Nigerian tycoon and renowned investment banker Atedo Peterside has experienced a substantial surge in the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC), one of Nigeria’s leading financial services holding companies.
According to data tracked by Billionaires.Africa, Peterside’s stake has increased by N1.74 billion ($2.3 million) since August 31, thanks to a double-digit percentage surge in the group’s shares on the Nigerian Exchange.
This remarkable turnaround comes on the heels of a $1.2 million loss in his stake in Stanbic IBTC between August 1 and August 31. During that period, the market value of his stake had slumped from N9.3 billion ($11.9 million) on August 1 to N8.4 billion ($10.9 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 $1.3 billion.
Atedo 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 August 31, Stanbic IBTC’s shares on the Nigerian Exchange have increased by 20 percent, rising from N65 ($0.085) on Aug. 31 to N78 ($0.102) at the time of writing.
This recent surge in the lender’s share price is attributed to renewed buying interest among investors, propelling its market capitalization above $1.3 billion, and securing its position as the ninth most valuable company on the Nigerian Exchange.
As a result of the double-digit increase in Stanbic IBTC’s shares, the market value of Atedo Peterside’s stake has increased by N1.74 billion ($2.3 million), soaring from N8.68 billion ($11.44 million) on Aug. 31 to N10.42 billion ($13.73 million) at the time of writing
This recent surge in Peterside’s stake further solidifies his position as one of the richest bankers in the country, thus reaffirming his reputation as a prominent player in the country’s financial landscape.
Originally published on Billionaire Africa website on 25/09/2023