The name Aliko Dangote needs no introduction across the length and breadth of Nigeria. While some believe it is a household name, others believe the bearer has a stake across all the sectors of the economy.
That Aliko Dangote has been able to hold on to the position of the richest man in Africa for 10 years is a pointer to the fact that he has achieved several enviable feats.
How is it that one man has been able to hold the position consistently for the last 10 years?
Not a few people have the above questions in their minds, and indeed it is one that is worth asking. Alhaji Aliko Dangote has managed to pull this feat by the sheer effort of personal, business decisions and actions he has taken over the years.
So, what exactly are those things he has done over the last decade? We certainly cannot consider all, but let us start by x-raying 10 fantastic things this billionaire has done in the last ten years, as he celebrates his 63rd birthday.
In 2011, Dangote invested a massive $400 million in the construction of a cement plant, and also invested R779 million to increase the Dangote Industries Limited stakes in Sephaku Cement (Pty) Limited, based in South Africa, from 19.76% to 64%.
His investment into the South Africa-based cement company was described as the largest foreign direct investment (FDI) ever by an African company in South Africa at the time.
If the Dangote Industries was not already present in 14 African countries at the time, one would have thought the man was in a heated race for the gold.
Keep in mind that the Dangote Group had already been listed among the top 40 African Challengers by the Boston Consulting Group (BCG), a United States-based rating agency; the agency had already seen the potential in the Dangote Group to rival Fortune 500 Companies.
Now isn’t this fantastic?
Back home in Nigeria in 2012, Dangote Cement moved to erect the biggest cement plant in Africa in Southwest Nigeria.
The most amazing thing is the fact that this rich billionaire spent $1 billion on what the Guardian referred to as “a century-old wasteland of limestone and red dirt in south-west Nigeria”.
Some must have turned their noses up at this move, possibly thinking of him as one of those “money miss road”, but 9 years after, the Dangote Cement plant, Ibese in Ogun state accounts for over 6 million metric tonnes of cement, which translates to more money for the billionaire over the years.
With this in place and the creating of new lines at Dangote Cement Plant, Obajana, he ended the era of cement import and launched Nigeria into cement export.
He was already richest black man in the world at the time and ranked 76 in the world by Forbes magazine.
Dangote moved to assert his place in sugar production when in February 2013, the Dangote Sugar Refinery announced plans to acquire 95% equity stake in Savannah Sugar Company limited, SSC.
The deal was executed through a Share Sale and Purchase Agreement, SSPA, and Dangote Industries Limited (DIL) acquired 95% of the issued share capital of Savanna Sugar, amounting to 2.14 billion ordinary shares of N1.00 each.
This was about the same time the Nigerian government designed the backward integration goal, the National Sugar Master Plan to attract over $1 billion annually in local and foreign direct investments and create jobs.
Also, recall that April 2013 was the first time the mogul announced his intention to build a private refinery in Nigeria, to reduce Nigeria’s dependence on importation of petroleum products.
Such big dreams!!!
Aliko Dangote in 2015 signed a mammoth deal with Chinese state-owned engineering company, SINOMA, to build factories for Dangote Cement Plc.
The deal was worth $4.3 billion (£2.8 billion), and seven plants to be built across the continent and one in Nepal. It was not just another avenue to spend money, as the billionaire had done the calculation and expected the new plants to increase the company’s production capacity by as much as 25 million metric tonnes.
Great plans for his home country, no doubt!
As a result of the sizeable investments made over the years, Dangote Cement ended 2014 with new lines in Nigeria, factories becoming operational in Senegal and South Africa, and other plants in Cameroon and Zambia. This increased production capacity from just under 21 million tonnes in January to more than 34 million tonnes at the end of the year.
This was an unprecedented rate of expansion and the company went ahead to open new factories in Ethiopia and Tanzania in the following year.
The Dangote Foundation remains one of the most heart-touching innovations of Aliko Dangote. It is the largest foundation in Africa and has an annual endowment of $1.25 billion. The foundation is described as “locally focused, but globally-minded” and has contributed millions to improve nutrition, health, education and economic empowerment in Nigeria.
The foundation is a lead contributor to the ‘Saving One Million Lives’ every year in Nigeria and was at the forefront of efforts to contain the spread of Ebola in Nigeria and other parts of Africa. The foundation was the biggest private contributor to the African Union Ebola Trust Fund with a donation of $3 million.
