- Zenith Bank's executive director, Adobi Nwapa, has purchased millions of the bank's shares worth N97 million
- Nwapa, who has had over 30 years of experience with the bank, decided to increase the units of the bank's shares she owns
- The new acquisition, therefore, shoots Nwapa's total number of shares in the bank to 15,046,095 units
Adobi Stella Nwapa, one of the executive directors of Zenith Bank Plc, has acquired 4.04 million shares of the bank, valued at N97.145 million.
This is according to a notice titled "Notification of Share Dealing by Insider," signed by the company secretary and general counsel, Michael Osilama Otu, and published on the website of the Nigerian Exchange Group.
The notice reveals that Nwapa's latest acquisition was made in three tranches. In the first tranche, dated May 10, 2023, Nwapa acquired 3,962,111 units of the bank's shares valued at N95.288 million at N24.05 per share.
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In the second tranche, dated May 16, 2023, Nwapa bought 37,889 units of the company’s shares at N24.50, worth N928,280.50.
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In the third and final tranche, also dated May 16, 2023, she acquired 37,889 units of shares at N24.50 per share, valued at N928,280.50, bringing the total units of shares bought to 4.04 million at a value of N97.145 million.
The new acquisition shoots Nwapa's total number of shares in the bank to 15,046,095 units, an increase from 11,008,206 units as of December 31, 2022.
Zenith Bank is a leading bank in Nigeria, established in May 1990. Headquartered in Lagos, it is Nigeria’s biggest bank by tier-1 capital, with over 500 branches across major cities.
The bank has subsidiaries in major African countries, including Sierra Leone, Ghana, and Gambia.
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Meet Zenith Bank's Adobi Nwapa
Adobi Nwapa is an executive director at Zenith Bank Plc. She has over 30 years of experience in Nigeria's banking sector.
Since joining the bank in 1990, she has occupied several key positions in essential departments of the bank, including treasury, branch and zonal management, and business development.
Before her appointment, Nwapa served as Group Head of Diaspora Banking, General Manager, and Group Zonal Head of Ikoyi Zone.
Nwapa is a graduate of the Imo State University, where she studied History. She also attended Strayer University, Houston-Texas, where she obtained a Master’s in Public Administration (MPA).
She also has another Master’s in Business Administration (MBA) from Jack Welch Management Institute and was honoured by Abia State University with a doctorate in Business Administration (DBA).
She has enriched her knowledge and expertise through various local and international courses such as Leading Change and Organizational Renewal at Harvard Business School, Key Executive Programme at Harvard Business School, World Finance/Winning Negotiation Strategies by HSM Americas, Developing Strategies for Value Creation at London Business School, and the Senior Management Programme at Lagos Business School.
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She holds Fellow status in esteemed institutes such as the Institute of Management Consultants (IMC), the Institute of Credit Administration (ICA), the Institute of Chartered Management Accountants (ICMA), and the Institute of Management Specialists (IMS) in the United Kingdom.
Additionally, she is a member of the Nigeria Institute of Management (NIM) and an honorary member of the Chartered Institute of Bankers (HCIB).
Zenith Bank grows earnings to N270 billion in three months
In related news, Legit.ng reported that Zenith Bank's gross earnings jumped by 41% to N270 billion in the first quarter of 2023.
This is according to the bank's unaudited report published on the website of the Nigerian Stock Exchange, and it shows the tier-1 bank recorded N86.6 billion in profit before tax in Q1 of 2023.
This marks a 27% increase year-on-year from N68 billion recorded in the same quarter in 2021.
Profit after tax also increased by 13% from N58.2 billion to N66 billion during the periods under review.
The bank said interest and non-interest income propelled its growth in the review period.
Source: Legit.ng
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