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Meet the Oil and Gas billionaires of the Nigerian Stock Exchange

The oil and gas industry plays a critical role in Nigeria’s economy. For the government, it is a key source of revenue. For individuals and businesses, petrol prices affect their daily spending and profit margins. 

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The oil and gas industry plays a critical role in Nigeria’s economy. For the government, it is a key source of revenue. For individuals and businesses, petrol prices affect their daily spending and profit margins. 

While the crude oil prices can be volatile, investors in this space have reaped billions in terms of dividends and capital appreciation.

This is Nairametrics’ profile of billionaire investors in oil and gas firms listed on the Nigeria Stock Exchange.

Austin Avuru

Austin Avuru CEO, Seplat Seplat Petroleum Development Company Plc

Austin Avuru

Ojunekwu Augustine Avuru (also called Austin Avuru) holds a Geology degree from the University of Nigeria, Nsukka (1980), and a postgraduate diploma in Petroleum Engineering from the University of Ibadan, Nigeria (1992).

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Avuru spent twelve years at NNPC beginning in 1980, where he held various positions including well site geologist, production seismologist, and reservoir engineer. In 1992, he joined Allied Energy Resources in Nigeria, where he worked for the next ten years as exploration manager and technical manager.

In 2002, Avuru established Platform Petroleum Limited and held the role of Managing Director until 2010, when his company merged with A.B.C Orjiako’s Shebah Petroleum Development Company to become Seplat Petroleum Development Company Plc.

He has served as Managing Director, Chief Executive Officer, and Executive Director of Seplat Petroleum Development Company Plc since May 1, 2010.

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Avuru holds 74,546,740 shares in the company. This amounts to N49.5 billion, as at our *cut-off date.

Femi Otedola Chairman Forte Oil Plc

Femi Otedola Chairman Forte Oil Plc

Femi Otedola

Femi Otedola is the controlling shareholder of Forte Oil, an oil marketing and power generation company. Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 petrol stations across the country.

The company owns oil storage depots and manufactures its own line of engine oils.

Femi Otedola holds 1,024,732,798 shares in the firm, in his personal capacity, and through several investment vehicles.

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Going by the company’s valuation as at April 6, 2018, this gives him a net worth of N40.9 billion.

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A.B.C. Orjiako, Chairman/Co-founder, Seplat Petroleum

Dr. Ambrosie Bryant Chukwueloka Orjiako

ABC Orjiako, as he is commonly known, obtained an M.B.B.Ch. degree in 1985 from the College of Medical Sciences, University of Calabar, Nigeria, then trained as a General Surgeon at the Lagos University Teaching Hospital. He later sub-specialized in trauma surgery and became a fellow of the West African College of Surgeons in 1996.

He went into full-time business in 1996 after eleven years of active medical practice. He co-founded Seplat in 2009 and became the Chairman, spearheading new business developments and fundraising, as well as providing leadership on strategy and stakeholder relationships.

He has served as a Non-Executive Chairman of Seplat Petroleum Development Company Plc since March 3, 2010. He is also the Chairman of Neimeth Pharmaceutical International Plc, which is also listed on the NSE.

ABC Orjiako has 47,251,325 shares in the company which are valued at N31.4 billion going by his shareholding, as at the cut-off date.

Mike Adenuga, Founder, Globacom

Mike Adenuga

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Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production.

His mobile phone network, Globacom, is the second largest operator in Nigeria, with 37 million subscribers. His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

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Mike Adenuga has direct holdings of 103,259,720 shares and indirect holdings of 516,298,603 shares through Conpetro Limited in Conoil Plc. Conpetro Limited holds 74.40% of Conoil’s issued share capital.

At Conoil’s share price of N30.80 on our cut-off date, this gives him a net worth of N3.1 billion for his direct holdings. Indirect holdings have a value of N15.9 billion.

Wale Tinubu.

Wale Tinubu, Group CEO, Oando Plc

Wale Tinubu

Mr. Tinubu has a Bachelor of Laws Degree from the University of Liverpool, England and received his LLM from the London School of Economics, where he specialized in International Finance and Shipping.

He started his career with the family’s law firm, where he worked on corporate and petroleum law assignments.

He has been Chief Executive Officer and Managing Director of Oando Plc since July 2001.

Wale Tinubu has a total of 2,857,483,572 shares in Oando Plc through his personal holdings, as well as Ocean and Oil Investments (OOIL) and Ocean and Oil Development Partners (OODP) respectively.

Wale’s holdings in Oando Plc are thus valued at N17 billion.

Mofe Boyo

Boyo has a Bachelor of Laws Degree from King’s College, University of London, England. He is the  Deputy Managing Director of Oando Plc.

Mofe Boyo has a total of 1,426,794,497 shares in Oando Plc held in his personal capacity, as well as Ocean and Oil Investments (OOIL) and Ocean and Oil Development Partners (OODP) respectively.

Mofe’s total holdings are valued at N8.5 billion.