The foundation also partnered Bill and Melinda Gates Foundation to eradicate polio in Nigeria by strenghtening primary health care and making provisions for routine immunization across Northern Nigeria. The initial project commenced in Kano and Bauchi states. In January 2016, Sokoto, Yobe, Kaduna and Borno States were added to the partnership, with over $10 Million spent.
The Aliko Dangote Foundation Micro-grant programme is a N10 Billion programme designed to provide a N10,000 one-off grant to at least 1,000 vulnerable women, and in some cases, youths, in each of the 774 LGAs across Nigeria. it is national programme launched in Kano in 2011 and is being systemically rolled out across the country. The programme is being implemented in partnership with states government to complement their respective poverty alleviation drive across the country.
So far, the sum of N3.345 Billion has been disbursed to women across Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Lagos, Niger and Nasarawa States.
Also, in continuation of its efforts to rehabilitate and resettle the Internally Displaced People in the Northeast, Nigeria, the Aliko Dangote Foundation commissioned 200 Housing Units of the Dangote Village Housing Estate for the Internally Displaced Persons in Maiduguri, Borno State, with Award Letters issued to the chosen beneficiaries – mostly widows with dependents.
In support of this laudable action by the Foundation, the State Government made provision for each family to be given economic empowerment tools to sustain their livelihood adding a fully functional school and a clinic to cater for the residents of the estate.
The impact of this foundation over the years can hardly be wrapped into a few paragraphs, but it has been a major contributor to alleviating poverty, just as the philanthropist billionaire intended.
The year 2018 was a significant one for the Dangote Group. Aliko Dangote did the ground-breaking ceremony for the construction of a rice processing plant in Jigawa – the culmination of a series of events that started a couple of years earlier.
He had signed a $1 billion agreement with the Federal Government for the integrated rice production in Kebbi, Sokoto, Zamfara, Kano, Niger and Jigawa.
The multi-billion processing mill had the capacity, upon completion, to process 16 tonnes of paddy rice per hour, totalling to about 14-billion-naira worth of rice per year.
It was a much-celebrated event for the year, as the rice mill was expected to improve the lives of the residents since the raw products would be bought from local farmers in Jigawa. The end aim is to make Nigeria self-sufficient in rice production.
We can expect more from this billionaire in this regard, as he has announced in recent times, his intention to do more in agriculture.
Dangote Cement Nigeria increased the group’s revenue in 2018 by over 10%, simply by creating favourable fuel mix at the cement plants at Obajana and Ibese. With these unprecedented innovations, the group cut out reliance on imported coal for both plans and started using coals from mines operated by the Dangote Industries Limited.
The impact of this was seen largely on foreign currency demands, thus pushing the company’s revenues. Subsequently, all eight kilns in Obajana and Ibese have been running on coal, gas or LPFO or a mixture of the three. I’m sure you didn’t know that.
And lets no forget that stunt he pulled when he bought back Dangote flour mills, the loss-making business he sold for $200 million to Tiger Brands, only to resell it to Olams years later for $362 million
2019 was the year of consolidating on the refinery plans which had long commenced. The peak of it all was the arrival of the specially configured facility which Dangote had since requested to be made.
The facility, which was built by Sinopec, China’s leading energy and chemical company, has been described as the largest in the world and has since been installed at the Dangote refinery.
The Atmospheric tower is expected to separate crude oil into its components (or distillation cuts, distillation fractions) for further processing by other processing units when the refinery starts full operations later this year.
According to the mogul, the refinery will within 18 months of operation, be able to meet Nigeria’s demand for petroleum products, and soon after become the largest exporter of petroleum products in Africa.
Experts support this prediction, adding that Nigeria could become Africa’s biggest producer and exporter of refined petroleum and gas products, including plastics, fertilizer, jet fuel, diesel and gasoline. This is expected to lift the economy of the entire continent.
Very fresh on our minds is the donation of N2 billion naira and other materials to the Private Sector Coalition against COVID-19, just some weeks ago. It signified the tycoon’s willingness to partner with the Central Bank of Nigeria, and private sector participants, to alleviate some of the hardships which the pandemic is sure to inflict on Nigeria.
Just weeks before this, he had donated N100 million worth of materials after the Abule-ado explosion to help in rebuilding the destroyed buildings.
