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

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  • 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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Samsung, Vision Care Begin Fresh CSR Activities, Earmark 12,000 Masks for Nigeria

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Samsung Heavy Industries Nigeria Limited (SHIN) and Vision Care, an international relief organization dedicated to the prevention of blindness, have launched fresh Corporate Social Responsibility (CSR) initiative to help Nigeria mitigate the impact of COVID-19 pandemic.

Vision Care is a member of the International Agency for the Prevention of Blindness (IAPB), and participant of ‘VISION 2020’, a global initiative of the IAPB and the World Health Organisation (WHO).

Vision Care has since conducted more than 25 Vision Eye Camps yearly and has grown into an international non-profit organisation serving 38 countries throughout Asia, Africa and Central-South America.

Since 2015, SHIN has worked with Vision Care in the yearly Eye Camp as part of its Corporate Social Responsibility (CSR) to provide free cataract surgeries to Nigerians who cannot afford the payment. SHIN has been sponsoring the eye surgeries of Nigerians on a yearly basis.

In 2019, SHIN sponsored the eye surgeries of at least 115 Nigerian patients and 224 outward patients as part of its CSR in Nigeria.

Since it started the programme, SHIN has sponsored the eye surgeries of 572 Nigerian patients, 1,593 outward patients and has also donated glasses to 99 patients.

Due to outbreak of the COVID-19 Pandemic, the yearly Eye Camp for 2021 had been called off to adhere to Federal Government’s measures in response to the virus.

Consequently, SHIN and Vision Care came up with a fresh CSR initiative this year to donate 496 bags of rice (25kg) and 12,000 reusable face masks to three states in the country to fulfill their commitment of contributing to the society.

The items will be delivered later this month.

The three states that will benefit from the donation are Lagos, Kano and Bayelsa states.

Out of the 496 bags of rice, and 12,000 facemasks, Lagos will receive 96 bags of rice and 200 masks.

SHIN also stated that Kano State will receive 200 bags of rice and 5,000 masks, while Bayelsa State will get 200 bags and 5,000 masks.

“This is an additional CSR activity from SHI in addition to SHIN’s donation of 5,000 COVID-19 test kits from Korea. The washable masks that the head office has purchased from Korea are certified to retain its effectiveness against COVID-19 transmission for up to 50 washes,” SHIN said in a statement.

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Senate Summons NICON, AIICO, Others Over N17.4bn Pension Remittances

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The Senate Public Accounts Committee has summoned the management of the NICON Insurance Plc, AIICO Insurance and other insurance companies over their alleged failure to remit N17.4bn pension fund to the Pension Transitional Arrangement Directorate.

The Senate hinged the summon on the 2016 report of the Auditor-General for the Federation which unraveled the alleged non-remittance of N17.4bn pension fund to PTAD.

Appearing before the panel on Monday, the Executive Secretary of PTAD, Dr Chioma Ejikeme, informed the lawmakers that PTAD took over the assets and liabilities of the defunct pension offices without a formal handing over.

She said, “On taking over, the directorate wrote all underwriters to make returns and remit whatever amount that was in their custody into a CBN dedicated account.

“Some of the underwriters responded to the request while some did not.

“The bank certificate of balances, accounting statements, three years financial statements and policy files requested by the federal auditor were not handed over to PTAD at the time of consolidation.

“It is worthy to note that we discovered that N17.4bn which comprised of cash, securities and properties from the nine insurance underwriters was unremitted as a result of the letter PTAD sent to them.

“These figures represent the claims by the underwriters with regards to their indebtedness.

“In order to ascertain the true position of legacy funds in custody of underwriters, the directorate appointed a consultant in 2018 who carried out forensic audit of nine out the 12 insurance underwriters and produced a final report on the recovery of the legacy funds and assets for PTAD.”

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Sterling Homes Plans To Reduce Housing Deficit

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Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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