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6 Nigerian billionaires who lost and gained in billions in the last 10 days (how they made their money)

by Emerald Nigeria
July 21, 2020
in Economy
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The trading week that lasted from 13 to 17 July was generally thought to be bearish, particularly for banking stocks. As usual, the billionaires and major shareholders in these firms always top the list of top losers.

 

The period has seen the worth of billionaires’ shares drop by hundreds of millions, or even billions, while some others gained in billions as well.

 

So, let’s take a look at some of the losers and gainers in the last 10 days, from July 10 to July 20. We will take the losses first before ending with some good news.

 

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Losses

 

Jim Ovia

 

Jim Ovia is not only the founder of Zenith bank, he is also the largest individual shareholder with 3,546,199,395 direct shares and 1,513,137,010 indirect shares.

His net worth is not quite easy to ascertain, although the shares which he holds and controls in the listed bank are no secrets, hence our ability to ascertain his losses in the last 10 days.

 

The stock market opened on July 10 with a share price of N16.70 for Zenith bank shares. When compared to the N14.30 share price recorded some weeks back, one can see that this was a high for the bank’s shares.

 

At this time, Ovia’s total 5,059,336,405 shares were worth N84,490,917,963.5 (N84.49 billion). After a rough 10 days with more lows than gains, the share price ended at N15.65 at the close of trading on Monday July 2020. With this, the worth of Ovia’s shares dropped to N79,178,614,738.25 (N79.178 billion). He lost N5.3 billion (N 5,312,303,225.25) in the last 10 days.

 

Herbert Wigwe

 

Group MD/CEO of Access Bank, Herbert Wigwe, has 201,231,713 direct shares and 1,184,680,195.5 indirect shares with the bank, summing up to 1.39 billion shares.

On July 10, a unit of Access Bank share was worth N6.35, putting the worth of Wigwe’s 1.39 billion shares at N8.8 billion (N 8,800,540,622.15).

 

Ten days later on July 20, Access Bank shares closed the trading day as one of the losers with the share price dropping to N6.10.

 

The market value of Wigwe’s shares (both direct and indirect) plummeted to N8.4 billion (N8,454,062,644.90).

 

Wigwe lost N346 million (N346,477,977.25) in the last 10 days.

 

 

Tony Elumelu

 

Tony Onyemaechi Elumelu (TOE) controls 2,304,211,118 units of shares – 190,100,234 direct and 2,114,110,884 indirect shares in United Bank for Africa Plc.

 

UBA’s share price was N6.25 on July 10 and N6.15 at the close of trading on July 20: maybe not a significant decline for many shareholders, but it was a major one for TOE and his 2.3 billion shares.

 

The total worth of Elumelu’s shares depreciated from  N14.4 billion (N14,401,319,487.50) on July 10 to N14.1 billion (N14,170,898,375.70) on July 20.

 

The billionaire lost N230 million (N230,421,111.80) due to this drop.

 

This does not take into cognisance, other losses he may have suffered in other listed companies where he holds some shares.

 

Mike Adenuga

 

Chairman of Conoil Nigeria Plc, Mike Adenuga directly controls 516,298,603 units of shares, as well as 103,259,720 units of shares controlled through Conpetro Limited, making for about 74.4% of Conoil’s issued share capital.

 

Conoil’s stock prices started the period at N18.90 on July 10, and closed at N16.90 at the end of trading on July 20.

This trend puts the value of Adenuga’s total 619,558,323 shares at a market value of N11.7 billion (N11,709,652,304.70) on July 10, and N10.47 billion (N10,470,535,658.70) at the close of July 20.

 

Adenuga lost N1.2 billion (N1,239,116,646.00) in the last 10 days.

 

Gains

 

Aliko Dangote

 

Nigeria’s richest man, Aliko Dangote owns both direct and indirect shares in all the companies under the Dangote Group.

For Dangote Sugar, the share price opened on July 10 at N11.60 and closed on July 20 at N12.00.

 

The billionaire directly owns 653,095,014 shares and indirectly owns 8,122,446,281 shares through the Dangote Industries Limited in Dangote Sugar, summing up to 8.77 billion shares.

 

The decline in share price caused the worth of his total shares in the company to rise from N101.79 billion (N101,796,279,022.00) to N105.3 billion (N 105,306,495,540.00).

 

Aliko Dangote gained N3.5 billion (N3,510,216,518.00) in the period under review.

 

Dangote Cement share price remained stable at N126.00 throughout the period, while NASCON share price had a slight drop from N9.50 to N9.60. However, the number of shares which Aliko Dangote owns in NASCON are unknown.

 

 

Abdulsamad Rabiu

 

Abdulsamad Rabiu owns 19 billion (19,044,995,225) direct shares and indirect shareholdings through 3 companies, totalling to 12.2 billion (12,225,657,346) units in BUA Cement.

 

BUA Cement stocks sold at N40.95 for a unit on July 10, and closed at N41.45 on July 20.

 

By July 10, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.2 trillion (N1,280,533,222,782.45) and by July 20, the shares were worth N1.29 trillion (N1,296,168,549,067.95).

 

Rabiu gained N15.6 billion (N15,635,326,285.50) in the last 10 days.

 

Conclusion

 

Of course, these are not the only losers and gainers in the last 10 days, however these men are already at the top (in terms of net worth and assets), so their losses are more disheartening, and their gains, heart-warming.

 

Although they also have other private assets, and hold shares in some other listed companies, this article focuses on the major companies where they have recorded gains or losses.

Tags: AdenugaDangoteElumeluOvia
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