Stanbic IBTC’s Olufunke Amobi Part With N5.17 million, As Firm Loses N71.26 billion

Stanbic IBTC Head of Human Capital, Olufunke Amobi, has acquired shares in the financial institution days after the company released an impressive earnings report for the first half of 2022. 

Amobi acquired 170,000 shares in Stanbic IBTC on August 26, on the Nigerian stock market, a statement obtained from the capital market authority, Nigerian Exchange Limited (NGX) discloses. 

This cost the People and Culture department head over N5.17 million. Amobi is buying the dip, as she made the acquisition during a period Stanbic IBTC share is declining, depreciating by -15.4% year-to-date, from N36 per share to N30.5kobo. 

She bought the shares at a time investors are selling off their shares. The selloff among shareholders has reduced the market value of Stanbic IBTC from N466.45 billion to N395.18 billion, causing a loss of N71.26 billion.

The sell off during the first half of this year occurred despite Stanbic IBTC recording 43.9% growth in revenue, after generating N133.70 billion in H1 this year, surpassing the N92.89 billion grossed during the same period last year. 

Stanbic IBTC also grew its profit after tax by 36% year-on-year, posting N30.66 billion net profit during the period under review, against the N22.54 billion the company reported during the corresponding period last year.