Prime Business Africa
MTN Nigeria chief executive officer, Karl Toriola, and the network provider’s shareholders lost a total of N581.57 billion within three days, Monday, December 22, and Wednesday, December 24, according to Prime Business Africa’s analysis.
The shareholders recorded the loss after the company’s share value depreciated to N504 per share before the Nigerian Exchange (NGX), also known as the stock market, went on two days public holiday, Thursday, December 25, and Friday, December 26, to celebrate Christmas.
Join our WhatsApp ChannelPrime Business Africa’s analysis showed that equity traders were only willing to buy MTN’s share for N27.70 kobo less compared to the 531.70 kobo the share traded for on Monday.
The decline in the MTN share price led to the shareholders recording a 5.21 percent depreciation — which represents a N581.57 billion loss — in their investment held in the telecommunications company.
Further analysis showed that Toriola accounted for N134,30 million out of the N581.57 billion loss recorded by MTN shareholders.
This resulted in a decline in the value of investment Toriola held in MTN, as it fell from N2.57 billion to N2.44 billion within the three days under review.
Also, the share price decline led to MTN’s valuation in the Nigerian stock market to decrease from N11,16 trillion on Monday to N10,58 trillion on Wednesday.
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