Nigerian businessman and renowned investment banker Atedo Peterside, who had enjoyed some impressive gains this year, is now facing a significant setback as the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC) slump by more than $1 million.
According to data tracked by Billionaires.Africa, the Nigerian multimillionaire banker’s stake has declined by N868.5 million ($1.2 million) in the past 30 days, owing to a single-digit decrease 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 over $1.1 billion.
Peterside, a key figure in the Nigerian banking industry who is the founder of Anap Business Jets Limited and the Atedo N. A. Peterside Foundation, owns a 1.14-percent stake in Stanbic IBTC, which translates to 133,611,115 ordinary shares in the group.
Since the start of the month, Stanbic IBTC’s shares on the Nigerian Exchange have decreased by 9.35 percent, falling from N69.50 ($0.089) on Aug. 1 to N63 ($0.08) at the time of writing.
As a result of the single-digit decrease in Stanbic IBTC’s shares, the market value of Peterside’s stake has declined by N868.5 million ($1.2 million), falling from N9.3 billion ($11. 9 million) on August 1 to N8.4 billion ($10.9 million) at the time of writing.
Despite this recent decline, the Nigerian businessman and multimillionaire banker remains one of the richest businessman in the country, and one of the affluent investors on the Nigerian Exchange.
In a recent list published by Billionaires.Africa, Peterside was recognized as one of Nigeria’s wealthiest bankers. The list also featured prominent names like Jim Ovia, the founder of Zenith Bank, Tony Elumelu, the chairman of UBA, and Herbert Wigwe, the managing director of Access Holdings Group.
