Thanks to a recent boost from his shares in MTN Nigeria, Nigerian multimillionaire businessman Pascal Dozie has further cemented his position among the richest investors on the Nigerian Exchange.
Dozie has witnessed an impressive gain of more than $8 million from his stake in MTN Nigeria in the past 39 days. His remarkable success is attributed to his significant stake in MTN Nigeria, the nation’s largest telecom company.
This substantial growth comes as a result of sustained buying pressures on the Nigerian Exchange (NGX), leading to a significant rise in MTN Nigeria shares and impressive gains for the multimillionaire.
With about 69 million people connected across the country, MTN Nigeria is one of Africa’s largest telecom service providers. Its 4G network now covers 70 percent of the population, up from 60 percent in December 2020.
Dozie, who made his first business move in 1985 after recognizing an opportunity in the Nigerian financial services industry — a move that resulted in the birth of Diamond Bank, one of Nigeria’s largest retail banks until its acquisition by Access Holdings in December 2018 — played a key role in MTN Nigeria’s growth.
According to data tracked by Billionaires.Africa, MTN Nigeria’s shares on the Nigerian Exchange have witnessed an impressive 7.69 percent surge in the past 39 days, climbing from N260 ($0.338) on January 1 to N280 ($0.360) per share at the time of writing.
Since June 26, Dozie’s stake in MTN has increased from N84.74 billion ($109.41 million) to N91.26 billion ($117.82 million) on Aug. 4, resulting in a whopping gain of N6.52 million ($8.42 million).
The surge in the market value of Dozie’s 1.6-percent stake in MTN Group can be attributed to renewed investor interest, which has propelled the group’s shares up by more than seven percent in the last 39 days.
