Nigeria’s youngest dealmaker, Folasope Aiyesimoju, has seen more than $44 million wiped off his stake in Chemical and Allied Products Plc (CAP) after a sharp sell-off on the Nigerian Exchange (NGX) that dragged the firm’s market capitalization drastically below $100 million.

Over the last 121 days, shares of CAP Plc have declined by more than 55%, dragging the value of Folasope Aiyesimoju’s holdings from N110.15 billion ($80.36 million) on May 19, 2026, to N48.08 billion ($36.13 million) as of report writing.

The steep drop, which comes amid investors’ rush to buy into the Dangote Refinery IPO, has sent shockwaves, highlighting increasing volatility in Nigeria’s stock market, even among fundamentally strong companies.

CAP share price decline weighs on valuation

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 N62.08 billion ($44.24 million) in market value over the period.

The slump follows a strong rally earlier this year, when 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 eroded much of those gains, with the stock falling to N102, reducing CAP’s market capitalization drastically below $100 million to just about N83.1 billion ($62.43 million).

Strong financial performance fails to support stock

Despite the sharp decline in share price, CAP Plc reported solid financial results in the first half of 2026. Profit rose by 16.08% year-on-year to N2.94 billion ($2.21 million), up from N2.53 billion ($1.9 million) in H1 2025.

Revenue also increased by 11.53%, climbing from N20.09 billion ($15.1 million) to N22.41 billion ($16.84 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 Aiyesimoju’s holdings, the company’s strong fundamentals and established market position continue to support its long-term growth outlook.