- Nigerian banks' top executives had a week to forget after losing over N6 billion during trading on the Nigerian Exchange
- The banks surveyed include Access, GTB, and Zenith, and the executives have over N242 billion worth of investments
- Jim Ovia, the founder of Zenith Bank, recorded the most significant loss during the trading week under review
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Top executives of the biggest Nigerian banks have suffered a collective loss of N6.58 billion within a week( August 10 to August 18, 2023).
According to data analysis of figures on the Nigerian Exchange, the combined worth of the banks' top bosses stood at N235.67 billion as of Friday, August 18, 2023, compared to N242.18 billion on August 10.
The loss comes amid market volatility that saw bears dominate the trading period after consecutive weeks of upward movement.
However, it is expected that the new week will be better.
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Names of the banks' bosses
The surveyed names include Herbert Wigwe, the Group Managing Director and Chief Executive Officer of Access Holdings; Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc.
Breakdown of the losses
Analysis shows the biggest loss was recorded by Jim Ovia, followed by Tony Elumelu and Herbert Wigwe.
Jim Ovia, Nigeria's richest bank, watched over N2.74 billion wiped off the value of his investment in Zenith after the bank's share dropped by 2.85%.
Ovia holds a 16.17% stake in Zenith Bank, equivalent to 5,077,104,311 shares.
On August 10, when the bank's share price stood at N35, the value of his investment was N95.19 billion.
By the close of trading on Friday, August 18, the bank's share value dropped to N34, reducing the value of his wealth to N92.45 billion.
Tony Elumelu recorded the second biggest loss among the bank's surveyed executives, amounting to over N1.71 billion.
The Chairman of UBA holds 2.45 billion worth of shares in the bank, valued at N35.77 billion when the bank's shares were priced at N14.6 on August 10. However, the value of his investment declined to N33.94 billion as UBA's share price dropped to N13.9 per share at the close of trading on Friday, August 18.
Other banks executives' losses
|Herbet Wigwe||Access Bank||N1.42 billion|
|Femi Otedola||First Bank||N507.43 million|
|Segun Agbaje||Guaranty Trust Holding Co PLC||N194.81 million|
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