Nigerian businessman Jim Ovia has reportedly lost close to $64 million in the last six months as the stock price of his bank shares dips.
Ovia is the largest shareholder of the bank, which he founded. The shares shed 33 per cent in value within that period, reports Forbes.
According to the magazine, the shares of the bank was trading at a share price of N24.4 ($0.06). However at the close of trading on Thursday, its share price had dropped to N16.35 following consistent daily losses over the past few weeks.
Ovia, who holds a 9.4 per cent stake, saw the value of his 2.94 billion shares drop from $200 million to $136 million.
Forbes revealed that Ovia was not the only one affected by the dip, as many companies listed on the Nigerian Stock Exchange have been affected.
The absence of a clear economic policy was highlighted as one of the reasons for the dipping performance of stocks on the NSE.