You may feel like we have said much here, but we have not even made mention of the infrastructural facilities he built across tertiary institutions in the country – the construction of a N1.2 Billion Dangote Business School, Bayero University Kano, or the construction of hostels or provisions of power supply at Ahmadu Bello University, Zaria, Kaduna state and Kano University of Science and Technology, Wudil, Kano State.
So much has not been said.
The year is still very young with only 101 days gone, there’s still a lot more fantastic things that could happen this year. Keep in mind that the billionaire also has plans to buy Arsenal FC, and take the Nigerian flag all over the world.
Atedo Peterside resigns as Chairman of Cadbury Nigeria’s Board of Directors
NSE announced the resignation of Mr. Atedo Peterside which took effect on the 30th of June 2020.
Chairman of the Board of Directors of Cadbury Nigeria Plc, Mr. Atedo Peterside, has resigned.
In a notification signed by Cadbury Nigeria’s Company Secretary, Fola Akande, and sent to the Nigerian Stock Exchange, it was announced that the resignation took effect immediately. In other words, Mr Peterside resigned from the board effective 30th June 2020. He resigned in order to concentrate on other interests.
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Note that this brings to an end Atedo Peterside’s ten-year reign as the Chairman of Cadbury Nigeria’s board of directors. He took over leadership of the board on the 21st of April 2010 after joining the company in 2009 as a director.
“The Board of Directors of the Company acknowledge and sincerely express their gratitude to Mr. Peterside for his leadership, service and immense contributions to Cadbury Nigeria Plc while he was on the Board and wish him all the best in his future endeavours” part of the statement by Cadbury Nigeria said.
Recall that back in April this year, Mr Peterside resigned his position as a Non-Executive Director of Flour Mills Nigeria Plc, to focus on ANAP Foundation, a non-governmental foundation he founded.
Also in April, he resigned from the board of Nigerian Breweries Plc as well as Unilever Nigeria Plc for the same reasons.
Stock Market rains big for Nigerian billionaires in May
The gradual easing of the lockdown, which started on May 1, appears to have brought some relief to these men, giving them room to recover some of the earlier losses.
The news of the lockdown hit raw nerves across all sectors in Nigeria. One thing that was obvious from the onset was that everyone was going to be hit somehow, but what no one could say for sure, was how.
Nairametrics had earlier examined the first 12 weeks of COVID-19 in Nigeria, and found that Nigeria’s billionaires lost billions between February and April. However, the gradual easing of the lockdown which started on May 1, appears to have brought some relief to these men, giving them room to recover some of the earlier losses.
Zenith bank founder Jim Ovia is the largest individual shareholder with 3,546,199,395 direct shares and 1,513,137,010 indirect shares.
Zenith bank closed April at N14.3, putting the value of Ovia’s total 5,059,336,405 shares at N72,348,510,591.5 (N72.35 billion).
During the month of May, the share appreciated by 18.2%, and was worth N16.9 at the end of trading on May 29.
With this, the worth of Ovia’s 5,059,336,405 shares increased by N13.15 billion to N85,502,785,244.50.
The volatility of the shares in the previous quarter had seen the billionaire lose about N21.2 billion, but May 2020 sure gave him a chance to recover some of this.
Group MD/CEO of Access Bank, Herbert Wigwe, has 201,231,713 direct shares and 1,184,680,195.5 indirect shares with the bank, totalling to 1.39 billion shares.
At N6.60 per unit, the total shares were worth N9.15 billion (N9,147,018,596.1) on April 30.
Access bank stocks moved upwards to N7.1, bringing the worth of the stocks to N9.84 billion (N9,839,974,550.35).
Wigwe’s stock value gained N692.96 million, a mild compensation for losing N2.22 billion in the first 12 weeks of COVID-19 presence in Nigeria.
Dangote Cement shares were worth N130 at the end of April, having had a rough first quarter. However, the price improved over the next four weeks and ended May 29 at N139 per unit.
Aliko Dangote directly owns 14,500,315,501 shares in Dangote Cement Plc, as well as 27,642,637 shares which he controls through Dangote Industries Limited.
All 14,527,958,138 shares were worth N1.88 trillion (N1,888,634,557,940) on April 30, and the value increased to N2 trillion (N2,019,386,181,182) by May 29, an increase of N130 billion (N130,751,623,242).
