Prime Business AfricaWale Tinubu, the chief executive officer (CEO) of Oando Plc and a nephew of Bola Tinubu, the President of Nigeria, saw his net worth in the oil and gas company decline by 24.77 per cent year-to-date as equity investors’ interest in the firm’s stock dropped.
According to Prime Business Africa’s analysis, Oando’s share price has dropped by N16.3 kobo within almost five months, as investors’ bearish sentiment towards the company’s stock sent the share price rolling down from N65.80 kobo on January 2 to N49.50 kobo on May 13.
Join our WhatsApp ChannelThe downward trajectory of Oando’s share price resulted in Tinubu losing N77.56 billion out of his investment in the oil firm in a space of almost five months.
Further analysis of his fortune in Oando showed that Tinubu had N313.11 billion investment in the company as of January 2, however, the oil magnate’s investment has dropped to N235.55 billion as of Tuesday.
Tinubu holds a total of 4.75 billion shares in Oando through indirect shareholding, Ocean and Oil Investments Limited (OOIL) and Ocean and Oil Development Partners Limited (OODP) as of June 2024, which was the last time the company revealed the volume of shares he holds.
Breaking down the total shares the businessman holds, aside from the 3,67 million shares Tinubu holds indirectly, Ocean and Oil Investments accounts for 255,000 shares and Ocean and Oil Development holds 4,75 billion.
In total, Tinubu holds a 38.27 per cent controlling stake in Oando, making him the majority shareholder in the oil company.
Furthermore, Prime Business Africa gathered that, including the loss recorded by Tinubu, Oando shareholders recorded a combined loss of N202.63 billion year-to-date.
This affected Oando’s market valuation, which plunged from N817.98 billion at the start of the first quarter to N615.35 billion as of Tuesday.
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