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Here is a List of Billionaires Killing it in Nigeria’s Capital Market

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Dangote Cement - Investors King
  • Here is a List of Billionaires Killing it in Nigeria’s Capital Market

Despite the recent bearish trend in Nigeria’s capital market, there are individuals killing it due to their large holdings in some of the quoted companies.

Here is a brief summary of these individuals and their direct and indirect shareholdings as at the first quarter of 2019.

The valuation, done by Businessday, was calculated using closing prices of the last trading day of the quarter (March 29).

Aliko Dangote

Top of the list of billionaires on the nation’s capital market is Africa’s richest man, Alhaji Aliko Dangote fondly referred to as Alhaji by friends and business associates.

Dangote is the President of Dangote Industries Limited (DIL) a diversified business conglomerates with interest in cement manufacturing, sugar and salt refining, flour milling and pasta processing, food and beverages, port operations and the ongoing Dangote refinery and petrochemicals which is the largest single train petroleum refinery in the world with a production capacity of about 650,000 barrels per day.

Through DIL, Dangote has 14.5billlion ordinary shares in Dangote Cement Plc. The company traded N191 at the last trading day of the first quarter, 29TH March 2019, this gives the value at N2.77trillion. Also, Dangote has 27.6 million units of ordinary shares directly to his name this gives a value of shares at N5.27billion.

DIL also has 8.12billion ordinary shares in Dangote Sugar and as at the last trading day in the first quarter 2019, it traded at N14.20 this gives the value at N115.3billion, he also 653milllion ordinary shares directly to his name this gives a value of N9.27billion.

DIL also has 1.64billion units of shares in Nascon Allied industries Limited. The company traded at N20 on the last day of trading in the first quarter 29th March 2019, this gives the value of the stock at N32.95billion.

DIL also has 3.78billion units of shares in Dangote Flour Plc. The company traded at N10.20 as at 29th March 2019, the last trading day in first quarter 2019 this gives the value of the stock at N38.59billion.

The business mogul is set to pocket N231.9billion in dividends from profits made by the cement in 2018 after the company declared an N16.00 dividend to shareholders for the full year 2018.

According to Forbes, Dangote is the wealthiest black man in the world with a fortune estimated at $10.8 billion.

Jim Ovia

Jim Ovia is the founder of Zenith Bank Plc. He was Group Managing Director from its inception in 1990 till his resignation in July 2010 due to a CBN policy. He was appointed Chairman in July 2014.

Jim Ovia has a direct holding of 3.54billion shares and indirect holding of 1.51billion shares in Zenith Bank. At the bank’s share price of N21.80 as at 29th March 2019, this gives the value at N77.3billion direct shares and N32.98billion indirect shares.

The tier-1 bank also declared a total dividend of N2.80 to shareholders for the full year 2018. By implication, he will earn N9.92billion in dividend from his direct holding in the bank and N4.24billion from his indirect holding in dividends. This brings the total dividend to N13.53billion in 2018. A dividend is however subject to a 10% withholding tax in Nigeria.

Austin Avuru

Austin Avuru is the co-founder and Chief Executive Officer of Seplat Petroleum Development Corporation. Prior to joining Seplat, Avuru spent twelve years at NNPC beginning in 1980, where he held various positions including well site geologist, production seismologist, and reservoir engineer.

Avuru holds 70.8million shares in the company this amounts to N41.78 billion as the last trading day in the first quarter 29th March 2019.

27.2 million out of his total shares are held by Professional Support Limited and 1.9 million shares are held by Abtrust Integrated Services Limited, each of which is an entity controlled by him while 40.65million shares are held by Platform Petroleum Limited, which is an entity in which Austin Avuru has a 23% equity interest

Avuru is set to earn N3.5billion in dividend payment for the full year 2018 profits just as the company declared a final dividend of N0.50 for its shareholders which will be ratified at the company’s AGM next month.

Herbert Wigwe

Wigwe is a Nigerian banker and entrepreneur. He is currently the CEO of Access Bank Plc, Nigeria’s biggest lender by assets.

He has a direct stake of 201million shares in Access Bank as at December 31, 2018, and an indirect shareholding 1.24 billion shares through United Alliance of Capital Limited and Trust & Capital Limited.

Access Bank closed N6.45 on our cut-off date and this equates to a direct and indirect valuation at N1.29 billion and N8 billion respectively, thereby indicating a net worth of N9.29 billion.

The bank also declared a total dividend of 50K for its shareholders in 2018, this brings the value dividend earned by Wigwe in 2018 at N72.06billion.

