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

Published

5 years ago

April 30, 2019

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.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Sport Business

Usyk Claims Victory Over Fury in Historic Bout, Becomes Undisputed Heavyweight Champion

Published

15 hours ago

May 19, 2024

Samed Olukoya

Oleksandr Usyk emerged victorious over Tyson Fury to claim the title of undisputed heavyweight champion.

The highly anticipated bout, held in Riyadh, Saudi Arabia, showcased the remarkable skill and determination of both fighters, culminating in a split-decision victory for Usyk.

From the opening bell, the tension was palpable as Fury, the reigning WBC champion, and Usyk, the unified cruiserweight champion, squared off in the ring.

Fury, known for his towering stature and formidable punching power, sought to impose his will early on, using his reach advantage to keep Usyk at bay.

However, Usyk, undeterred by the size disparity, showcased his superior footwork and technical prowess, darting in and out of Fury’s range to land precise counterpunches.

As the rounds progressed, the momentum shifted back and forth between the two fighters, with each landing significant blows and demonstrating their resilience in the face of adversity.

Fury’s powerful punches tested Usyk’s chin, while Usyk’s speed and agility kept Fury on the defensive.

In the pivotal moments of the fight, Usyk delivered a masterful performance in the later rounds, capitalizing on Fury’s fatigue to unleash a barrage of punches that rocked the defending champion.

Despite Fury’s valiant efforts to rally back, Usyk’s relentless pressure and pinpoint accuracy earned him the judges’ favor, securing a split-decision victory and etching his name in the annals of boxing history.

With this triumph, Usyk joins the ranks of legendary heavyweight champions, becoming the first undisputed heavyweight champion since Lennox Lewis more than two decades ago.

His victory not only cements his status as one of the sport’s elite athletes but also signals a new era in the heavyweight division, characterized by fierce competition and unparalleled skill.

As the boxing world reels from the electrifying showdown, fans and pundits alike eagerly await the prospect of a rematch between Usyk and Fury. With both fighters showcasing their championship pedigree, the stage is set for another epic clash that promises to captivate audiences worldwide.

In the aftermath of his victory, Usyk expressed gratitude to his team, his country, and his faith, attributing his success to hard work and dedication.

Meanwhile, Fury, while disappointed with the outcome, vowed to bounce back stronger and reclaim his title in the anticipated rematch.

As the boxing world celebrates Usyk’s historic achievement, his victory serves as a testament to the enduring spirit of sportsmanship and the unyielding pursuit of excellence in the noble art of boxing.

Education

JAMB Releases 36,540 Withheld UTME Results, Dismisses Cyber Breach Claims

Published

4 days ago

May 15, 2024

Samed Olukoya

The Joint Admission and Matriculation Board (JAMB) has quelled concerns over the integrity of the Unified Tertiary Matriculation Examination (UTME) results by releasing an additional 36,540 previously withheld scores.

This move follows earlier revelations of withheld results and assertions of a cyber security breach.

Fabian Benjamin, the spokesperson for JAMB, confirmed the release of these results in a statement issued late Tuesday in Abuja.

This latest batch of released scores, when combined with the 531 previously unveiled, brings the total number of results made public to 1,879,437.

Benjamin took the opportunity to address circulating rumors regarding the security of the UTME results.

He categorically dismissed claims of a cyber security breach, saying that the examination outcomes remain intact and securely stored.

He stressed that the results are not stored in any cloud system and thus cannot be compromised by external entities.

At the time of the UTME release, JAMB had disclosed that certain results were withheld pending further investigation.

Subsequently, 531 of these results were recently unveiled with the remainder still under scrutiny.

Benjamin explained that any candidates implicated in examination malpractice are undergoing thorough investigation.

The examination board intends to meticulously review footage from CCTV cameras installed across all accredited centers to ascertain each candidate’s involvement.

Benjamin urged the public to remain vigilant against misinformation originating from sources not affiliated with JAMB.

He attributed the discrepancies in minimum admissible scores to variations among tertiary institutions. Some institutions, he noted, proposed lower minimum scores than others, resulting in varying benchmarks.

Benjamin clarified that these benchmarks are determined collectively by all Heads of Institutions during the annual Policy Meeting on Admissions, ensuring uniformity across the country.

Also, Benjamin cautioned religious organizations against overstepping their designated roles.

He warned against the dissemination of false information to governmental bodies for personal gain.

Travel

British Airways Owner IAG Prepares for Summer Surge Amid High Travel Demand

Published

1 week ago

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Samed Olukoya

As the world gradually emerges from the grip of the pandemic, the travel industry is witnessing a resurgence in demand with British Airways owner IAG SA gearing up for a busy summer season.

Despite lingering challenges, the airline conglomerate remains optimistic about the outlook, citing strong demand for travel within Europe and across the Atlantic.

In a recent stock exchange filing, IAG disclosed an adjusted operating profit of €68 million ($73.3 million) for the three months ending March.

According to Chief Executive Officer Luis Gallego, the group’s core markets, including the North Atlantic, South Atlantic, and intra-Europe routes, have shown robust performance, positioning them well for the upcoming peak travel period.

With vaccination rates increasing and travel restrictions easing in many parts of the world, consumers are eager to resume travel plans, fueling the surge in demand.

However, the road ahead is not without its challenges. While travel within Europe and across the Atlantic remains strong, other regions present a more complex operating environment.

The ongoing conflict in the Middle East has dampened demand for certain destinations, while airspace restrictions resulting from geopolitical tensions, such as the Russian invasion of Ukraine, have disrupted flight routes to East Asia.

Despite these hurdles, IAG remains resilient, banking on the strength of its core markets and the performance of its brands to weather the storm.

The company’s strategic positioning and proactive measures to adapt to changing circumstances have positioned it to capitalize on the rebound in travel demand.

As the summer season approaches, IAG is focused on ensuring operational readiness to meet the surge in passenger numbers.

With travelers eager to reconnect with loved ones, explore new destinations, and embark on long-awaited vacations, the airline group stands ready to facilitate safe and seamless travel experiences.

As vaccination campaigns progress and travel sentiment rebounds, IAG’s proactive approach and strategic investments position it as a key player in the aviation industry’s recovery journey. With optimism on the horizon, the company remains committed to delivering exceptional service and fostering a seamless travel experience for passengers worldwide.