The stock market may not be the most volatile place to invest money, but every now and then stocks’ movements leave investors either grinning from ear to ear or frowning all day long. As you may have heard by now, the Nigerian equity market closed on a generally bearish note last week. According to fsdh’s weekly insight, the Nigerian Stock Exchange’s All Share Index declined by 12.42% to close out the month of August. What this means, in simple terms, is that people lost money; including some billionaire investors lost money.
The top Nigerian billionaires we track here at Nairametrics have major stakes in some of the companies listed on the NSE. As a result, their net worths are constantly fluctuating; either increasing or declining depending on the performance of the stocks they have invested in. In this report, we shall be looking at how their shareholdings performed over the week and what this means for their money.
Before we proceed, it is important to note that for the sake of this article, we are focusing on the notable gainers and losers of last week. This is according to information made available by the NSE.
The Non-Executive Chairman of the Cement Company of Northern Nigeria Plc (CCNN) owns a total shareholding of 12752801231 in the company. This translated to about N190 billion on Monday, August 26th, when calculated against a share price of N14.90. By last Friday after the company’s share price had increased by 6.38% to N15.85, the monetary value of Rabius’s shareholding jumped to about N202.1 billion. This indicates that he made about N12.1 billion in one week.
2. Ifeoma Esiri
This business executive is a Non-Executive Director in Stanbic IBTC Holdings Plc where she has a total shareholding of 79,236, 569. At a share price of N35 on Monday, August 26th, this translated to a monetary value of N2.7 billion. Now, following the 8.57% increase in share price as at Friday, the value of Esiri’s shareholding had increased to approximately N3 billion; thereby earning her an extra N237 million in one week.
3. Austin Avuru
Seplat Petroleum’s CEO, Austin Avuru, shed a significant chunk of his net worth last week. As Nairametrics noted last week, the billionaire owns a total of 70,823,139 units of shares in the oil and gas company. When multiplied by the company’s share price of N490 as at Monday, August 26th, the monetary value of Mr Avuru’s shareholding was N34.7. By the end of the week, Seplat’s share price had declined by 18.84% to N397.70. What this means, therefore, is that the value of the CEO’s stake in the company reduced to N28.1 billion. He lost as much as N6.6 billion during the week.