acquiring a total volume of 1,000,000 ordinary shares at the cost of N34.50 kobo per share, but this didn’t stop the firm’s share from depreciating on the same day.

The one million shares acquired cost Sogunle N34.5 million during trade, and it was higher than the total 345,420 ordinary shares the chief executive purchased within 12 months last year.

Read also :Stanbic IBTC forced to cut dividend payments to shareholders

At the close of business on Monday, the share of Stanbic IBTC ended up on the losers table, as it fell by 0.28%, following a marginal sell off among holders of the lender’s share.

However, regardless of the slump in share value, Sogunle’s acquisition increased his shareholdings in the lender to over 3.41 million, and his total investment in Stanbic IBTC is now worth N117.57 million.

Sogunle has been accumulating shares since 2021, the year he held about 2.41 million as of December, rising from the 2.07 million shares tagged to his name in 2020.

Join the conversation

Opinions

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.

Donate Now