Prime Business AfricaIjeoma Chimaraoke, the wife of the Managing Director of McNichols Consolidated Plc, has sold more shares held in the company, as she continues to take out her investment from the custard producer.
According to insider dealings documents obtained from the Nigerian Exchange Limited (NGX), Chimaraoke has sold 9.24 million shares so far in June, which is valued at N19.49 million, according to Prime Business Africa’s analysis.
Join our WhatsApp ChannelA breakdown of her sell-off showed that Chimaraoke sold 4.25 million shares, worth N9.90 million on June 3, 1,5 million shares, valued at N3,45 million on June 4, and 1.27 million shares, worth N1.27 million on June 5.
Also, the stock market investor sold 2.20 million shares, valued at N4.85 million between June 10 and 11.
The 9.24 million shares sold reduced Chimaraoke’s shareholding from 15.70 million shares held as of May 30, worth N40.83 million, to 6.45 million shares as of June 11, which is currently worth N14.53 million as of June 16.
Chimaraoke has been selling off her shares in the company since 2023, after ending 2022 with 117.76 million shares, which represents a 16.38 percent stake in McNichols.
In 2023, she sold 21.68 million shares, which represents a 1.94 percent stake, and sold 33.66 million shares last year, representing a 3.01 percent stake.
This year, the shareholder has sold 55,95 million shares, representing a 5.01 per cent stake, leaving Chimaraoke with a 0.57 per cent stake in McNichols, compared to the 16.38 per cent stake held at the end of 2022.
Since Prime Business Africa reported on June 2 that she’s gradually exiting McNichols, the share price of the company has declined by N0.35 kobo, from N2.60 kobo on May 30, to N2.25 kobo on June 16.
This has led to the shareholders’ investment declining by 13.46 percent, which translates to a combined loss of N390.87 million in two weeks.
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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.
