Jude Nneji has almost doubled the worth of Associated Bus Company PLC (ABC Transport) to N1.63bn just 52 days after he took over the company from Frank Nneji in July 2023.
Frank Nneji who founded the company back in 1993, officially retired from his role as the Chief Executive Officer in July and handed the role to his brother, Jude.
Jude was the company’s Deputy Managing Director before he took over from the founder who is now a non-executive director.
When the founder retired, the company’s share price was N0.41 and a market capitalization of N980.9m as of the close of trade on July 4.
Analysis by THE WHISTLER showed that between July 4, 2023, to August 25, the company’s share price rose by 65.8 per cent from 0.41 per share to N0.68.
With the surge in share price, ABC Transport’s market capitalization rose from N980.9m to N1.6bn.
The company’s profile showed that it has 2,392,621,775 outstanding shares.
”He served under the retiring MD/CEO and has been in the Company from its inception. He has over 18 years of experience as a member of the Board. He steps into this new role with over 27 years of experience in professional Transportation and Logistics,” the company said when he took over.
The CEO attended the Advanced Management Programme (AMP 14) and Chief Executive Programme (CEP 21) at the Lagos Business School.
Based on the books of the company, Frank controls 1,387,615,826 shares in the company. He has 1,051,680,000 direct shares and 335,935,826 indirect shares.
Meanwhile, Jude controls 30,580,213 direct shares of ABC Transport.
By the end of 2022, the company posted only N60.1m in profit.
In the first half of 2023, the company’s revenue fell to N3.15bn from N3.67bn recorded in the half-year of 2023.
In the first half of 2023 ending June, the company posted N77.3m loss.
