On August 26th, the Nigerian Stock Exchange ended trading on a bearish note, a situation that inevitably resulted in many investors losing billions of naira. Some of those who lost the most are the core investors in Seplat Petroleum Development Company Plc —Austin Avuru and A.B.C Orjiako.
What we know: Seplat Plc was among the worst-performing stocks at the end of yesterday’s trading session. As a matter of fact, the company was atop the loser’s list after declining by 10%, alongside other losers such as Forte Oil Plc, Julius Berger Nigeria Plc, etc.
Note that Seplat’s 10% decline meant that the company’s share price fell from N490 on Friday to N441 on Monday; thereby shedding N49. It is currently unclear what exactly influenced the decline in the share price.
Seplat’s Billionaire’s Loss: Austin Avuru and A.B.C Orjiako are two of the biggest shareholders in Seplat Petroleum which is one of Nigeria’s biggest upstream oil companies. Avuru, who is the company’s Chief Executive Officer, owns a total of 70,823,189 units of shares according to the company’s 2018 full-year financial report. Similarly, Orjiako owns 45,951,325 units of shares thanks to his status as the Non-Executive Chairman of the company.
How they Lost: At N490 on Friday, Austin Avuru’s total direct and indirect shareholding in the company translated to some N34.7 billion. Similarly, A.B.C Orjiako’s total shareholding stood at N22.5 billion on Friday.
Now, fast-forward to yesterday, August 26th; the monetary Avuru’s shareholding had declined to N31.2 billion. In the same vein, Orjiako’s shareholding also declined to N20.2 billion on Monday. What this means, therefore, is that the billionaires collectively lost a total of N5.7 billion in one day.
Seplat Petroleum’s shares are currently trading at N441 on the NSE. It should be noted that it
Dogecoin could eventually hit $1
Dallas Mavericks owner, Mark Cuban is predicting the price of the Dogecoin will eventually hit $1,
Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.
In a recent tweet, posted by the American-based billionaire, Cuban revealed customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of writing this report — in transactions for his basketball team claiming the franchise was now “the largest Dogecoin merchant globally .”
Cuban anticipates that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token touch will “definitely hit $1.”
The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!🚀🚀🚀
— Mark Cuban (@mcuban) March 6, 2021
Cuban was known for creating the video portal, Broadcast.com with Todd Wagner in the mid-nineties and sold it to Yahoo for $5.7 billion in 1999.
Today he owns the NBA’s Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups.
According to Forbes, Mark Cuban is valued at about $23.4 billion at the time of writing this publication.
What you should know: Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.
- Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
- The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
- This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.
Dangote’s net worth declines by $1.2 billion in February
Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.
Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.
Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.
Source: Bloomberg Billionaire Index
The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).
The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.
Facts about Dangote’s networth valuation
The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.
He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.
Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.
The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.
What you should know
- The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
- On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.