Aradel Holdings’ company secretary and another senior executive have sold more than 8.53 million shares worth N10.9 billion in the Nigerian integrated energy producer, according to a regulatory filing, in one of the largest insider share transactions disclosed on the Nigerian Exchange this year.
The transactions, completed on June 25 and disclosed in an insider dealing notification dated July 2, involved Titilola Omisore, company secretary and group general counsel, and Temitayo Ogunbanjo, general manager, refinery. Omisore sold 5 million shares at an average price of N1,275 each, while Ogunbanjo disposed of 3.53 million shares at an average price of N1,282.50 per share.
The filing did not disclose the reasons for the sales. Under Nigerian Exchange disclosure rules, both executives qualify as insiders and are required to notify the market of trades in the company’s securities.
The transactions come during a difficult period for Nigeria’s equities market. The Nigerian Exchange recorded its steepest monthly decline on record in June, with investors losing N13.29 trillion in market value after the All-Share Index fell 8.28 percent, dragging market capitalisation down from N160.5 trillion to N147.2 trillion.
