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Stanbic IBTC CEO, Demola Sogunle increases ownership stake in bank

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Stanbic IBTC posts N75.035 billion profit at Full Year 2019

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.

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