MTN Group Limited, Africa’s largest mobile phone company, last week, listed its Nigerian unit on the Nigerian Stock Exchange.
MTN Nigeria is the market leader in the mobile telecom space in Africa’s most populous country, with more than 67 million customers at the end of last year, according to the Nigerian Communications Commission (NCC).
According to Forbes, with a market capitalization north of $6 billion, MTN Nigeria becomes the second largest company on the Nigerian bourse after Dangote Cement which has a current value of more than $8.3 billion.
MTN chose a listing without an IPO, simply opting to list its existing shareholders’ equity. Its current stock price is N108 per share. The paperwork it filed for its public listing also reveals who the biggest individual shareholders are.
Meet the 6 richest shareholders of MTN Nigeria.
1. Victor Odili
Value of Shares: $244 million
Victor Odili is MTN Nigeria’s largest individual shareholder with 806,886,900 shares currently valued at N87.7 billion ($244 million). The Nigerian businessman is the chairman and executive director of Aeromaritime Group, a parent company to over 8 member-companies operating in different sector across Nigeria including shipping, stevedoring and oil and gas.
2. Pascal Dozie
Value of Shares: $102 million
Pascal Dozie is the founder of Diamond Bank, a commercial bank which recently merged with Access Bank to create one of Nigeria’s largest financial institutions. His Family Office, Kunoch Limited has investments in hotels, financial services and energy in Nigeria. Dozie owns 340,409,900 shares or 1.67% of MTN Nigeria, a stake currently valued at N37.07 billion ($102 million).
3. Sani Mohammed Bello
Value of Shares: $80.1 million
Sani Bello is the founder of Amni International Petroleum Development Co., a Nigerian oil exploration company. He owns 265,092,150 shares or 1.3% of MTN Nigeria, a stake currently valued at N28.87 billion ($80.1 million).
4. Babatunde Folawiyo
Value of Shares: $66.1 million
Tunde Folawiyo is the managing director of the Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, shipping, real estate and engineering. He owns 218,815,100 shares or 1.07% of MTN Nigeria, a shareholding that is worth N23.83 billion ($66.1 million).
5. Gbenga Oyebode
Value of Shares: $55 million
One of Nigeria’s most renowned commercial lawyers, Gbenga Oyebode is a founder and Managing Partner of Aluko & Oyebode- a successful corporate and commercial law firm in Nigeria. He owns 181,776,250 shares or 0.89% of MTN Nigeria, a stake that’s currently worth N19.8 billion ($55 million).
6. Ahmed Dasuki
Value of Shares: $53.75 million
He is the founder of Quaditect Consultants. He is also the chairman of Drill Masters Africa, the largest indigenous exploration drilling company in Ghana, the chairman and Chief Executive Officer of XEX Limited Nigeria and the chairman of Interglobal Limited, a leading IT company in Nigeria. He owns 152,717,850 shares or 0.75%, currently worth N19.35 billion ($53.75 million).
Meanwhile, Legit.ng previously reported that the Central Bank of Nigeria (CBN) set up a committee for the revival of the country's cotton, textile and garment industry.
The CBN governor, Godwin Emefiele, who set up the committee in Abuja on Thursday, May 16, said the target is to revive and set up at least 50 textile companies by 2023.
According to Emefiele, the committee will have the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters.
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