In December, two Zenith Bank Plc directors and the Zenith Staff Provident Fund purchased about N841 million in Zenith Bank Plc shares.
The PUNCH reported that the Nigerian Exchange Limited received corporate warnings on insider trading that indicate the staff fund purchased around 16 million bank shares in many transactions between Monday and Wednesday.
The shares were purchased at an average price of N36.25 to N35.36 per unit. The total value of the shares acquired in three days was approximately N606.04 million.
An executive director of Zenith Bank Plc, Dr. Temitope Fasoranti, purchased more than 1.7 million units earlier in the month.
Fasoranti purchased the shares on December 4 and 5 in various tranches. At an average price of N34.95 per share, Fasoranti purchased one million Zenith Bank shares on December 4.
Four tranches of 200,000 units at N34.80, 300,000 units at N34.90, 200,000 units at N35.00, and 300,000 units at N35.10 were used to purchase the shares.
He purchased an additional 750,000 shares of the company the next day. In three installments, 300,000 units were purchased for N34.70, 300,000 units for N34.80, and 150,000 units for N34.90 each.
After being named ED on December 29, 2017, Fasoranti had 13,075,000 units immediately as of June 2023.
Another director, Henry Oroh, purchased 4,849,576 shares of the bank in five installments at an average price of N35.94 on Wednesday, totaling around N174.29 million.
Oroh purchased 200,000 units at N35.80, 1,500,194 units at N35.90, and 1,385,382 units at N35.95 in a single payment. He purchased 400,456 units at N36.05 per unit and 1,363,544 units at N36 per unit in a subsequent tranche.
Oroh directly owned 9,964,127 shares of Zenith Bank, per the half-year report. He increased his ownership position in the bank with this most recent purchase.
On August 1, 2019, Oroh was named an executive director of Zenith Bank.
