Four directors of United Bank for Africa have acquired about 42,336,281 units of the banking group shares valued at N1.12bn in transactions on the Nigerian Exchange Limited.

This was disclosed in corporate notices on directors dealing filed with the NGX late Wednesday.

The securities of UBA had led the volume chart of the NGX in the last two trading sessions with 79.98 million units transacted in 689 trades on Wednesday and 102.23 million units, worth N2.68bn, exchanged in 952 trades on Tuesday.

The directors include the Deputy Managing Director, Muyiwa Akinyemi, who acquired 20,000,000 units of UBA shares bought in 10 tranches at an average price of N26.46 per unit, bringing his entire acquisition to N 529.20m and an Executive Director, Ugochukwu Nwaghodoh, purchased 10,000,000 shares at an average of N26.22 per unit. His transaction which took place in 10 tranches equalled N262.20m.

Other directors include the Group Company Secretary/Legal Counsel, Bili Odum, who also acquired 10,000,000 units of the lender’s shares in three transactions at an average rate of N26.10 per unit. His transaction was worth N261m and a Non-Executive Director, Abdulqadir Bello bought 2,336,281 units on Monday at N26.80, amounting to N62.61m.

These acquisitions come on the heels of the capitalisation drive of the bank to meet the new capital threshold of the Central Bank of Nigeria.

Already, the lender has said it would seek shareholders’ approval to raise funds from both the domestic and international capital markets

Meanwhile, eight relatives of the chairman of the group, Tony Elumelu, also acquired 21,169 units of shares of UBA valued at N550,394.

The relatives include Ogechukwu, Onyekachukwu, Ogochukwu, Nneka, Ugochukwu, Onyinye, Toby and Awele Elumelu. Their shares were bought all on Tuesday at the rate of N26 per unit.

In November, Dr Awele Elumelu bought 9,624,441 units of UBA shares at an average price of N20.71. She bought the shares in four tranches of 7,124,446 shares at N20.65 per unit, 1,986,880 shares at N20.70 per unit, 500,000 shares at N20.75 per unit and 13,115 shares at NGN20.75 per unit. The transaction was worth about N199.32m.

UBA closed trading on Wednesday priced at N26 per unit, with its market capitalisation at N N889.18bn.

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