Ambroise Bryant Chukwueloka (ABC) Orijako

ABC is the Chairman and Co-founder of Seplat Petroleum, a trained General Surgeon, who later sub-specialized in orthopedic and trauma surgery, and became a fellow of the West African College of Surgeons in 1996.

Whilst still practicing at the National Orthopaedic Hospital Igbobi, Lagos, Dr. Orjiako established and managed various companies in the upstream, downstream and services sectors of the oil and gas industry in Nigeria. He also has other business interests in construction, real estate development, pharmaceuticals, and shipping.

Dr. Orjiako went into a full-time business in 1996 after eleven years of active medical practice. He co-founded Seplat in 2009 and became the Chairman. He is also the Chairman of Neimeth Pharmaceutical International Plc, which is listed on the NSE.

Orijako owns 45.9million units of shares in the oil company as of December 31, 2018, representing 7.81percent equity stake in the firm.

Out of its total shareholding, 16.15million units are held directly by him and Shebah Petroleum Development Company Limited; another 16.3million units are held by Vitol Energy Limited, 900, 000 units are held by Pursley Resources Limited, a firm owned by his wife, and 12.6million units by his siblings.

Shares of the oil firm closed at N590 on our cut-off date, implying that Orijako’s net-worth in Seplat N27.11 billion.

ABC is also the chairman of Neimeth Pharmaceuticals Plc and has an indirect share in the drug company totaling 372million unit of shares held through Ordrec Investment Limited and Helko Nig. Ltd.

Tony Elemelu

Elemelu, an entrepreneur is the chairman of Heirs Holdings, Transnational Corporation of Nigeria Plc, United Bank for Africa Plc and founder of Tony Elemelu Foundation.

In Transcorp, he has 273million direct holdings and 567million indirect holdings through in the conglomerate, bringing his total shareholding to 840million units. Multiplying Transcorp’s closing price at our cut-off date, which is N1.21 equates his valuation in the conglomerate to N1.02 billion.

In UBA Group, Elemelu owns 189million direct stake, and 2.04billion, indirect stakes through HH Capital Limited, Hiers Holding Limited and Hiers Alliance Limited.

His total shareholdings in UBA amounts to 2.23 billion units in the period of focus, and the tier-one lender traded last at N7.7 on our cut-off date, bringing his net-worth in the bank to N17.21 billion.

Ayoola Oba Otudeko

Oba Otudeko is an industrialist and the current Chairman of FBN Holdings Plc. Oba Otudeko is a Chartered Banker, Chartered Accountant and a Chartered Corporate Secretary. He also has significant stakes in Honeywell Flour Plc, a member of the Honeywell Group he founded and FBN Holdings (First Bank).

He has 5.89million shares indirect holdings and 532million indirect holding in FBN Holdings Plc as of December 31, 2018. Shares of the tier-one lender closed N8.20 on our cut-off date, implying Otudeko direct stake worth N48.3 million, adding his indirect worth of N4.36 billion, elevates his net-worth in the company to N4.41 billion.

In addition, he owns 5.29 billion indirect holdings in Honeywell Flour Mill Plc through Siloam Global Services Limited, and given the fact that shares of the miller closed N1.2 on our cut-off date, his valuation equaled N6.35 billion. This, therefore, implies that the foremost industrialist, Otudeko, worth N10.76 billion on the Exchange.

Mike Adenuga

Michael Adeniyi Agbolade Ishola Adenuga Jr is a Nigerian billionaire businessman and the second richest person in Nigeria. His company, Globacom, is Nigeria’s second largest telecom operator and has a presence in Ghana and Benin.

Mike Adenuga, has direct holdings of 103,259,720 shares and indirect holdings of f 516,298,603 shares through Conpetro Limited in Conoil Plc. Conpetro Limited holds 74.40percent of Conoil’s issued share capital. He also has 1.6 billion units of shares in Sterling Bank.

Forbes has estimated his net worth at $5.8 billion as of 2017, which makes him the second wealthiest Nigerian behind Aliko Dangote, with a net worth of $14.1 billion.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigeria Appoints Four Global Banks To Oversee Eurobonds Issuance

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Nigeria on Wednesday appointed four global lenders, JPMorgan, Citigroup, Standard Chartered and Goldman Sachs as book-runners for its forthcoming Eurobond issue, according to the Debt Management Office (DMO).

The debt office also appointed Chapel Hill Denham as Nigerian bookrunner and FSDH Merchant Bank as a financial adviser.

It said in a statement that the Transaction Advisers emerged from an Open Competitive Bidding Process as outlined in the Public Procurement Act, 2007 (as amended).

