Jim Ovia, the chairman of Zenith Bank Plc, has sold a portion of his shares in the financial institution, amounting to approximately N67.2 million.
Gatekeepers News reports that the shares were held indirectly through Quantum Zenith Securities, a vehicle that facilitates his indirect investments in the bank.
A transaction notice filed with the Nigerian Exchange Group (NGX) on Wednesday revealed that Ovia sold a total of 1,450,000 shares of Zenith Bank via Quantum Zenith Securities. Prior to the sale, his indirect holdings amounted to 1,529,851,344 shares, which he owned through various entities, including Institutional Investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registrars Ltd, and Quantum Zenith Securities Ltd.
After the recent transaction, Ovia’s total indirect shareholding in Zenith Bank has decreased to 1,528,401,344 shares. The sales consisted of shares sold at various prices: 250,000 units at N46.1 each on June 10, 700,000 units at N50.9 each on June 16, and 500,000 units at N44.5 each on June 17. The total value of these transactions reached N67,245,000.
In a related development, Adaora Umeoji, the chief executive officer of Zenith Bank, acquired 68,754,077 shares at a price of N47.95 each, which is valued at approximately N3.29 billion.
