United Capital insiders purchase ₦3.4 million worth of shares amid shifting market sentiment

Several directors and senior executives of United Capital Plc have engaged in a series of share transactions, according to regulatory filings submitted to the Nigerian Exchange Group (NGX). The transactions, which took place between March 3rd and 4th, 2025, reflect both sales and purchases by insiders at the financial services group.

In one of the larger trades, Chukwudi Christian Nnorom, a Non-Executive Director, sold a total of 174,500 shares across multiple transactions on March 3rd and 4th, 2025. The sales were executed at an average price of ₦20.85 per share, raising approximately ₦3.64 million.

Solomon Eshimiakhena Ogene, another Non-Executive Director, also trimmed his position, selling 500,000 shares on March 4th, 2025 at a price of ₦20.25 per share, amounting to ₦10.13 million.

While these directors opted to reduce their holdings, other insiders increased their stakes, purchasing a combined ₦3.4 million worth of shares. Adeboye Omotayo Adekola, the company’s Group Chief Financial Officer, bought 120,000 shares on March 4th, 2025, at ₦20.50 per share, investing ₦2.46 million in the firm’s stock.

Another executive, Nkeoma Janet Agu, acquired 65,000 shares, although this transaction dates back to March 4th, 2024, only recently disclosed at a price of ₦14.50 per share, with a total value of ₦942,500.

Additionally, Stephen Abayomi Alabi, a senior manager at United Capital, purchased 50,000 shares on March 4th, 2025, though the exact purchase price was not disclosed in the filing.

The wave of insider trading activity comes at a time when United Capital’s share price is navigating broader volatility in the Nigerian financial services sector. United Capital, a leading investment banking, asset management, and trusteeship group, has faced the dual pressures of weaker capital market activity and rising funding costs, although its diversified business lines offer some resilience.

Insider trading disclosures are closely tracked by investors, often seen as indicators of management’s confidence — or concerns — about the company’s near-term outlook. While director sales could signal a desire to lock in profits or rebalance portfolios, purchases by senior management are often interpreted as a vote of confidence in the company’s future performance.

United Capital has not issued any public commentary regarding the rationale behind these transactions. However, under NGX Rulebook guidelines, the company is required to report all insider dealings within 24 hours of execution, ensuring transparency for shareholders.

The company is expected to release its full-year 2024 financial results later this month, providing further clarity on how it has managed through Nigeria’s evolving economic landscape — including currency volatility, tightening monetary policy, and weaker equity market sentiment.