Macaulay Agbada Ofurhie

Macaulay Agbada Ofurhie graduated with a B.Sc Honours in Geology from the University of Ibadan in 1971. He has been a Non-Executive Director of Seplat Petroleum Development Company Plc since December 2009.

Mr. Ofurhie had an outstanding career in the oil and gas industry at the Nigerian National Petroleum Corporation (NNPC) and the Directorate of Petroleum Resources (DPR) where he served at various executive positions.

During active service, he was Managing Director of NPDC and Nigeria Gas Company, both subsidiaries of NNPC.

Ofurhie has 4,901,611 shares in Seplat Plc.  Going by our cut-off date, his shares in Seplat are worth N3.2 billion.

Sayyu Idris Dantata

Dantata studied Mechanical Engineering at the Morris Brown College Atlanta Georgia, USA.

Alhaji Dantata started his career as Director of the Engineering and Transport Division of Dangote Group.

Sayyu is a shareholder in MRS Holdings Limited. Corlay Global SA owns 100% of MRS Africa Holdings Limited. MRS Africa Holdings owns 60% of the shares in MRS Oil Nigeria Plc.

At our cut-off date, MRS Africa’s stake is worth N4,3 billion. Sayyu is believed to hold a significant stake in MRS Africa Holdings.

Notables

While these investors may not be billionaires, they are worth keeping an eye on.

Dr. Charles C. Okeahalam

Dr. Okeahalam has two Masters Degrees in Economics and Finance respectively, and a Ph.D. in Econometrics from the University of London. He also received a D.Sc. in Financial Economics and Banking and Finance from the University of Exeter.

Dr. Okeahalam is a Co-Founder of the AGH Capital Group where he oversees all investment decisions, portfolio management, capital raising and trading operations.

He has been an Independent Non-Executive Director of Seplat Petroleum Development Company Plc since March 01, 2013.

Okeahalam holds 597,238 shares in Seplat Plc. Going by our cut-off date, this amounts to N391 million.

Basil Omiyi; Stanbic IBTC Chairman

Basil Efoise Omiyi

Mr. Omiyi graduated with a B.Sc. in Chemistry in 1969 and obtained a post-graduate diploma in Petroleum Technology in 1970 from the University of Ibadan. Most of his career was at Royal Dutch Shell, where he spent 40 years in various roles, both in Nigeria and Europe.

Mr. Omiyi is currently an Independent Non-Executive Director on the Board of Seplat Petroleum and he holds 495,238 shares in the firm. This amounts to N329 million.

Afolake Lawal

Mrs. Lawal Afolake has an Upper Second Class (Hons) in Law (LLB) from Anglia Ruskin University, Cambridge U.K.

She is an alumnus of Obafemi Awolowo University and holds a Masters Degree in International Law and Diplomacy from the University of Lagos. She also obtained a Master’s of Science degree in Corporate Governance and Finance from the Liverpool John Moores University in U.K.

She serves on the Board of International Breweries Plc and Eterna Plc (both companies are quoted on the Nigeria Stock Exchange).

Afolake Lawal is a co-founder of the GTI Group alongside her husband and she is currently the Group Executive Director with over 15 years’ wealth of experience in Investment Banking, Corporate Governance, and Business Strategy.

She is a certified pension practitioner and an associate member of the National Institute of Marketing of Nigeria (NIMN).

Afolake Lawal is a Non-Executive Director of Eterna Oil and Gas Plc. She has a total of 49,902,892 shares in the company through her personal holdings, GTI Capital Limited and GTI Securities Limited. At the stock’s price of N6.29 on our cut-off date, this amounts to N313 million.

*Cut off date used for shareholding valuation is April 6, 2018.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

6 Comments

6 Comments

  1. Maazị

    June 13, 2018 at 7:44 am

    Hello, Onome. Can you enlighten me a bit here? ’cause I’m getting confused.

    “Sayyu is a shareholder in MRS Holdings Limited. Corlay Global SA owns 100% of MRS Africa Holdings Limited. MRS Africa Holdings owns 60% of the shares in MRS Oil Nigeria Plc.

    At our cut-off date, MRS Africa’s stake is worth N4,3 billion. Sayyu is believed to hold a significant stake in MRS Africa Holdings.”

    Is MRS Holdings Ltd different from MRS Africa Holdings Ltd? Or does Mr. Dantata own a significant share in MRS Africa Holdings by virtue of his stake in Corlay Global SA? Or perhaps he just happen to have some stake in MRS Oil Nigeria Plc?

    • Onome Ohwovoriole

      June 13, 2018 at 11:17 am

      Yes. They are different entities. MRS Africa Holdings is a major shareholder in MRS Oil Plc. Sayyu holds his take in MRS Oil through MRS Africa Holdings.

      • Maazị

        June 13, 2018 at 12:15 pm

        Thanks for the clarification.

  2. Philip Omede

    June 13, 2018 at 9:40 am

    Pls what is the share holding structure of eterna oil plc. Any major shareholders?

  3. Stephen B. Apeji

    June 13, 2018 at 1:12 pm

    This is a beautiful article, Onome. Inspiring, encouraging and motivating. I just felt I must go and start something immediately. More of them.

