Three directors of Sterling Financial Holding Company have acquired 46.24 million units of the holdco’s shares in a transaction worth N341.63m. The transactions were reported in a mandatory notification of share dealing by insiders filed on the Nigerian Exchange Limited this week.One of the transactions involved Seven Degrees North Limited, a company linked to the Group Managing Director/Chief Executive Officer of Sterling Financial Holdings Company Plc, Yemi Odubiyi.The company bought 20,816,570 units of Sterling HoldCo’s shares at 6.80 per unit, bringing the deal to about N141.55m. The transaction took place on the NGX platform in Lagos on August 1st.Same day, the Chief Operating Officer, Sterling Bank Ltd, Temitayo Adegoke, acquired 5,742,260 units at 6.87 each. His acquisition cost him about N39.45m.The CEO of Sterling Bank, Abubakar Suleiman, acquired 19,684,442 units of shares at 8.16 each, which brings the value of the transaction to N160.63m. According to the corporate filing, he acquired the shares on August 6th.
These acquisitions by the directors of Sterling HoldCo followed the announcement of a public offer in a matter of weeks as the holdco seeks to meet the new capital threshold set by the Central Bank of Nigeria.
