Fola Adeola, the Nigerian businessman and banking executive who co-founded GTBank, has seen the market value of his investment in Aradel Holdings Plc fall sharply in recent weeks as investors locked in gains across the Nigerian Exchange (NGX). The broad selloff has wiped about $130 million from the paper value of his stake in less than two months, reflecting the wave of profit-taking that has swept through some of the market’s biggest stocks.

On May 4, Adeola’s 5.52 percent stake in Aradel was valued at N485.8 billion ($354.1 million). At the time, Aradel’s shares had climbed more than 200 percent, lifting the company’s market capitalization above $6 billion. Since then, sustained selling through June and into the first trading session of July has pushed the stock down about 37 percent, reducing Aradel’s market cap to $4 billion. As a result, the value of Adeola’s holding has fallen by N179.6 billion ($130.9 million) to N306.2 billion ($223.2 million) at the time of this report.

NGX correction erases massive 2026 gains

The decline in Aradel mirrors a broader retreat across the Nigerian stock market, where several heavyweight companies have posted double-digit losses in recent weeks. Market analysts said institutional investors have been taking profits after an extended rally, with many reallocating capital ahead of the expected listing of Dangote Refinery later this year. The selling pressure has weighed heavily on the broader market, ending months of nearly uninterrupted gains.

That shift has also been reflected in the NGX All-Share Index. The benchmark’s year-to-date return has now slipped below 50 percent for the first time in 2026 after climbing above 60 percent in May. It also marks the first time since April 30 that the index has fallen beneath the 50-percent threshold, highlighting the scale of the recent correction. Following one of the strongest openings to a year in recent memory, many investors have continued to secure profits, leading to widespread declines across many of the exchange’s largest listed companies.

Fola Adeola eyes $4 million dividend from Aradel

Despite the recent drop in the value of his investment, Adeola remains on course to receive more than $4 million in final dividends from Aradel after the energy producer delivered record earnings for its 2025 financial year. Based on the company’s proposed final dividend of N23 ($0.016) per share, he is set to pocket N5.52 billion ($4.05 million). The payment forms part of Aradel’s proposed final dividend distribution of N99.93 billion ($73.4 million) to shareholders.

The latest payout will come on top of the N2.4 billion ($1.76 million) interim dividend Adeola received earlier in the year, when Aradel declared an interim dividend of N10 ($0.0073) per share, amounting to N43.45 billion ($31.9 million). Together, the interim and proposed final dividends will lift his total dividend income from the company to N7.92 billion ($5.82 million) for the 2025 financial year.

The generous shareholder return follows a year of record financial performance for Aradel. The company declared a total dividend of N33 ($0.02) per share for 2025, representing a combined shareholder payout of N143.4 billion ($105.3 million). The distribution comes after higher production, and the contribution from recently acquired assets helped drive strong growth in both revenue and earnings. For the year ended Dec. 31, 2025, Aradel reported profit after tax of N757.3 billion ($555.7 million), up from N259.1 billion ($190.1 million) a year earlier.