Otunba Subomi Balogun Splashes N15.35m On Additional 5 million FCMB Stocks

The Founder of FCMB Group, Otunba Michael Olasubomi Balogun, has doled out a total sum of N15.35 million to purchase additional 5.1 million stocks of the firm.

This is according to a recent disclosure, signed by the Group’s Secretary, Olufunmilayo Adedibu.

The transactions, it was gathered, occurred in five tranches, with an average price of N2.9925 and an aggregate volume of 5,123,275 units.

The dates for the transactions are; 18th, 21st, 22nd, 23rd and 24th of December 2020 respectively.

Following the transaction breakdown, the first tranche, a total of 1,299,198 units of the firm’s stock were purchased at N3.0154, implying that a total sum of N3,917,601.65 was spent at this stage.

In the second tranche, a total of 524,077 units of the firm’s stock were purchased at N2.9674, totalling N1,555,146.09.

The third tranche recorded the purchase of 1,100,000 units of the firm’s stock at N2.9779, grossing N3,275,690.

The fourth tranche recorded the purchase of 200,000 units of the firm’s stock at N2.9997, grossing N599,940.

The last tranche recorded the purchase of 2,000,000 units of the firm’s stock at N3.0019, totalling N6,003,800.

The FCMB Group posted a revenue of N48.3 billion for the third quarter of 2020 (Q3 2020), recording an impressive result across key financial metrics.

It is also pertinent to note that this type of stock is casually referred to as “Founders stock” and differs from common stock in the sense that, they can only be issued at face value and it comes with a vesting schedule