Demola Sogunle increases stake in Stanbic IBTC

The Chief Executive Officer of Stanbic IBTC Holdings Plc, Demola Sogunle, has increased his stake in the Deposit Money Bank (DMB).

Sogunle acquired 1.52 million shares between March 21 and 24, 2023, a corporate document notifying shareholders and the investing public disclosed.

The bank chief paid N56.35 million to purchase the 1.52 million shares on the Nigerian stock exchange to raise his total stake in the firm to 4.93 million which is worth N185.70 million.

Prior to the share acquisition, Sogunle owned 3.41 million indirect shares as of December 31, 2022. He held 2.41 million indirect shares in Stanbic IBTC.

He has been increasing the total shares held in Stanbic IBTC since 2021 when he held 2.41 million indirect shares before increasing them to 3.41 million last year.

Sogunle maintained his position behind the company’s largest shareholder, Ifeoma Esiri, who holds 40.38 million direct shares and 3.11 million indirect shares as of December ending 2022, both of which are valued at N1.63 billion.