• Monday, June 24, 2024
businessday logo


Pilot Securities buys N125.8mn worth of NGX Group shares

Frontier Markets status: No major impact seen as MSCI mulls removing Nigeria

Pilot Securities Limited has bought about N125.8million shares of Nigerian Exchange Group (NGX Group) shares. The 6,007,884 units of shares were on March 3, bought at N20.94 per share. Pilot Securities Limited is a Company related to Seyi Osunkeye, a Non-Executive Director of Nigerian Exchange Limited (NGX). Osunkeye is the Managing Director of Pilot Securities Limited.

Pilot Securities Limited was incorporated on January 16, 2003. The Company took over the Capital Market functions of Pilot Finance Limited in October 2004. Pilot Finance Limited was licensed in 1998 by both the Securities & Exchange Commission and The Nigerian Stock Exchange as Broker/Dealer, Investment Adviser and Dealing Member of the Nigerian Stock Exchange respectively.

Read also: Penny stocks spur Nigerian Exchange’s negative start to new week

The recent purchase of NGX Group shares by Pilot Securities Limited could be linked to recognition of its impressive outlook as evidenced in the Group’s impressive financial performance. Nigerian Exchange Group’s audited results for the year ended December 31 shows that its gross earnings grew to N6.8 billion from N6billion, resulting in a 13 percent increase.

Revenue rose by 14.9 per cent from N5 billion recorded in 2020 to N5.8 billion in 2021. Also, the group’s profit before tax (PBT) increased by 25.4 per cent to N2.4 billion while its profit after tax (PAT) rose by 22.2 per cent to N2.3 billion from N1.84 billion recorded in the corresponding period of 2020.