Jim Ovia, Herbert Wigwe, Tony Elumelu, others top list of richest Nigerian bankers

Jim Ovia, Herbert Wigwe, Tony Elumelu, others top list of richest Nigerian bankers

  • Jim Ovia leads the list of wealthiest bankers in Nigeria with his stake in Zenith Bank worth N169.8 billion
  • Herbert Wigwe is second on the list with a N53.4 billion stake in Access Holdings
  • Tony Elumelu’s stake in UBA is N53.4 billion, ranking him third on the list

Despite significant economic constraints, Nigerian banks have shown a moderate improvement in all regulatory indices over the past few years.

All of this results from forward-thinking bankers who challenged the established quo and changed the business.

Richest bankers
Nigerian banks have shown a moderate improvement in all regulatory indices over the past few years. Photo Credit: GTBank, Zenith Bank, Stanbic IBTC, UBA, Access Bank
Source: UGC

Earlier, Legit.ng highlighted Nigerian banks with the highest earnings from PoS, USSD, and others in the first quarter of 2023

Bank CEOs like Jim Ovia, Herbert Wigwe, and Tony Elumelu have used innovation and technology adoption, market expansion, and improved client experiences to generate growth in the banking industry.

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They successfully reached a sizable portion of the unbanked population in the nation by embracing digitalisation, mobile banking, and fintech partnerships, thereby promoting financial inclusion.

According to the market value of their bank stakes, Billionaires Africa's recent data compiled the list of the wealthiest Nigerians as follows:

Jim Ovia’s stake in Zenith Bank is worth N169.8 billion

Zenith Bank Plc, Nigeria's largest commercial bank by market capitalisation, was founded by the inspirational Jim Ovia, who also serves as its chairman.

As one of the richest investors on the local exchange, he owns 5.077,104,311 ordinary shares or 16.17% of Zenith Bank.

Thanks to his most recent purchase and the considerable increase in Zenith Bank's share price, his ownership position is currently valued at N169.8 billion ($224.3 million).

Ovia has had a significant impact on Nigeria's banking industry while serving as the head of Zenith Bank, and his accomplishments as a banker and entrepreneur have helped him gain prominence.

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Zenith Bank has established itself as a top-tier financial institution and a dominant force in Nigeria because of his vision and leadership. Jim Ovia is also one of the wealthiest persons in Africa, with a net worth of $900 million as of 2013.

Herbert Wigwe’s stake in Access Holding is worth N53.4 billion

Hebert Wigwe is the Group Managing Director and CEO of Access Holdings Plc, a well-known financial services provider in Nigeria. Through his family office, Tengen Holdings, he has a sizeable 9.09% interest in Access Holdings or 3,230,789,014 shares.

As one of the Nigerian Exchange's richest investors, his investment is currently valued at N53.4 billion ($70.5 million). Through smart acquisitions, Access Holdings, under his direction, has grown remarkably, becoming one of Africa's top financial services organisations.

Notably, the purchase of the majority of the shares in the Angolan bank Finibanco and the subsequent agreement to buy the Sub-Saharan African subsidiaries of the international bank Standard Chartered Bank, both domiciled in the UK, have further solidified Access Holdings' position in Africa.

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The organisation is devoted to creating an interconnected environment and nurturing a thriving community between Africa and the world.

Tony Elumelu’s stake in UBA is worth N33.54 billion

Tony Elumelu is a well-known philanthropist and businessman from Nigeria with various interests in the finance and energy industries.

Through several companies, including Heirs Holdings Limited, Heirs Alliance Limited, and HH Capital, he has 7.17% of the United Bank of Africa (UBA).

His investment in UBA now stands at 2,457,372,28 units, valued at N33.54 billion ($44.1 million), after he recently purchased a further 70 million shares.

Elumelu owns a 25.9% share in Transcorp, a well-known conglomerate interested in power production, energy, and hospitality, in addition to his stake in UBA.

Elumelu has made a name for himself in the Nigerian banking and business landscape as the founder of Heirs Holdings, a significant investment holding company with interests spanning financial services, energy, hospitality, and real estate.

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He has also solidified his position as a critical player in the financial and energy sectors through his sizeable holdings in UBA, Transcorp, Africa Prudential, and United Capital.

Atedo Peterside’s stake in Stanbic IBTC Holdings is worth N10.45 billion

Peterside Atedo, a well-known banker and economist from Nigeria, is best known for launching the Investment Banking & Trust Company Limited (IBTC) in February 1989 when he was just 33.

His efforts to expand Stanbic IBTC Holdings Plc, in particular, have substantially impacted how the Nigerian banking sector is shaped.

With a market value of N901 billion ($1.19 billion) as of the most recent statistics, Stanbic IBTC Holdings is the tenth most valuable firm listed on the Nigerian Exchange.

Peterside has also succeeded in his interests, where he currently has a sizable 1.16% share in Stanbic IBTC Holdings, valued at N10.45 billion ($13.75 million).

With this huge investment, he firmly establishes himself as one of the wealthiest investors on the Nigerian Exchange and ranks among the richest bankers in the nation.

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Segun Agbaje’s stake in GTCO is worth N1.6 billion

Segun Agbaje is the group managing director and CEO of Guaranty Trust Holding Company (GTCO), a financial holding firm with diverse operations in retail and investment banking, pension and asset management, and payment services.

GTCO is situated in Lagos. He played a key role in developing Nigeria's banking sector, helping GTCO to grow into one of the top financial services organisations in the nation.

Under his leadership, the bank has made outstanding progress, developing a prestigious reputation in the industry and making a sizable contribution to the growth of the country's economy.

After a structural reform in July 2021, the group expanded and became a holding company thanks to Segun Agbaje's strategic vision.

He is one of Nigeria's most affluent banking executives, owning a 0.14% minority ownership in the financial services group, or 41,628,001 shares, valued at around N1.6 billion ($2 million).

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Agbaje serves on the boards of PepsiCo and is a member of the Mastercard Advisory Board for the Middle East and Africa, in addition to his executive position at GTCO.

CBN targets 95% inclusion of Nigerians in banking system by 2024

In earlier news, Legit.ng reported that the Central Bank of Nigeria (CBN) has said 64.1% of the population is already financially included. According to the bank, it aims to achieve more than 95% inclusion by 2024.

Paul Oluikpe, the CBN assistant director of Financial Development, while speaking at an event in Lagos, claimed that the central bank had divided commercial banks' Know Your Customer services into various tiers.

Source: Legit.ng

Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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