Jim Ovia, the chairman of Zenith Bank Plc, has sold shares worth N67.2 million in the financial institution.
The transaction, which took place over several days in June, saw Ovia sell 1.45 million shares through Quantum Zenith Securities, one of the companies he uses to hold his stake in the bank.
According to official documents filed with the Nigerian Exchange Group (NGX) on Wednesday, the shares were sold in three separate transactions. He sold 250,000 shares at N46.10 each on 10 June, followed by 700,000 shares at N50.90 each on 16 June, and finally 500,000 shares at N44.50 each on 17 June. The total value of these sales amounted to N67,245,000.
Before these transactions, Ovia held a substantial 1,529,851,344 shares in Zenith Bank indirectly through several companies, including Institutional Investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registrars Ltd, and Quantum Zenith Securities Ltd. Following the sale, his total indirect shareholding in the bank decreased to 1,528,401,344 units, representing a relatively small reduction of approximately 0.095% of his total holdings.
In a separate but related development, Adaora Umeoji, Zenith Bank’s chief executive officer, significantly increased her stake in the bank following Ovia’s transaction. Umeoji purchased 68,754,077 shares at N47.95 each, representing a substantial investment of N3.29 billion. This move demonstrates strong confidence in the bank’s future prospects from its top executive.
Share transactions by bank executives are closely watched by investors and regulators as they can indicate confidence levels in the institution’s performance and future outlook. The fact that whilst the chairman reduced his holdings marginally, the CEO substantially increased hers suggests continued confidence in Zenith Bank’s prospects amongst senior management.
