Nigerian businessman Atedo Peterside gains $2.6 million from Stanbic IBTC stake

Nigerian businessman and renowned investment banker Atedo Peterside has witnessed a remarkable surge 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 tracked by Billionaires.Africa, the Nigerian multimillionaire banker’s stake has soared in value by over $2.6 million since June 23, thanks to a double-digit percent increase in the group’s shares on the Nigerian Exchange.

Stanbic IBTC, recognized as one of Nigeria’s top financial services groups, boasts a total asset value of over $8 billion and a market capitalization of more than $1.1 billion.

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

Since June 23, Stanbic IBTC’s shares on the Nigerian Exchange have increased by 30.31 percent, surging from N51.80 ($0.0659) to N67.80 ($0.0857) at the time of writing.

This surge is credited to renewed buying interest among investors, which has propelled the bank’s market capitalization above $1.1 billion, elevating it to the eleventh position among the most valuable companies on the Nigerian Exchange.

As a result of the double-digit increase in Stanbic IBTC’s shares, the market value of Atedo Peterside’s stake has increased by N2.1 billion ($2.6 million), soaring from N6.92 billion ($8.8 million) on June 23 to N9.02 billion ($11.5 million) on July 26.

This $2.6-million surge in Peterside’s stake solidifies his position as one of the wealthiest investors on the Nigerian Exchange, reaffirming his reputation as a prominent player in the country’s financial landscape.