Nigerian Biggest Banks’ Top Bosses Lose Over n6bn in Days, but This Week Looks Bright

Nigerian Biggest Banks’ Top Bosses Lose Over n6bn in Days, but This Week Looks Bright

  • 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.

Nigeria Banks Executives
Nigerian stock market's bearish movement affects the wealth of banks' bosses. Photo credit: Bloomberg
Source: Facebook

The loss comes amid market volatility that saw bears dominate the trading period after consecutive weeks of upward movement.

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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.

Others are Jim Ovia, the Chairman of Zenith Bank; Tony Elumelu, the Chairman of United Bank for Africa (UBA); and Femi Otedola, a non-executive director of First Bank.

Breakdown of the losses

Analysis shows the biggest loss was recorded by Jim Ovia, followed by Tony Elumelu and Herbert Wigwe.

Jim Ovia

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.

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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

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

ExecutiveAffliated BankLosses
Herbet WigweAccess BankN1.42 billion
Femi OtedolaFirst BankN507.43 million
Segun AgbajeGuaranty Trust Holding Co PLCN194.81 million

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BUA Cement plans to pay N70billion to shareholders, as founder set to earn N65billion

Meanwhile, in another report, Legit.ng revealed that the founder of BUA Group, Abdulsamad Rabiu, will earn N65 billion from his cement business following the company's performance last year.

The amount grossed by Rabiu is a result of his shares in the company.

The billionaire is the largest shareholder in BUA Cement, owning a direct stake of 19,044,995,225 company shares. He also has an indirect stake of 12.2 billion ordinary shares in the cement manufacturer.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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