Awele Elumelu's Fortune Takes a Hit: $2.6 Million Vanishes in 6 Days as Transcorp Shares Drops
Home Business Awele Elumelu’s Fortune Takes a Hit: $2.6 Million Vanishes in 6 Days as Transcorp Shares Drops
Business - July 18, 2023

Awele Elumelu’s Fortune Takes a Hit: $2.6 Million Vanishes in 6 Days as Transcorp Shares Drops

Awele Elumelu, a highly accomplished healthcare executive and the wife of the well-known businessman Tony Elumelu, has recently experienced a notable decrease in the market value of her shares in Transnational Corporation of Nigeria (Transcorp). Over the past six days, the value of her stake has plummeted below the $10-million threshold.

According to reports, Awele Elumelu’s investment in Transcorp has experienced a decline of over $2.6 million in market value over the past six days. This decrease is attributed to a substantial pullback in shares of the prominent conglomerate, which had previously reached an all-time high of N4.7 ($0.00605) per share.

In June, Awele Elumelu acquired an extra 7.3 million shares in Transcorp, bringing her total holdings in the company to a remarkable 2,070,794,804 shares. This acquisition further strengthens her influential role in the Nigerian equity market and solidifies her family’s position within both the conglomerate and the broader Nigerian business landscape.

Awele stake faced a pullback

Nevertheless, despite initially experiencing gains from her stake, Awele Elumelu’s fortunes took a sharp turn as Transcorp shares encountered a substantial pullback on the Nigerian Exchange. Cautious investors decided to secure their profits following the surge in the company’s shares, which reached an all-time high price of N4.7 ($0.00605) per share by the end of the trading session on Tuesday, July 11.

Following that period, there has been a significant decline in the company’s shares, with a decrease of more than 21 percent. The shares have dropped from a price of N4.7 ($0.00605) per share on July 11 to their current value of N3.71 ($$0.0048) at the conclusion of trading activities on the Nigerian Exchange on Monday, July 17.

Due to the recent significant pullback, the market value of Awele Elumelu’s stake in Transcorp has experienced a decline of N2.05 billion ($2.64 million). In just six days since July 11, the value has decreased from N9.73 billion ($12.54 million) to N7.68 billion ($9.89 million) at the time of writing.

Even in the face of a substantial decline of $2.64 million in the market value of her Transcorp stake, Awele Elumelu maintains her position as one of the leading investors on the Nigerian Exchange. Her influence extends beyond her investments in Transcorp, as she has made notable contributions to the healthcare sector, further establishing her prominence in multiple fields.

Awele’s several endeavours

Awele Elumelu demonstrates exceptional leadership and expertise in various medical fields as the chairperson of Avon Healthcare Limited and the CEO of Avon Medical Services Limited. Her areas of specialisation encompass medicine, surgery, paediatrics, obstetrics and gynaecology, and emergency medicine, showcasing her extensive knowledge and skills in these domains.

Throughout her career, Awele Elumelu has achieved notable milestones, including making valuable contributions to the esteemed Lagos University Teaching Hospital. Additionally, she has gained international experience at Grantham and District Hospital in the United Kingdom, further enhancing her expertise and broadening her perspective in the field of healthcare.

Leave a Reply

Check Also

Nigerian Air Force Executes Precision Airstrikes, Decimating Lake Chad Terrorist Faction 

On Monday, the Nigerian Air Force announced that it successfully eliminated numerous terro…