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Nigerian businessman and renowned investment banker Atedo Peterside has seen the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC) decline by $1.8 million in recent times.
According to data tracked by Billionaires.Africa, the Nigerian multimillionaire businessman’s stake in Stanbic IBTC has decreased by N1.39 billion ($1.83 million) in just 12 days, owing to a double-digit percent decline in the group’s shares on the Nigerian Exchange.
Between Aug. 31 and Sept. 25, he had enjoyed a $2.3-million gain as the market value of his stake in Stanbic IBTC surged from N8.68 billion ($11.44 million) to N10.42 billion ($13.73 million).
Stanbic IBTC, recognized as one of Nigeria’s top financial services groups, boasts a total asset value of over $5.9 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.
In recent weeks, Stanbic IBTC’s shares on the Nigerian Exchange have experienced a significant decline of 13.06 percent, falling from N80 ($0.105) on Oct. 9 to N69.55 ($0.091) at the time of writing. This drop has pushed the group’s market capitalization below $1.2 billion.
As a result of the double-digit decline in Stanbic IBTC’s shares, the market value of Atedo Peterside’s stake has decreased by N1.39 billion ($1.83 million), dropping from N10.69 billion ($13.99 million) on Oct. 9 to N9.29 billion ($12.16 million) at the time of writing.
Despite this recent decline, the Nigerian businessman and multimillionaire banker remains one of the richest businessmen in the country, and one of the affluent investors on the Nigerian Exchange.
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