Victor Odili, a prominent Nigerian shipping tycoon and investor, has experienced a substantial decrease in the market value of his stake in MTN Nigeria, the nation’s largest telecom company, in the past month.
Adding to the staggering losses he suffered in mid-June due to the devaluation of the naira and its impact on some of his assets, Odili’s stake in MTN Nigeria has declined by $20.5 million in the past month, according to data tracked by Billionaires.Africa.
Odili, regarded as one of Nigeria’s wealthiest businessmen and one of the most affluent investors on the Nigerian Exchange, has a significant 3.96-percent stake in MTN Nigeria.
The decline in market value comes as shares in the leading telecom company experienced a substantial sell-off on the Nigerian Exchange, resulting in financial losses for Odili and other shareholders.
Since June 14, the share price of MTN Nigeria on the Nigerian Exchange has declined by 6.95 percent in the past month, falling from N284.0 ($0.37) to N265.10 ($0.34) on July 14.
As a consequence, the market capitalization of MTN Nigeria has dropped below the $7-billion mark, causing the market value of Odili’s stake to decline by N15.98 billion ($20.57 million), from N229.9 billion ($296.05 million) on June 14 to N213.91 billion ($275.48 million) at the time of writing.
Despite the recent decline in the market value of his stake, Odili remains not only one of the richest investors on the Nigerian Exchange but also one of the wealthiest businessmen in the country.
His well-diversified portfolio includes assets in the shipping and telecommunications sectors, showcasing his prominence and influence in Nigeria’s business landscape.
The decrease in the market value of Odili’s stake highlights the volatility and challenges faced by investors, with the devaluation of the naira and the sell-off of shares impacting the financial positions of shareholders.