NGX Group’s Director, Mohammed Garuba purchases N225m worth of shares 

Mohammed Garuba, Non-Executive Director of Nigerian Exchange Group Plc has acquired 10,000,000 units of shares in the company worth N225 million. 

This information was disclosed in a notice of Directors Dealings signed by Group Company Secretary, Obehi Ikhaghe and seen by NewsTimes. 


What the company is saying 

The company disclosed that the transaction was done on 12 September 2023. 

The 10,000,000 units of NGXGROUP shares were bought at an average price of N22.50 per share, bringing the total value of the transaction to N225 million. 


Brief Profile of Mohammed Garuba 

Mr. Garuba is an accomplished finance and investment professional with over 25 years of cutting-edge experience across asset management, capital raising, corporate finance, macro and equity research, sales and trading, pension fund management, fintech and principal investing. 

He is a Co-Founder of CardinalStone Partners Limited and the Managing Director of CardinalStone Real Assets Limited.

He has also worked with Renaissance Capital, Zenith Bank, Investment Banking & Trust Company Limited (now Stanbic IBTC Holdings Plc) and Intercellular Nigeria Limited. 

He is the Chairman of CardinalStone Securities Limited, and an active Director on the Board of several companies such as CardinalStone Partners Limited, CS Advance Finance Limited, Zapphire Events Limited, CardinalStone Trustees Limited, and Value Payment Solutions Limited. 

He has served previously as a Council Member of the Chartered Institute of Stockbrokers of Nigeria and a member of the ministerial committee set up to review the Investment and Securities Act (ISA) 2007 based on international best practices regarding statutes governing the operations of the capital market. 

He holds a B.Sc. (Hons) in Insurance from the University of Lagos, Nigeria, and an MBA from the London Business School. He is a Fellow of both the Chartered Institute of Stockbrokers of Nigeria and the Institute of Chartered Accountants of Nigeria.

He is also an Associate of the Chartered Institute for Securities & Investment, UK, and an alumnus of Yale University and Harvard Kennedy School. 


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. 

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