The stake of Ebenezer Onyeagwu in Zenith Bank, where he serves as the Group Managing Director and Chief Executive Officer, has increased to 0.28 per cent.

Onyeagwu’s stake in the commercial bank inched higher from 0.26 per cent after paying N191.80 million to acquire a total of 8 million shares of Zenith Bank.

This was revealed in some corporate documents obtained by Ripples Nigeria on Thursday, dated May 9 and May 10, and filed with the Nigerian Exchange Limited (NGX) on May 11.

He bought the shares between May 4 and May 5, acquiring 3.46 million shares, worth N82.88 million, and 4.53 million shares, valued at N108.92 million, respectively.

Consequently, Onyeagwu’s total shares in Zenith Bank increased to 90.17 million shares, which is worth N2.20 billion as of Wednesday, from 82.17 million shares held as of December 2022.

This also cemented his position as the second largest shareholder in Zenith Bank behind the company’s Chairman, Jim Ovia.

Ovia, as of December 2022, owned 3.54 billion direct shares, worth N86.52 billion as of May 10, and 1.52 billion shares, valued at N37.18 billion.

His acquisition follows that of Tony Elumelu in United Bank for Africa (UBA) and Herbert Wigwe of Access Holdings this week.

Ripples Nigeria previously reported that Elumelu, the Chairman of the firm, acquired 70 million shares through his investment company, HH Capital Limited, at the cost of N560 million.

This increased Elumelu’s controlling stake in UBA to 7.16 per cent from 6.96 per cent reported at the end of December 2022.

Also, Wigwe, the Group Managing Director of Access Holdings, acquired 140,000 shares in the financial institution, worth N1.61 million on May 8, through his investment company, Tengen Holdings (Mauritius) Limited.

The week before, he spent N843.75 million to acquire 75 million shares worth N843.75 million.

[RipplesNigeria]