MTNN CFO makes bullish bet with N1.03bn new shares acquisition - Businessday NG

In a definitive move that signals strong internal confidence, Modupe Kadri, chief financial officer (CFO) of MTN Nigeria Communications Plc (MTNN) has significantly expanded his stake in the telecommunications giant with a fresh N1.03 billion share acquisition.

The major transaction, disclosed in a regulatory filing with the Nigerian Exchange Limited (NGX) on July 18, underscores the executive leadership’s bullish outlook on the company’s long-term growth trajectory amidst evolving dynamics in the nation’s digital and telecom sectors.

In what appears to be a confidence bet on MTNN, Kadri bought an aggregated 1,313,732 ordinary shares at an average price of N782.39.

By deploying personal liquidity at current market levels, the CFO who is also an Executive Director of MTNN is effectively telling the market that the current share price does not reflect MTN Nigeria’s intrinsic value.

Details of the transaction shows that he bought 10,274 units at N765 per share; 544,136 units at N770 per share; 695 units at N792.20 per share; and 12,544 units at N794.50 per share.