A Non-Executive Director of Nigerian Exchange Group Plc, Mohammed Garuba, has purchased 10,000,000 units of the company’s shares for N225 million.
The Times was made aware of this information through a notice of directors’ dealings signed by group company secretary Obehi Ikhaghe.
The company revealed that the deal was completed on September 12, 2023.
The average price paid for the 10,000,000 shares of NGXGROUP was N22.50, making the transaction’s overall cost N225 million.
Mr. Garuba is a seasoned financial expert with over 25 years of cutting-edge experience in asset management, capital raising, corporate finance, macro and equities research, sales and trading, pension fund management, fintech, and principal investing.
He is the Managing Director of CardinalStone Real Assets Limited and a Co-Founder of CardinalStone Partners Limited.
Additionally, he has held positions in Intercellular Nigeria Limited, Zenith Bank, Renaissance Capital, and Investment Banking & Trust Company Limited (now Stanbic IBTC Holdings Plc).
In addition to serving as the Chairman of CardinalStone Securities Limited, he also serves as a director on the boards of a number of organizations, including CardinalStone Partners Limited, CS Advance Finance Limited, Zapphire Events Limited, CardinalStone Trustees Limited, and Value Payment Solutions Limited.
He formerly served as a council member of the Chartered Institute of Stockbrokers of Nigeria and a member of the ministerial committee established to evaluate the Investment and Securities Act 2007 in light of the best practices throughout the world for laws governing the activities of the capital market.
He has an MBA from the London Business School and a B.Sc. (Hons) in Insurance from the University of Lagos in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Stockbrokers of Nigeria.
Along with being a graduate of Yale University and the Harvard Kennedy School, he is also an Associate of the Chartered Institute for Securities & Investment in the UK.
Pre-tax profits for Nigerian Exchange Group’s second quarter of 2023 decreased by 63% to N319 million.
Pre-tax profits for the first half of the year increased to N726 million from N1.223 billion in the corresponding time last year.
Due to a decrease in total revenue and an increase in expenses, NGX also reported a loss before investee income of N16.86 million in the second quarter of the year.
