Zenith Bank Plc has disclosed that one of its Executive Directors, Stella Adobi Nwapa, has purchased 150,000 ordinary shares of the bank at ₦63.45 per share, according to a regulatory filing with the Nigerian Exchange Group (NGX).
The transaction, executed on December 19, 2025, was carried out on the NGX in Lagos and represents a total consideration of approximately ₦9.52 million. The disclosure, classified as an initial notification, was submitted to the exchange on December 22, 2025, in line with insider-dealing requirements.
While modest in size relative to the bank’s free float, the purchase is notable because it extends a long-standing pattern of insider accumulation by Nwapa, who has steadily increased her equity exposure to the lender over multiple years.
Regulatory disclosures show that in May 2023, Nwapa undertook a significantly larger acquisition of 4.04 million Zenith Bank shares, valued at approximately ₦97.1 million. That purchase was executed in three tranches: 3,962,111 shares acquired on May 10, 2023, at ₦24.05 per share, followed by two tranches of 37,889 shares each on May 16, 2023, priced at ₦24.50 per share.
Those transactions lifted her total shareholding in Zenith Bank to 15,046,095 units, up from 11,008,206 units as of December 31, 2022, according to NGX filings signed by the bank’s Company Secretary, Michael Osilama Otu.
The latest December 2025 purchase therefore reinforces an established trajectory rather than marking a one-off trade. Repeated insider buying over time—particularly across different price cycles—is often interpreted by institutional investors as a signal of confidence in a bank’s earnings durability, capital position, and governance framework.
Nwapa has served as an Executive Director of Zenith Bank since April 2022. Prior to her board appointment, she was General Manager and Head of Ikoyi Zone & Diaspora Banking, a role that placed her at the centre of the bank’s high-net-worth, international, and remittance-linked businesses.
She joined Zenith Bank in 1990 and has accumulated more than three decades of experience across key banking functions. She holds a BA in History from Imo State University and a Master’s degree in Public Administration from Strayer University in the United States. Colleagues describe her leadership style as disciplined and high-energy, with a reputation for long-term commitment to institutional growth.
Zenith Bank remains one of Nigeria’s largest lenders by assets and market capitalisation and continues to feature prominently in institutional portfolios amid resilient profitability, strong capital buffers, and sustained dividend capacity, despite a volatile macroeconomic backdrop shaped by exchange-rate realignment and elevated interest rates