The Executive Director, Risk Management and Finance of the United Bank for Africa, Ugochukwu Nwaghodoh, has purchased two million units of the bank’s shares.

This was disclosed in a corporate filing on the Nigerian Exchange Limited on Monday.

It was revealed that Nwaghodoh acquired the shares in four different transactions; 319,359 units at NGN8.15 per share, 200,000 units at NGN8.20 per share, 1,200,000 units at NGN8.20 per share and 280,641 units at NGN8.25 per share.

The deal, which is worth over N16 million took place on Friday on the trading floor of the NGX in Lagos.

In its 2022 financial reports, UBA disclosed that Nwaghodoh held directly 5,399,816 units of shares of the group. His recent acquisition has bumped up his stakes to 7,399,816 units.

Recall that HH Capital, a private equity firm founded by billionaire investor, Tony Elumelu, bought 70 million units of shares of United Bank for Africa where he is the chairman of the Board of Directors.

As of December 2022, Elumelu holds directly 194,669,555 units of UBA shares and 2,185,934,184 indirectly through HH Capital Limited (140,843,816), Heirs Holdings Limited (1,814,003,900) and Heirs Alliance Limited (231,086,468 units).