United Capital Plc has notified the Nigerian Exchange Limited (NGX) and the investing public of an insider share transaction involving a member of its Internal Control department, in a disclosure highlighting the company’s compliance with Nigeria’s capital market reporting requirements.
The financial services group said the transaction was disclosed in line with Chapter 17 of the NGX Issuer Rules, which requires listed companies to report dealings in their securities by Persons Discharging Managerial Responsibilities and closely associated persons within two business days. The notification was signed by the company’s Secretary, Leo Okafor.
According to the filing, Oyebode Bayonle, a staff member of United Capital’s Internal Control unit, sold 3,651 ordinary shares of the company on the NGX trading floor on Tuesday. The shares were sold at N17.85 each, putting the total value of the transaction at N65,170.35.
The disclosure of the United Capital insider share sale is part of the transparency measures designed to keep investors informed about transactions involving company insiders. Such filings help promote fair trading, improve price transparency and reduce the risk of market manipulation by ensuring that relevant dealings are made known to the investing public.
United Capital, chaired by Uche Ike and led by Group Chief Executive Officer Peter Ashade, reaffirmed its commitment to regulatory compliance. The company said it remains committed to upholding applicable compliance protocols in line with the guidelines of the Securities and Exchange Commission, underscoring the importance of transparency as investors continue to monitor activity on the Nigerian equities market.
source: punch
