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Dangote Cement, Forte Oil Shares Fall After Buhari’s Appointment

By Dipo Olowookere

Shares of Forte Oil, Dangote Cement, Dangote Sugar and Dangote Flour all depreciated at the Nigerian Stock Exchange (NSE) on Friday after President Muhammadu Buhari appointed owners of the companies into his 2019 presidential campaign council.

Mr Aliko Dangote and Mr Femi Otedola of Forte Oil were appointed into the council alongside some prominent politicians in the country, including Mr Bola Ahmed Tinubu, the acclaimed National Leader of the ruling All Progressives Congress (APC).

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The duo will serve in the Special Advisory Committee to President Buhari with Vice President, Mr Yemi Osinbajo; Mr Bola Ahmed Tinubu; Senate Leader, Mr Ahmed Lawan, House of Reps Leader, Mr Femi Gbajabiamila; and APC National Chairman, Mr Adams Oshiomole.

The appointments of the two notable businessmen in the country had received several backlashes from Nigerians.

At the stock market today, shares of the firms controlled by the duo declined at the close of the day’s trading session.

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Business Post reports that Forte Oil lost N2.50k or 7.28 percent on Friday to settle at N31.85k per unit.

For Dangote Cement, it suffered N4.70k or 2.50 percent loss at the market today to finish at N183 per share.

Another company owned by Mr Dangote trading its equities on the local bourse, Dangote Sugar, declined today by 10 kobo or 0.65 percent to close at N15.25k per unit, while Dangote Flour shares fell by 5 kobo or 0.72 percent to quote at N6.85k per share.

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It is not still clear if the two business moguls, who are very close friends, will accept the appointments.

This is because Mr Dangote had in the past not openly supported a political party during elections, while Mr Otedola was earlier rumoured to have showed interest in contesting for the governorship seat in Lagos State under the opposition Peoples Democratic Party (PDP), though he later supported candidate of the APC in the state, Mr Babajide Sanwo-Olu.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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