Prime Business Africa
Austin Asimonye, the founder and chief executive officer (CEO) of Austin Laz & Co. has reduced his investment in the company amid the firm’s revenue woes.
In a director dealing document released to the Nigerian Exchange (NGX) on Thursday, Austin Laz said Asimonye sold 52.23 million shares at an aggregate price of N4.36 kobo, indicating the founder took out N227.76 million from his investment.
Join our WhatsApp ChannelPrior to the sale, which occurred between December 19, 2025, and January 6, 2026, Asimonye held 542 million shares, representing a 50.19 percent controlling stake in the company, worth N1.19 billion.
However, after selling the shares, Asimonye now holds 489.76 million shares in Austin Laz, representing 45.35 percent, but valued at N1.83 billion, according to Prime Business Africa’s analysis.
The value of his shares increased despite the volume dropping due to an appreciation in Austin Laz’s share price, which surged by 70.45 percent to N3.75 kobo on January 16, 2026, from N2.20 kobo recorded on December 18, 2025, which is when the share started appreciating.
Asimonye took out the N227.76 million at a time his company is struggling to earn revenue, with Austin Laz failing to generate any revenue between January and September 2025, compared to the N1.10 billion turnover posted in the same period in 2024.
Despite recording zero revenue, Austin Laz expended N8.98 million on administration expenses in the first nine months of last year, down by 19.41 percent compared to the N11.15 million incurred in 2024.
Also, the company failed to replicate the N1.01 million profit before tax (PBT) earned in 2024, as Austin Laz suffered a N11.15 million loss between the first quarter (Q1) and third quarter (Q3) of last year.
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