Nigeria’s billionaires lose over N500 billion to stock market dip

Nigerian billionaires

Nairametrics began an in-depth coverage of the billionaire investors in Nigeria’s capital market in May 2018.

Since then, the stock market has slid. Year to date, the Nigerian Stock Exchange (NSE) All-Share Index is down 3.35%.

We look at how much our top billionaires have lost as at the half year ended June 29, 2018.

*Valuations are calculated using the closing share prices on the Nigerian Stock Exchange and NASD OTC as at June 29, 2018.

Aliko Dangote

Aliko Dangote had a net worth of N3.95 trillion as at April 6, 2018, making him Nigeria’s richest capital market billionaire.

Through Dangote Industries Limited (DIL) he holds controlling stakes in Dangote Cement, Dangote Flour, Dangote Sugar Refinery, as well as NASCON Allied Industries.

Dangote’s holdings are worth N3.5 trillion, down by N450 billion as at our new cut-off date, due to a drop in the share prices of his companies.

Jim Ovia, Chairman, Zenith Bank
Jim Ovia, Chairman, Zenith Bank

Jim Ovia

Jim Ovia has a direct holding of 2,946,199,395 shares and indirect holding of 1,593,494,151 shares in Zenith Bank. At our previous cut-off date, Zenith was valued at N27.10, giving him a total net worth of N122.1 billion.

Zenith closed at N25 on Friday the 29th of June, 2018. As at our last cut-off date, his net worth thus stands at N113,492,338,650, down by N8.7 billion from N122.1 billion.

Austin Avuru

Austin Avuru held 74,546,740 shares in Seplat Petroleum, earlier valued at N49.5 billion.

Avuru has since sold off shares valued at N80.8 million, while his holdings are up to 75,362,658 shares, due to a share compensation scheme.

Seplat closed at N650 on June 29 2018, down 0.15% at our last cut-off date.

Avuru thus retains his top spot as Nigeria’s richest listed oil and gas billionaire, though his net worth dropped slightly to N48.9 billion, down by N455 million.

Femi Otedola

Femi Otedola has a direct holding of 186,260,357 shares and indirect holding of 838,472,441 shares in Forte Oil Plc. Going by the company’s earlier valuation, his direct holdings were worth N7.4 billion, while the indirect holdings were worth an estimated N33.5 billion, giving him a net worth of N40.9 billion.

Forte’s share price has dropped since our last valuation to N32.85 per share. Otedola’s net worth has also fallen to N33.6 billion, down by N7.3 billion. This makes him the second biggest loser on our list.

A.B.C. Orjiako

Orjiako has 47,251,325 shares in Seplat Petroleum. At our former cut-off date, the shares were valued at N31.4 billion.

Orjiako’s net worth has also dipped slightly, down by N700 million to N30.7 billion.

Herbert Wigwe

Earlier, Wigwe was worth N32.1 billion through a direct stake of 206,231,713 shares and indirect shareholding of 2,480,582,395 in Access Bank Plc, through United Alliance Company of Nigeria Limited, and Trust and Capital Limited. Access bank was then trading at N12 per share.

The bank closed the month of June at N10.35 per share, leaving his net worth at N27.7 billion. Wigwe’s worth is thus, down by N4.4 billion.

Oba Otudeko

Oba Otudeko

Oba Otudeko had a net worth of N19.2 billion, as at April 6, 2018. This has since dropped due to a depreciation in First Bank and Honeywell Flour share prices.

First Bank closed at N10.60 as at June 29, 2018, while Honeywell Flour closed at N2.29.

His 537,971,137 shares in First Bank are now worth N5.7 billion, down by N800 million from N6.5 billion. His 5,303,363,565 shares in Honeywell Flour Mills are now valued at N12.1 billion, down by N600 million.

Otudeko’s net worth is now N17.8 billion, down by N1.4 billion.

Mike Adenuga, Chairman, Board of Directors, Conoil Plc
Mike Adenuga, Chairman, Board of Directors, Conoil Plc

Mike Adenuga

Mike Adenuga had a net worth of N21.5 billion comprising his shareholdings in Conoil Plc and Sterling Bank Plc.

Conoil closed at N30, while Sterling Bank closed at N1.40 on June 29, 2018.

Adenuga’s direct holdings of 103,259,720 shares and indirect holdings of  516,298,603 shares in Conoil through Conpetro Limited are now worth N18.5 billion, down by N500 million.

Adenuga’s 5.62% stake in Sterling Bank is now worth N2.2 billion, down N300 million.

His capital market holdings thus amount to N20.7 billion, down by N800 million.

Tony Elumelu at World Economic Forum (WEF) in Davos

Tony Elumelu

Elumelu has direct holdings of 189,851,854 shares in UBA and indirect holdings of 2,083,024,416 shares. UBA has since dropped to N10.50 per share, leaving his holdings valued at N23.8 billion, down by N900 million.

The value of his holdings in Africa Prudential remains largely unchanged at N1.02 billion. He has an indirect holding of 256,238,449 shares through Heirs Holdings Limited.

The valuation of his holdings in Afriland properties has dropped from N250 million to N218 million, down by N32 million.

Elumelu has an indirect holding of 78,185,694 shares through HH Capital Limited in Afriland Properties Limited. Afriland is a real estate firm listed on the NASD OTC Exchange.

The value of his holdings in Transcorp Plc have since dropped slightly from N1.5 billion to N1.4 billion, down by N100 million. He has 1,010,731,556 shares in the conglomerate.

His total holdings in the capital market thus valued at N26.4 billion, down by N1.03 billion.

(Nairametrics )

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