Okomu Oil shareholders lose N13.54bn after deadly gunmen attack

Okomu Oil share price plummeted on Monday, after unknown gunmen attacked the plantation of the oil palm company located at Okomu-Udo, Ovia South-West Local Government Area of Edo State.

The gunmen set three excavators and 90 hectares of Okomu’s plantation ablaze.

Okomu Oil in a notice by the Company’s secretary, Chukwuebuka Omerole, and filed with the Nigerian Exchange Limited, confirmed the attack and said it took place on the 1st of February 2022.

One worker was also killed by the gunmen, throwing chaos into the company’s operation, with cost of damage and life lost expected to weigh heavily on the turnover of the firm.

Read also: Okomu Oil profit rises by 46.2% to N7.38bn

Following resumption of trading on Monday, some Okomu shareholders engaged in panic sell off to take their investment out of the firm, amid uncertainty surrounding the impact the attack would have on the palm oil firm’s investment.

The sell off dragged the market capitalisation of Okomu down by 11.11%, resulting to existing shareholders losing N13.54 billion from their total investment in the company.

Total investment held by shareholders in Okomu is now valued at N121.90 billion as at Monday, February 7, 2022, below the N135.45 billion reported last week Friday.

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