Nigerian shipping tycoon Victor Odili’s stake in MTN Nigeria has slumped by $21.5 million within 48 hours

Nigerian shipping tycoon Victor Odili has seen the market value of his stake in MTN Nigeria, the country’s largest telecom company, decline by millions of dollars in the last 48 hours, as shares in the company fell by double digits amid a massive sell-off on the Nigerian Exchange.

According to data tracked by Billionaires.Africa, Odili, one of the country’s wealthiest businessmen due to his well-diversified investment portfolio, has seen the market value of his stake in MTN Nigeria fall by $21.5 million in the past 48 hours.

MTN Nigeria is one of Africa’s largest telecom service providers, serving approximately 69 million people across the country. Its 4G network now serves 70 percent of the population, up from 60 percent in 2020.

Victor Odili, a former non-executive director of MTN Nigeria, makes the most of his money through his investment portfolio, which includes a 3.96-percent interest, or 806,886,900 ordinary shares, in the telecom service provider through Hermitage Overseas Corporation.

His stake in MTN Nigeria has declined by N9.92 billion ($21.6 million) in the past 48 hours, from N200.35 billion ($435.6 million) on March 15 (two days ago) to N190.4 billion ($414.04 million) at the time of writing this report.

The recent decline in the market value of his stake can be attributed to the sharp downturn in MTN Nigeria shares on the local bourse in the last 48 hours, from N248.3 ($0.54) on March 14 to N236 ($0.51) on March 17.

Despite the recent plunge, MTN Nigeria remains the most valuable company on the Nigerian Exchange, with a market capitalization of N4.8 trillion ($10.4 billion), ahead of Dangote Cement, which is majority owned by Africa’s richest man Aliko Dangote.

Victor Odili is the chairman and executive director of Aero-maritime Group, a parent company to over 8 member-companies operating in different sector across Nigeria including shipping, stevedoring and oil and gas.