Abuja — The board of directors of Wema Bank Plc has resolved to divest its holdings from Great Nigeria Insurance (NGI) recently, as it sold 515.7 million shares of the bank in the company to investing public.

Out of the shares offered for sale, 21 million units were sold in form of call over under the leading of the director general of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyuike.

One hundred and thirty million shares were originally allotted to the stockbrokers of Wema Bank Plc (Independent Securities Limited) but out of the units, 21 million was to be resold due to no reason or the other.

Therefore, the 21 million units were referred to the stockbroking forms who did not bid for the units earlier offered to the general investing public.

Hitherto, Wema Bank Plc was holding a total of 80 per cent shares structure of GNI, which the Apex Bank considers to be in contrary with the laid down rule.

The director general of the NSE said during the divestment that Wema Bank was misled to have bought such number of shares.