Aradel shares tumble after report of GTBank co-founder’s N10.9bn sale

Aradel Holdings saw its shares plunge for the first time in more than two weeks on Thursday, a day after news broke about the sale of holdings worth N10.9 billion by Fola Adeola, co-founder of Guaranty Trust Bank. 

Markets Reporters was the first to report on Wednesday that Adeola sold 18.25 million ordinary shares at N598.50 on December 31, citing a filing on the website of the Nigerian Exchange Limited (NGX). 

The company’s shares fell 7.01 percent on Thursday to N556.1 after trading at N598 since December 22. Its market capitalisation dropped to N2.42 trillion from N2.59 trillion on Wednesday.

Aradel was listed on the NGX on October 14 at a price of N702.69, becoming the second upstream oil and gas operator trading there. 

READ MORE: GTB co-founder offloads N10.9bn worth of Aradel shares