Some Nigerian billionaires have been confirmed to have run losses in billions for the year 2022 as the Nigerian banking sector experienced a significant fall in stock.
According to an analysis by Nairalytics, Investors King can confirm that the total amount of the loss is N10.33 billion.
The analysis shows that the banking index of the Nigerian equities market in 2022 only managed a 2.81% gain which is a drastic fall compared to 3.32% and 10.14% recorded in 2021 and 2020 respectively. This contributed to huge selloffs in banking stocks, which consequently saw the price of most banks decline in the review year compared to the previous year.
Although, the performance of the Nigerian equities market according to the All-Share index which is the benchmark for performance ratings showed a total growth of 19.98% in the year 2022, surpassing the 6.07% gain recorded in the previous year.
Investors King can report that notable shareholders in the Nigerian Banking industry have marked their losses in their direct and indirect shareholdings in the banking sector for 2022. Investors King can confirm that these billionaires include Jim Ovia who lost N5.84 billion with Zenith bank and the Group Managing Director of Access Holdings, Herbert Wigwe who has a loss of N1.21 billion.
Joining the list are the chairman of the board of United Bank for Africa (UBA), Tony Elumelu who has a loss of N1.07 billion and Femi Otedola who lost N999.67 million with FBN Holdings.
Others include Tunde Hassan-Odukale of FBN Holdings (N787.96 million), GTCo’s Segun Agbaje (N124.9 million), Ifeoma Esiri of Stanbic IBTC (N110.9 million), Zenith Bank’s Ebenezer Onyeagwu (N92.2 million) and Adaora Umeoji (N81.1 million) and Kennedy Uzoka of UBA (N16.7 million).
However, According to data from the National Bureau of Statistics (NBS), the financial sector grew by 12.03% in real terms in Q3 2022 albeit lower than the 20.06% recorded in the previous period and 25.5% recorded in the corresponding period of 2021.
