United Bank for Africa (UBA) has announced the official offloading of 2,080,104,955 units of ordinary shares held by its staff.
The shares were being kept as Staff Investment Trust Scheme (SSIT).
The bank, in a statement on the floor of the Nigerian Stock Exchange (NSE), said the transfer of shares from the SSIT was part of the process of executing the special resolution of the shareholders at the annual general meeting held in April, 2016, cancelling the shares held under the scheme.
The move helped the bank lead the Tuesday activity chart of the Stock Exchange with a turnover of 2.09 billion shares valued at N19.76bn.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the activity in UBA to part of the management’s plan to reduce the bank’s issued shares in line with the shareholders’ mandate.
He said that the transaction would boost both the bank’s earnings and dividend payout going forward.