Nigeria’s dealmaker, Folasope Aiyesimoju loses $30 million as CAP shares plunge 39% on NGX

Nigeria’s youngest dealmaker, Folasope Aiyesimoju, has seen more than $30 million wiped off his stake in Chemical and Allied Products Plc (CAP) after a sharp selloff on the Nigerian Exchange (NGX).

Over the past 63 days, shares of CAP Plc have declined by 39.39%, dragging the value of Aiyesimoju’s holdings from N110.15 billion ($80.36 million) on May 19, 2026, to N67.14 billion ($48.71 million). The steep drop highlights increasing volatility in Nigeria’s stock market, even among fundamentally strong companies.

Folasope Aiyesimoju, who serves as chairman of CAP Plc and controls UAC of Nigeria Plc’s 57.85% stake, equivalent to 471.34 million shares, has been directly impacted by the downturn. The decline translates to a loss of approximately N43.01 billion ($31.18 million) in market value over the period.

CAP share price decline weighs on valuation

The slump follows a strong rally earlier this year, when Folasope Aiyesimoju’s stake surged from N32.52 billion ($23.59 million) at the start of 2026 to over N110 billion ($80 million) by mid-May. At the time, CAP shares traded above N233.7.

However, the recent downturn has reversed much of those gains, with the stock falling to N142.45, reducing CAP’s market capitalization to about N116 billion ($84.15 million).

Strong financial performance fails to support stock

Despite the sharp decline in share price, CAP Plc reported solid financial results in the first quarter of 2026. Profit rose by 38% year-on-year to N1.58 billion ($1.16 million), up from N1.15 billion ($842,749) in Q1 2025.

Revenue also increased by 15%, climbing from N10.09 billion ($7.41 million) to N11.59 billion ($8.51 million), driven by improved sales across its paints and coatings segments.

Long-term outlook remains intact

Founded in 1957, CAP Plc, best known for its Dulux brand, has evolved into one of Nigeria’s leading paint manufacturers. The company maintains a diversified portfolio spanning decorative paints, coatings, and protective solutions.

While the recent market correction has impacted Folasope Aiyesimoju’s holdings, the company’s strong fundamentals and established market position continue to support its long-term growth outlook.