Female Directors of Nigerian Banks Grow Wealth to N4.64 billion in 9 Months as Abolanle Matel-Okoh leads

Female Directors of Nigerian Banks Grow Wealth to N4.64 billion in 9 Months as Abolanle Matel-Okoh leads

  • The richest female Nigerian is Folorunsho Alakija, but other clever female business executives are making fortunes through stocks
  • According to Nigerian Exchange(NGX), there are presently just 12 female bank directors that own share units in banks
  • Their fortune was determined by the increase and fall of the share price between Friday, January 4 and Friday, October 18

Female directors of some of the Nigerian biggest banks have increased their wealth to N4.64 billion in the first 9 months of 2021.

Their newfound riches were fuelled by the return on their investments in Access Bank, First City Monument Bank, Stanbic Bank, Wema Bank, and Zenith Bank.

The 12 female directors have a total of 1.88 billion (1,880,729,428) in the five banks, both directly and indirectly.

Female Directors of Nigerian Banks Grow Wealth to N4.64 billion in 9 Months as Abolanle Matel-Okoh leads
Some of the bank directors Photo Credit: LinkedIn/Anthonia Ogunmefun, Ajoritsedere Awosika, Hadiza Ambursa, Chizoma Okoli, Ifeyinwa Osime
Source: Facebook

The names

Mrs. Anthonia Ogunmefun, Ajoritsedere Awosika, Hadiza Ambursa, Mrs. Chizoma Okoli, and Mrs. Ifeyinwa Osime are all Access Bank directors, while Mrs. Olapeju Eniola Sofowora holds direct interests in FCMB.

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Mrs. Abolanle Matel-Okoh has direct shares in Stanbic Bank, whereas Ngozi Edozien, Ifeoma Esiri2, and Sola David-Borha own direct shares in Wema Bank.

Omobola Ibidapo-Obe Ogunfowora and Adaora Umeoji are both shareholders in Zenith Bank, both directly and indirectly.

How they made their money

Mrs. Anthonia Ogunmefun, Ajoritsedere Awosika, Hadiza Ambursa, Mrs. Chizoma Okoli, and Mrs. Ifeyinwa Osime all hold direct and indirect shares totaling 24.7 million (24,720,753) and earned N18.54 million in the first nine months of the year.

This occurs when the share price of Access Bank increased by 0.75 percent to N9.55 as at Friday, October 2021, up from N8.8 per share at the start of the year.

The value of their share units in the bank was valued at N236 million based on last Friday's share price.

Breakdown Access

Between January and October 2018, Ogunmefun made N 1.95 million with an indirect share unit of 2.33 million (2,332,915).

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Her shares in Access Bank are presently valued at N22.2 million as of Friday.

Awosika's Access Bank share value increased to N67.8 million last Friday, and she has already made an additional N5.3 million during the period under scrutiny.

Ambursa had the highest capital gains among the Access Bank female directors, with the value of her 13.7 million (13,761,535) shares increasing by N10 million to N131 million over the time.

Okoli, another executive director, received N1.13 million from 1.5 million (1,507,020) indirect shares, bringing the total value of her shares to N14.3 million.

Mrs. Osime's share price only increased by N97, 209.

FCMB director
FCMB director Source: LinkedIn/Eniola Sofowora
Source: Facebook

FCMB

Olapeju Eniola Sofowora is the sole female director who owns shares in FCMB, and her shares are now valued at N790.125. However, this was a decrease from the N821,625 it was worth at the start of the year.

This is due to the fact that the value of FCMB shares fell from 3.13 per share in January, 4 to 3.01 per share on Friday, 18 October.

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Stanbic

Ngozi Edozien, Ifeoma Esiri2, and Sola David -Borha's combined share of 35.16 million (35,162,883) increased in value to N137.13 million last Friday from N132.7 million at the start of the year as Stanbic share rose from 37.76 per share on January 4, 2021 to 39 per share as of last Friday as Stanbic share rose from 37.76 per share on January 4, 2021 to 39 per share as of last Friday.

Edozien 18,563 share units earned N37,126 over this time period, whereas Borha 527,839 units earned her N1.15 million.

Esiri2 has achieved the most financial gain, with her 34,616,481 shares earning her N69.2 million so far.

Wema

Mrs. Abolanle Matel-Okoh is the sole female director, and she presently has the most shares among all current bank directors.

Matel-Okoh owns 1.75 billion (1,750,000,000) units worth N1.29 billion, based on Wema Bank's current share price of 0.74 kobo.

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Zenith

With a combined stake of 70.5 million, Omobola Ibidapo-Obe Ogunfowora and Adaora Umeoji are the only two female directors (70,583,292).

The share units are valued N1.74 billion since Zenith Bank's final selling price per share is N24.7, up from 1.65 billion at the beginning of January.

Explanation

The above earnings are different from the monthly payment the female directors are entitled to which includes sitting and honorarium allowances.

Business leaders of post-independence Nigeria

Aliko Dangote is one of, if not the most vital businessman in Nigeria post-independence, as the cement mogul has established several companies creating jobs for Nigeria.

In a list compiled by Legit.ng, Dangote was mentioned alongside other notable businesspeople such as Folorunsho Alakija, Rabiu Abdulsamad, Mike Adenuga and Obi Cubana.

They have changed the face of business in Nigeria, ending the era of kola nut and groundnut being the key to success, in creating other revenue potential enterprises.

Source: Legit

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