A similar trend is also seen in Dangote Sugar where share price increased from N12.45 on April 30 to N12.90 at the close of trading on May 29.
The billionaire directly owns 653,095,014 shares and indirectly owns 8,122,446,281 shares through the Dangote Industries Limited in Dangote Sugar, summing up to 8.77 billion shares.
All shares were worth N109 billion (N109,255,489,123) on April 30, and appreciated through the month of May to close at N113 billion on May 29.
From the increase in the market share price of Dangote Sugar, Aliko Dangote became N3.9 billion (N3,948,993,583) richer.
Summing up the gains in Dangote Cement and Dangote Sugar, we can see that the billionaire added another N134.7 billion (N134,700,616,825) to his worth.
This article does not include calculations for NASCON. Aliko Dangote is not listed on the board, hence, there is no way to confirm the exact amount of stocks he owns in the company.
However, NASCON allied shares were worth N10.05 on April 30 and made a 10.4% increase to N11.10 by May 29.
The popular TOE, as he is called, controls a total of 2,304,211,118 units of shares – 190,100,234 direct and 2,114,110,884 indirect shares.
UBA’s shares tried to regain losses from earlier months, and moved from N6.05 on April 30 to N6.65 on May 29.
The total worth of Elumelu’s 2.3 billion shares appreciated from N13,940,477,263 on April 30 to N15,323,003,934 on May 29, giving the billionaire an additional N1.38 billion (N1,382,526,670.8).
Compared to the N1.49 billion lost in the preceding 12 weeks, Elumelu clearly recovered most of the earlier losses.
The merger of CCNN and Obu cement gave birth to BUA cement. The 2019 financials from the company shows that Rabiu owns 19 billion (19,044,995,225) direct shares.
He also has indirect shareholdings through 3 companies, totalling to 12.2 billion (12,225,657,346) units.
BUA cement stocks ended April 30 at N32.60 and appreciated by 28% to N42 per unit at the close of trading on May 29.
By April 30, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.01 trillion (N1,019,423,273,814.60) at N32.6 per unit, and by the end of trading on May 29, the market value of the same shares had risen to N1.31 trillion (N 1,313,367,407,982.00).
The billionaire’s worth added N293.94 billion (N 293,944,134,167.40) representing a 28% gain, and making him the highest billionaire gainer in the period under review.
As Chairman of Conoil Nigeria Plc, Mike Adenuga directly controls 516,298,603 units of shares, as well as 103,259,720 units of shares controlled through Conpetro Limited, making for about 74.4% of Conoil’s issued share capital.
Conoil’s stock prices closed at N17.4 on April 30, putting the value of Adenuga’s indirect shares at N1.79 billion (N1,796,719,128), and his direct shares at N8.9 billion (N8,983,595,692.2), totalling to N10.78 billion.
Conoil gained 20.7% in May, and ended at N21 per unit share at the end of trading on May 29.
With this, the total shares were worth N13 billion; direct – N10,842,270,663 and indirect – N 2,168,454,120.
After losing N371 million in the preceding 12 weeks, it must have been refreshing to gain some N2.23 billion in four weeks.
However, the month of May was not profitable for the co-founder of Seplat, Austin Avuru, who indirectly owns about 58,970,463 indirect shares in the oil and gas company.
A stock price of N494.4 as at April 30 showed that these stocks were worth N29.15 billion (N29,154,996,907.2).
At the share price of N476.4 on May 29, Austin Avuru’s shares were worth N28,093,528,573.20.
He lost another N1.06 billion, after an earlier loss of N6.5 billion between February to April.
In all, Seplat stocks have fallen some 28% from January till May 29. Sad loss for Avuru.
Nigerian billionaires lose billions amid COVID-19 pandemic
Nigerian billionaires recorded more losses than gains amid COVID-19 due to the volatility of the stock market occasioned by the killer disease.
The year 2020 began with lots of predictions and promises, but the volatility in the stock market (which was occasioned by the Coronavirus pandemic) was not top on the list.
On February 27, Nigeria recorded the index case of the Coronavirus pandemic, an Italian who visited the country for business reasons. A month later, the federal government was preparing to announce a lockdown of the economy as part of measures to curb the seemingly unpredictable increase in the spread of the Coronavirus.
The lockdown which commenced 2 days after the announcement brought a lot of uncertainty into the financial markets, and this definitely comes with huge consequences for individual and corporate investors.
