Due to the slump in Stanbic IBTC shares and currency fluctuation, the market value of Peterside’s stake has decreased by N2.14 billion ($3.41 million) over the past 92 days, from N9.15 billion ($9.56 million) on Jan. 16 to N7.01 billion ($6.15 million)
Nigerian businessman Atedo Peterside has encountered a substantial decline in his wealth following the downturn in the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC) since Jan. 16. This decline is primarily attributed to the devaluation of the naira and a notable decrease in the shares of the leading bank.
According to market data tracked by Billionaires.Africa, Peterside, who ranks among the country’s wealthiest bankers, has seen the market value of his stake in Stanbic IBTC decline by N2.14 billion ($3.41 million) since Jan. 16. This decline comes as investors on the local bourse continue to reduce their stakes in the financial service group.
Stanbic IBTC’s shares dip, investors face losses
Stanbic IBTC, a leading player in Nigeria’s financial services sector with a total asset value of N5.146 trillion ($4.1 billion), has seen its market capitalization drop below $600 million from over a billion dollars. The primary drivers of this decline are the challenging financial landscape in Nigeria and the devaluation of the country’s currency, the naira.
Nigerian businessman Atedo Peterside has encountered a substantial decline in his wealth following the downturn in the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC) since Jan. 16. This decline is primarily attributed to the devaluation of the naira and a notable decrease in the shares of the leading bank.
According to market data tracked by Billionaires.Africa, Peterside, who ranks among the country’s wealthiest bankers, has seen the market value of his stake in Stanbic IBTC decline by N2.14 billion ($3.41 million) since Jan. 16. This decline comes as investors on the local bourse continue to reduce their stakes in the financial service group.
Due to the slump in Stanbic IBTC shares and currency fluctuation, the market value of Peterside’s stake has decreased by N2.14 billion ($3.41 million) over the past 92 days, from N9.15 billion ($9.56 million) on Jan. 16 to N7.01 billion ($6.15 million).
Peterside anticipates lucrative dividends
While Atedo Peterside faces a significant decline in his stake in Stanbic IBTC, he remains poised to benefit from impressive dividends proposed by the leading Nigerian bank this year. Nigerian banks have showcased remarkable financial performance at the end of the 2023 fiscal year.
Buoyed by rising domestic interest rates and favorable foreign exchange movements, Stanbic IBTC reported a 74 percent year-on-year surge in profit to N140.62 billion ($108.9 million), surpassing the N80.81 billion ($62.5 million) profit recorded in 2022. The bank’s stellar performance solidifies its position as a powerhouse in Nigeria’s banking sector.
In line with its commitment to shareholder value and compliance with CBN regulations, Stanbic IBTC’s board of directors has proposed a dividend of N2.20 ($0.001712) per share, totaling N28.5 billion ($22.12 million), to be distributed from retained earnings. This impressive dividend announcement underscores the bank’s resilience, innovation, and unwavering pursuit of excellence in Nigeria’s financial landscape.
–Billionaires Africa
 over the past 92 days, from N9.15 billion ($9.56 million) on Jan. 16 to N7.01 billion ($6.15 million)){kind=link}