NGX Group’s Director, Kamarudeen Oladosu purchases N5.6M shares via proxy

Kamarudeen Oladosu, who serves as a Non-Executive Director at the Nigerian Exchange Limited (NGX), has recently obtained 250,000 shares in the company valued at N5.6 million through a proxy arrangement.

The disclosure of this transaction came to light through an official notice of Directors’ Dealings. This notice was duly signed by the Company Secretary, Obehi Ikhaghe, and subsequently submitted to the Nigerian Exchange Limited.

What the company is saying 

The notice signed by Group Company Secretary, Obehi IKHAGHE on 29th August 2023, indicated that Mr Oladosu purchased the shares via EQUITY CAPITAL SOLUTIONS LIMITED (a company related to him). 

The 250,000 units of NGX shares were bought on 24 August 2023 at an average price of N22.50 per share.  

Brief Profile of Kamarudeen Oladosu  

Mr. Kamarudeen Kareem Oladosu, a Chartered accountant and Stockbroker, is the Managing Director of Equity Capital Solutions Ltd. 

He was the former Head of Securities Dealing Services of the defunct Intercontinental Bank Plc (now Access Bank). He started his career at Continental Merchant Bank Limited (CMB) in 1989 and has had extensive experience in Corporate and Investment Banking, Treasury, and Branch management garnered in four different Banks before taking up an appointment as the pioneer Chief Executive Officer of Equity Capital Solutions Limited in March 2007. 

He currently serves on the Boards of the Nigerian Exchange Ltd.; Crescent Registrars Limited; Focal Point Travels Limited; MTI Plc (Nigeria and Ghana); Three Points Industries Limited and Home and You Limited. 

What You Should Know  

Nigerian Exchange Group reported its 2023 second-quarter results showing pre-tax profits fell 63% to N319 million.  

This took the half-year pre-tax profits to N726 million versus N1.223 billion in the same period last year.  

NGX also reported a loss before investee income of N16.86 million in the year’s second quarter due to a drop in total income and an increase in operating expenses.