- 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).
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 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 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.
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.
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.
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.
TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall
TaJBank Launches Ethical Online Mall
Abuja Nigeria July 8th, 2020 Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.
The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.
To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.
“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.
“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.
The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.
Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.
“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.
Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.
Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn
Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn
Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.
The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.
Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.
However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.
UBA Appoints Ayoku Liadi, Oliver Alawuba as Deputy Managing Directors
UBA Appoints New Deputy Managing Directors for its Growing Business
United Bank for Africa Plc (UBA) announced the appointments of Ayoku Liadi and Oliver Alawuba as the Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively.
In a statement issued by the bank and released on the Exchange’s website, the bank said the creation of the new positions represents further strategic recognition of the bank’s pan-African business growth.
The lender explained that its pan-African business now accounts for over 40 percent of its Group revenue, while Nigeria remains the bank’s largest market.
According to the bank, the new Deputy Managing Directors will report directly to the Group Chief Executive Officer (CEO), Kennedy Uzoka.
Speaking on the new appointments, Tony O. Elumelu, Group Chairman, said “In 2005, we set out our pan-African vision. Fifteen years later, we are present in 20 African countries, serving over 20 million clients, leveraging our service culture and technology platform, to provide an integrated and seamless customer offering across the continent.
“In Africa, we lead in innovation and service, whilst our International Business, operating from New York, Paris and London, provides global and African clients access to treasury, trade finance and corporate banking products, uniquely tailored to the African opportunity. These senior appointments represent our commitment to optimise our management structure to best serve our clients and drive our business success.”
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