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Nigerian businessman and renowned investment banker Atedo Peterside has experienced a significant decrease in the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC) since the start of the month.
According to data tracked by Billionaires.Africa, the Nigerian multimillionaire businessman’s stake in Stanbic IBTC has slumped by N1.34 billion ($1.63 million) over the past three weeks — due to the sustained decline in the group’s shares on the Nigerian Exchange.
Stanbic IBTC’s share slump of 13.33 percent drags market cap below $1.1 billion
Stanbic IBTC, recognized as one of Nigeria’s top financial services groups, boasts a total asset value of more than $3.7 billion and a market capitalization of over $1.03 billion.
Since the start of the month, Stanbic IBTC’s shares on the Nigerian Exchange have experienced a decline of 13.33 percent, dropping from N75 ($0.092) on Nov. 1 to N65 ($0.079) at the time of writing. This decrease has caused the group’s market capitalization to dip below $1.1 billion.
Atedo Peterside’s shares in Stanbic IBTC fall below $11 million
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.
Consequently, due to the recent fall in Stanbic IBTC shares, the market value of Peterside’s stake has decreased from N10.02 billion ($12.26 million) on November 1 to N8.68 billion ($10.62 million) at the time of writing — marking a decline of N1.34 billion ($1.63 million).
Despite this downturn in the market, the Nigerian businessman and multimillionaire banker has cemented his position as one of the wealthiest businessmen in Nigeria — he also ranks among the affluent investors on the Nigerian Exchange.
