Nigerian businessman Atedo Peterside gains $1.9 million from stake in Stanbic IBTC

Atedo Peterside, a Nigerian businessman and renowned investment banker, has seen a significant increase in the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC), one of Nigeria’s leading financial services holding companies.

According to data compiled by Billionaires.Africa, the Nigerian multimillionaire banker’s stake has increased in value by more than $1.9 million since the start of the year, owing to a double-digit increase in the group’s shares on the Nigerian Exchange.

Stanbic IBTC is one of Nigeria’s leading financial services groups, with a total asset value of N3.099 trillion ($6.73 billion) and a market capitalization of N518 billion ($1.12 billion).

Peterside, the founder of Anap Business Jets Limited and the Atedo N. A. Peterside Foundation and a key figure in the Nigerian banking industry, owns a significant 1.14-percent stake in Stanbic IBTC, equating to 133,611,115 ordinary shares in the group.

The bank’s share price on the Nigerian Exchange has risen by 19.6 percent since the year began, rising from N33.45 ($0.073) on Jan. 1 to N40 ($0.0867) at the time of writing this report, thanks to renewed buying interest among investors, which has pushed its market capitalization above $1.1 billion, making it the eleventh most valuable company on the Nigerian Exchange.

The double-digit increase in the bank’s shares has resulted in a significant increase in Atedo Peterside’s net worth.

So far this year, the Nigerian businessman and renowned investment banker has seen his stake in Stanbic IBTC rise by N875.1 million ($1.9 million), rising from N4.47 billion ($9.7 million) on Jan. 1 to N5.34 billion ($11.6 million) on March 15.

The $1.9 million increase in Peterside’s stake solidifies his position as one of the richest investors on the Nigerian Exchange.