For many investors around the world, the first four months of the year was a bad one. There were fluctuations and sudden declines in stock prices. And for top Nigerian billionaires, it was definitely more of the losses than the gains. This article examines how they performed in the last two months, from February 29 after the index case was Q1 2020.
Alhaji Aliko Dangote
Being the richest man in Nigeria is no mean feat, yet Dangote has been able to maintain this title for years without breaking a sweat. However, the Coronavirus pandemic has taken a bite out of the billionaire’s billions.
By the end of February 2020, Dangote’s 14,500,315,501 direct shares in Dangote Cement Plc worth N2,465,053,635,170 at the share price of N170 per unit, while the 27,642,637 shares which he controls through Dangote Industries Limited were worth N4,699,248,290 at the same share price.
By implication, the total worth of his shareholding in Dangote Cement Plc as at February 29, 2020, was N 2,469,752,883,460—over N2.4 trillion.
The value slid downwards hitting N129.70 at the end of March, before rising slightly to N130 at April 30.
At this time, Dangote’s indirect shares were worth N3,593,542,810 while his direct shares were worth N1,885,041,015,130 summing up to N1,888,634,557,940 (over N1.8 trillion).
By comparing N 2,469,752,883,460, the value as at February 29, with N1,888,634,557,940 as at April 30, we can see that the billionaire’s assets in Dangote Cement Plc crashed by N 581,118,325,520 (N581 billion).
By any standards, this was no small loss.
Stock prices at Dangote sugar also suffered a similar fate. Starting at N14.00 per unit on January 1, the stock experienced fluctuations before closing the quarter at N10.00 per unit. Dangote’s 8,775,541,295 direct and indirect shares were valued to be worth N122,857,578,130.00 (N122.85 billion) at a share price of N14.00 on January 1.
Twelve weeks later, with the stock price down to N10.00 per unit, the worth of the same shares had dropped to N87,755,412,950.00 (N87.75 billion), a heartbreaking loss of N35,102,165,180.00 (N35.1 billion).
Stock prices at Dangote sugar, however, took a different trend for this period, starting at N12.1 on February 29 and appreciating almost 3% to 12.45 at the end of April.
The billionaire directly owns 653,095,014 shares and indirectly owns 8,122,446,281 shares through the Dangote Industries Limited. Dangote’s 8.77 billion shares were valued to be worth N106,184,049,669.5 (N106.84 billion) at a share price of N12.1 on February 29.
Twelve weeks later, with the stock price up to N12.45 per unit, the worth of the same shares had increased to N109,255,489,122.75. This gain of about N3 billion was recorded during the pandemic period, and on surface value, it can be attributed to the food products which the company produces. People eat even during a crisis.
Adding up the figures with that of Dangote cement, one can see that the little gain of N3 billion cannot be compared to the loss of N581 billion, as the mogul still lost over half a trillion.
We have not made any calculations for NASCON, as there is no way to confirm the stocks Aliko Dangote has with the company since he is not listed on the board.
However, NASCON shares closed at N13 on February 29, and slid down to N10.05 on April 30, dropping by 23%.
Entrepreneur billionaire and Chairman of United Bank for Africa Plc, Tony Elumelu also had some losses during the two months in review.
TOE, as he is called, directly owns a total of 190,100,234 units of shares in the bank, and 2,114,110,884 units of indirect shareholding in the company. This brings his total shareholding to 2,304,211,118 units of shares. By the close of trading on February 29, UBA’s shares were worth N6.7, meaning Elumelu’s total stocks in the bank was worth N15,438,214,490.6 (N15.43 billion).
There was not much movement in the share values for UBA plc as it started N6.7 on February 29 and ended April at N6.05. This means that by April 30, Elumelu shares (multiplied by the share price of N6.05 per unit) were worth N13,940,477,263.9 (N13.94 billion), showing a loss of N1,497,737,226.7 (N1.49 billion). This loss was a 9.7% depreciation of his share value, but N1.49 billion was no small loss for TOE.
The founder of Zenith Bank, Jim Ovia is one of Nigeria’s top billionaires. He directly owns 3,546,199,395 units and indirectly owns 1,513,137,010 units of shares. With over 5 billion units of direct and indirect shareholding in the bank, he is the biggest shareholder. Zenith Bank’s shares closed at N18.5 on February 29, danced a little way up and a little way down, before sliding continuously to close at N14.3 as at April 30.
