Nigeria, June 12 -- According to a regulatory filing at the Nigerian Exchange, an independent non-executive director of United Bank for Africa (UBA), Henrietta Ugboh, has acquired 49,700 new shares in the lender.

Ms Ugboh obtained the shares on 30 May at a unit price of N34.75, putting the total transaction cost at N1.7 million. She was appointed as an independent non-executive director last November, following the retirement of Owanari Duke. On 2 May, Raymond Chidubem Ogboh, a relative of the non-executive director, acquired 200,000 shares in two separate deals. The acquisition was valued at N7 million.

The directors of the pan-African lender are increasing their stakes in the bank, apparently to position themselves ahead of the declar...