Prime Business AfricaThe investment of Mike Adenuga, the founder of Globacom, in Sterling Financial Holdings Company Plc, parent company of Sterling Bank, dropped in the first quarter (Q1) of 2025, according to analysis by Prime Business Africa.
Adenuga, who is a substantial shareholder in Sterling Financial Holdings with 1.62 billion direct shares or a 3.56 percent stake, saw his investment decline by 6.51 percent as the company’s shares were not one of the most sought-after equities among stock market investors in Q1 2025.
Join our WhatsApp ChannelAnalysis showed that the decline represents a loss of N615.74 million in Adenuga’s investment in Sterling Financial Holdings between January 2 and March 28.
Prior to the decline, the businessman held N9.44 billion investment in Sterling Financial Holdings as of January 2, however, the net worth decreased to N8.83 billion at the end of the first quarter.
Similarly, Adeyemi Adeola, Sterling Financial Holdings chairman, lost N570.24 million in his investment in the financial institution during the same period under review.
Adeola, who holds 57.6 million direct shares and 1.44 billion indirect shares, saw his investment decline by 6.51 percent as well, from N8.74 billion to N8.17 billion within three months.
The loss was driven by the decline in the share price of Sterling Financial Holdings, as the shares were in the market for N5.45 kobo per share as of March 28, lower than the N5.83 kobo it was offered on January 2.
Prime Business Africa gathered that the N0.38 kobo decline in the share price was enough to wipe off N17.27 billion in the total investments held by Sterling Financial Holdings shareholders.
Also, the depreciation in the share value dragged down Sterling Financial Holdings’ market valuation within the first quarter, from N265.01 billion to N247.74 billion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