As at February ending, Ovia’s total 5,059,336,405 units of shares were worth N93.59 billion (N93,597,723,492 at the share price of N18.5 per unit. By April 30, following the crash in prices, the worth of the same shares had dropped to N72,348,510,591.5 (N72.35 billion). Subtracting the latter value from the first, one can see that the worth of Jim Ovia’s stocks dropped by a whopping N21.2 billion (N21,249,212,901).
Among all the billionaires, Jim Ovia suffered the greatest percentage loss in the worth of his assets, 22.7%.
A heart-rending drop for him!
[READ FURTHER: Meet Elochukwu Umeh, founder of Africa’s digital powerhouse)
Access Bank’s Group CEO, Herbert Wigwe had a total shareholding of 1,441,522,910 units as at December 2019, before selling off a total of 55,611,001 indirect shares in four transactions, all in January 2020.
The depletion of his indirect holding through Trust and Capital Limited left him with 1,385,902,910 total shares made up of 1,184,680,195.5 units indirect holding and 201 million (201,231,713) direct shares.
Share prices of Access bank closed at N8,2 on February 29 and dropped to N6.6 on April 30. His 1.39 billion shares were worth N 11,364,477,653.80 on February 29, and crashed by 19% to become N 9,147,018,599.40 on April 30.
Wigwe is N2.22 billion poorer because of the COVID-19 induced stock crisis.
Alhaji Abdulsamad Rabiu
According to the Cement Company of Northern Nigeria Plc (CCNN) 2018 financials, Abdulsamad Rabiu had 12,752,801,231 units of shares. However, CCNN has since then been merged with the Obu Cement to give birth to BUA Cement. Since the merger, the new entity BUA cement has not released any financial statement so there was no way to confirm what Rabiu’s stakes are in the company presently.
However, BUA cement had its stock close at N37.15 at the end of February 29, 2020. This value dropped by 12.25% over the weeks to hit N32.6 by 30 April.
By implication, whatever the number of shares the billionaire had with the company, the value has dropped by over 12% in the COVID-19 dominated weeks.
Note that the stocks started the year at N18.10, meaning that the billionaire has lost even much more than we have captured.
Having dispensed of a few shares in 2019, co-founder of Seplat Austin Avuru ended the year with 58,970,463 indirect shares in the oil and gas company.
Avuru’s shares, when multiplied by the share price of N605 gives a naira value of N 35,677,130,115 as of February 29.
Taking it two months forward, a stock price of N494.4 as at April 30 shows that the value had depleted to N29,154,996,907.20
Avuru lost about N6.5 billion (N 6,522,133,207.80) to the stock price decline.
Mike Adenuga is the Chairman of Conoil Nigeria Plc, and directly owns 516,298,603 units of shares. He also has 103,259,720 units of indirect shares through Conpetro Limited, making for about 74.4% of Conoil’s issued share capital.
Conoil’s stock prices started at N18 per unit and only dropped a little to close at N17.4 on April 30.
Multiplying Adenuga’s 103,259,720 indirect shares by the stock price of N18 gives us a naira value of N1.86 billion (N 1,858,674,960) as at February ending, but the slight decline in stock value reduced the worth of these shares to N1.79 billion (N1,796,719,128).
Adenuga lost N61.9 million (N61,955,832) in his indirect shares to the COVID-19 crisis.
The 516,298,603 direct shares fell from N9.29 billion (N9,293,374,854) to N8.9 billion (N8,983,595,692.2) by end of April—a difference of N309 million.
From these figures, we can see that Adenuga’s had a loss of N371 million (N371,734,993) within the period under review.
Table of losses
Understanding the trend
A lot of factors affect the stability or otherwise of a company’s stock price and one of them is the volume of shares being traded.
A Council member, Nigerian Stock Exchange, Adebayo Ajayi, explained that the more shares owned by an individual investor, the fewer number of shares being traded and the more stable the price can be.
Investors often rush to sell when they sense uncertainty in the market. This results in a larger volume of shares being traded and directly impacts share values.
According to Ajayi, the stocks in Dangote group of companies, for instance, float more as the billionaire has gradually let in more investors over the years.
Note: The stock figures used in the analysis above was sourced from the Nigerian Stock Exchange (NSE) website, using the most recent figures from the companies’ financials.