According to the debt office, 38 institutions jostled for the transaction advisers but chose to select eight after “rigorous evaluation to ascertain the technical capacities of the responders to execute the Transaction.”

The Eurobonds are aimed at raising the external borrowing portion of the N5.6 trillion deficits in the 2021 budget put at N2.34 trillion.

“Whilst the government expects a successful outing, it will be mindful of costs and risks in terms of tenor and pricing in determining the amount of Eurobonds to issue,” the DMO said.

The DMO said proceeds from the bond sale will be used to fund various projects in the budget with the resultant inflow of foreign exchange into the country which will boost Nigeria’s dollar reserves and support the naira.

Nigeria had planned a Eurobond issue early last year after its sixth sale in 2018 where it raised $2.86 billion. But it decided to defer the 2020 sale due to the turmoil caused by the COVID-19 pandemic.

The National Assembly last month approved the external borrowing of about $6.2 billion through the issuance of a Eurobond.

The government has said it wanted to moderate debt servicing costs by accessing relatively cheaper funds abroad, as global interest rates fall below 2020 levels while local rates rise.

Nigeria emerged from its second recession since 2016 in the fourth quarter of last year, but growth is fragile.

The government expects a 2021 budget deficit of N5.6 trillion to be financed largely from foreign and local borrowings in equal proportion.

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Appointments

Nestle Nigeria Plc Appoints Two New Directors

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Nestle Nigeria - Investors King

Nestle Nigeria Plc has appointed Mrs Adebisi Lamikanra and Mr Ibukun-Okun Ipinmoye as non-executive director and executive director respectively.

According to a statement signed by the Company Secretary, Bode Ayeku, Lamikanra, whose appointment was approved by the board, has over 30 years of professional experience providing advisory and consulting services to various public and private sector entities within and outside Nigeria.

The statement said before her appointment, Lamikanra was the head of the advisory practice of KPMG Nigeria consisting of management consulting, deal advisory, technology advisory and risk consulting business units. She had also led the financial services sector across Africa.

Lamikanra has a degree in economics and is a fellow of the Institute of Chartered Accountants of Nigeria. She attended various leadership programs over the years at Instead, Lagos Business School, Harvard Business School, Kellogg and many others.

She is currently the co-chair of Women Corporate Directors in Nigeria and the thematic leader for the non-banking sector for the Nigerian Economic Summit Group. She is a promoter of an NGO which focuses on providing employability training to Nigerian graduates.

On his part, the statement said Ipinmoye was currently the factory manager at, Agbara factory. He is a certified professional coach and a fellow of the Institute of Management Consultants.

He had joined Nestle Nigeria as a graduate trainee in 1993 and was appointed in 2016 to be the factory manager, Flowergate Factory, where he effectively built and sustained a high-performing culture at the factory.

He holds an M.Sc degree in biochemistry from the University of Ilorin and an M.Sc degree in management from Commonwealth Open University, United Kingdom.

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Brands

FrieslandCampina Re-Launches Olympic, Coast Milk Brands

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FrieslandCampina WAMCO, Nigeria’s foremost dairy company and makers of Peak and Three Crowns milk, has re-launched Olympic, Coast, and Nunu milk brands into the Nigerian market through the ‘Word twist’ campaign.

The new ‘Word twist’ campaign requires consumers to compose meaningful sentences with Coast, Olympic, and Nunu for a chance to win fantastic prizes.

For example, “You can now Coast to natural goodness like the fastest man alive cruises to Olympic medals with one Nunu milk a day in your meal.”

Omolara Banjoko, marketing manager, FrieslandCampina disclosed that the campaign became necessary following FrieslandCampina WAMCO’s acquisition of PZ Nutricima and its brands; Olympic, Coast, and Nunu.

“These brands have an existing portfolio across different formats with varied strengths in the different regions of the country. Hence, with this campaign, we plan to strengthen the perception of the brands leveraging FrieslandCampina WAMCO’s strong heritage” Banjoko said.

She further explained that FrieslandCampina is committed to bringing affordable and readily available quality dairy products to Nigerians and with the acquisition, it will be able to meet the growing demands of its consumers.

“Coast Milk promises natural goodness and therefore it is a perfect match that will work well with consumers who wish to stick to natural-made products.

“Adults have a myriad of responsibilities to attend to daily and with Olympic milk, they are assured of getting the right nutrients that will cater to their energy needs and active lifestyle,” she said.

“Nunu offers nutrient-rich milk that can conveniently be used by consumers and businesses looking to upgrade their everyday meal and intermediate products. Olympic, Nunu, and Coast milk are back like they never left and we encourage people to look out for the brands in their neighborhood” Banjoko added.

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