Prime Business Africa
ljeoma Chimaraoke, a substantial investor in MCNichols and wife of Chimaraoke Ekpe, the company’s managing director, has continued to dump the firm’s shares this year.
MCNichols produces various household products, including custards, milk powder, sugars, family choco, and pancake mixes.
Join our WhatsApp ChannelAccording to MCNichols’ director dealings documents, Prime Business Africa gathered that Chimaraoke has sold over 102.05 million shares in the last three years from her shareholdings of 117.76 million shares held as of December 31, 2022.
Chimaraoke’s last sell-off was Friday, May 30, 2025, however, she has sold 46.7 million shares this year, representing a sell-off of 4.18 per cent stake, based on Prime Business Africa’s analysis.
Analysis showed that the shareholder has been reducing her investment exposure to MCNichols between 2023 and 2025 by increasing the shares she sold yearly.
In 2024, PBA gathered that she sold 33.66 million shares, representing a 3.01 per cent stake; and the year before, Chimaraoke sold 21.68 million shares, representing a 1.94 per cent stake.
This means Chimaraoke has reduced her stake from 10.54 per cent or 117.76 million shares as of December 31, 2022 (when MCNichols stopped revealing its shareholders’ stakes) to a 1.40 per cent stake or 15.70 million shares as of May 30, 2025.
At the end of 2022, she was the second majority shareholder behind her husband, however, as of May 30, 2025, Chimaraoke is no longer among the major shareholders in the company.
Surprisingly, her selloff in the last three years has not affected investors’ confidence, according to Prime Business Africa’s analysis, as the company’s share price has increased by N2.03, indicating MCNichols has continued to be sought-after in the stock market.
During the period under review, MCNchols’ shareholders’ investments have appreciated by 356.14 per cent, and the company’s market value has crossed the billion-naira mark.
MCNichols’ market value stood at N2.90 billion as of May 30 2025, increasing by N2.26 billion from N636.57 billion as of January 3, 2023.
Although the significant increase could also be linked to the rights issue conducted by the company in the second half (H2) of 2023, which led to MCNichols listing an additional 398,053,129 ordinary shares and raising its total issued and fully paid-up shares from 718.74 million to 1.11 billion ordinary shares.
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