AMCON Transfers Shares in Wema Bank To New Investor

Sources privy to the development at the weekend revealed that the divested shares were part of the large volumes of shares recorded by the bank at the Nigerian Stock Exchange (NSE) in the last two trading sessions.

A regulatory source confirmed that the divestment has been approved by financial services regulator. Upon the divestment, the director representing AMCON on the board of Wema Bank, Mr Babatunde Kasali, has been recalled. Wema Bank has already filed necessary notifications of the divestment and the resignation of the AMCON-appointed director with the financial services regulators.

Not less than three billion ordinary shares of 50 kobo each of Wema Bank have been transferred in cross deals in the last two trading sessions. Cross deal implies that the transaction had been pre-arranged and the buyer and seller matched ahead of the formal transfer of holding at the NSE.

A dealer on the NSE said the transfers were being done through Global Asset Management Nigeria Limited. The deals helped to place Global Asset Management Nigeria Limited as the securities firm with the largest volume of trade and second largest value at the stock market last week.