Since the beginning of the month, the market value of Atedo Peterside’s position in Stanbic IBTC Holdings (Stanbic IBTC) has decreased significantly.
Due to the ongoing slide in the group’s shares on the Nigerian Exchange, the Nigerian multimillionaire businessman’s holding in Stanbic IBTC has dropped by N1.34 billion during the last three weeks.
Stanbic IBTC, one of Nigeria’s leading financial services firms, has a total asset value of more than $3.7 billion and a market capitalization of more than $1.03 billion.
Stanbic IBTC’s shares on the Nigerian Exchange have dropped 13.33 percent since the beginning of the month, falling from N75 on November 1 to N65 at the time of writing. As a result of this decline, the group’s market value has fallen below $1.1 billion.
Peterside, the founder of Anap Business Jets Limited and the Atedo N. A. Peterside Foundation and a significant person in the Nigerian banking industry, owns a 1.14 percent ownership in Stanbic IBTC, which corresponds to 133,611,115 ordinary shares in the business.
As a result of the recent drop in Stanbic IBTC shares, the market value of Atedo Peterside’s stake has fallen from N10.02 billion on November 1 to N8.68 billion at the time of writing – a drop of N1.34 billion.
Despite the market slump, the Nigerian businessman and multimillionaire banker has solidified his place as one of Nigeria’s wealthiest businessmen; he also ranks among the Nigerian Exchange’s affluent investors.
