EXCLUSIVE: Top directors at Sterling Financial Holdings involved in N515.26m insider dealings

Four directors at Sterling Financial Holdings Company and its subsidiary firm, Sterling Bank, were involved in insider dealings at the end of August 2023.

Information gleaned from multiple documents obtained on Sunday from the Nigerian Exchange Limited (NGX), showed the four top directors as; Raheem Owodeyi, Abubakar Suleiman, Tunde Adeola and Yemi Odubiyi.

Their dealings involved acquisitions of 155.83 million shares on August 31, 2023. The shares acquired by the directors were valued at N515.26 million.

The highest acquisition was made by Suleiman, the Non-executive director, Sterling Financial Holdings Company. He bought 50.87 million shares worth N167.88 million.

He was followed by Odubiyi, the Group Managing Director and Chief Executive Officer of the holding company, who acquired 37.17 million shares, valued at N122.66 million.

Adeola, Executive Director, Sterling Bank, on his part, acquired 33.89 million shares on the same day. Analysis of his share transactions showed that he parted with N111.85 million to buy the shares.

Also, Owodeyi expended N111.85 million to purchase 33.89 million shares of Sterling Financial Holdings Company.