  4. cashflowtech

    June 14, 2018 at 3:07 am

    This is a pure challenging clarification. I feel a fire in my bones, so what do think should do with these info? thanks

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Profiles

Tayo Oviosu, the journey from Software Engineer to Pagatech

Our focus for this week’s profile is Tayo Oviosu, founder and CEO of notable payment solutions provider, Pagatech.

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Tayo Oviosu, the journey from Software Engineer to Pagatech

Global trends in recent times have shown a shift towards a cashless and digital economy, especially as it becomes more obvious that operations in physical branches of commercial banks can be summarily shut down when circumstances demand it.

Our focus for this week’s profile is Tayo Oviosu, founder and CEO of a notable payment solutions provider, Pagatech, the startup that blazed the trail for others in the space. Though there are now over 200 fintech players, Paga still holds its ground.

READ: Paga records over $2 billion worth of transactions in 2019 

READ: Pagatech secures exclusive partnership deal with Orange Mall

Early years

Eyitayo David Oviosu was born on September 10, 1977, and acquired both his primary and secondary education in Nigeria. He left for the United States of America in 1994 and bagged his first degree in Electrical Engineering from the University of Southern California in 1998. He later earned a Masters in Business Administration from the Graduate School of Business, Stanford University from 2003 to 2005.

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Schooling was not a smooth ride for Tayo as he had to work his way through, sometimes keeping as much as 5 jobs in order to stay afloat. He also had hard times with courses like Semiconductor Chip Design, which he admitted was one of his toughest courses, as he hardly aced it despite his love for the subject.

READ: Paga acquires Ethiopian-based startup, Apposit, announces other subsidiaries

Attempting to break a rock

Fresh out of school, he opted to take the same Semiconductor Chip Design as a career option in Biomorphic VLSI, a startup of 8 employees, hoping to get better at it with more practice. The young Tayo worked weekdays and weekends trying to get a hang of the task before him.

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“I was allowed to design a digital imaging chip that got sent to Taiwan for fabrication. I had tested this thing numerous times in the lab; I was confident it was going to work. Then the fabricated chip comes back and it doesn’t work. I was devastated, we spent a lot of money shipping between Los Angeles and Taiwan,” he once recounted.

READ: Contracts less than N5 billion will no longer be awarded to foreign firms – FG

Having caused the company to spend so much for nothing, he was fired from the job.

“I got called into my boss’ office and he told me he had to let me go. I cried right there. This was my first job out of college and barely 3 months in,” he said.

Though unhappy at the time, he later came to appreciate how the job loss pointed him in the right career path and pushed him out of a line where he would have continued struggling to keep up. In the subsequent months, he survived on the unemployment benefits he collected from the state of California, before getting a job in a mail-room and then a call center.

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READ: Nigerian startup, Green Africa to sign deal with Airbus for 100 aircraft.

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He eventually got a job as a Software Engineer for another startup in Los Angeles, before he moved to Deloitte Consulting in the CRM and Technology practice as a Senior Consultant.

After his MBA, he worked as Manager Corporate Development with Cisco Systems in San Jose California, where he was responsible for strategy, acquisitions, and private equity investments in a few segments and led Cisco’s investment expansion in Africa with investment opportunities. He became Vice President at Travant Capital Partners in Lagos upon his return to Nigeria and remained there till 2009.

READ: Bitfxt raises N5.45 billion from UK firm

Moving towards a cashless economy

In 2009, Tayo founded Pagatech as a mobile payments solution focused on digitizing cash amidst new emerging economies. Even while working at the call center, Tayo had always thought that he would return to Nigeria at some point to help make it great again. For Tayo, founding Pagatech was all about addressing two challenges – the excessive use of cash, and limited financial access in Nigeria. He wanted to help Nigerians pay retailers, make purchases, and pay utility bills without having to handle so much money.

Such innovation was not common at the time, as Nigeria was still very far from toeing the lines of a cashless economy.

READ: FRC orders banks not to lend money to states without approval

Having worked for over a decade, Tayo had saved up some money and had the support of friends, which became instrumental in launching Paga. “I was also creative in terms of how I spent the money. I pooled together people to work in different aspects, most of them friends who were doing it as a favor. Everyone who helped us in the early days got paid below the market rate. Some of them stayed on to work with Paga when we could afford to pay them at market rates,” he recalled.

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For the first 6 months, Tayo bootstrapped from his personal funds before setting out to raise funds from investors. It was a journey where he first had to show investors how feasible the business idea was before letting them in.

READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84

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Some of the initial investors who took the risk to put their funds in were Goodwell Alitheia Capital, Tayo’s former bosses, both in Nigeria and Los Angeles, and some friends and relatives – the result of lots of goodwill built over the years.

Pagatech reached its first 1 million users within 2 years and since then, the number of its users has grown into tens of millions processing billions of dollars in transactions. Pagatech has also partnered with the apex bank (Central Bank of Nigeria) on the Shared Agent Network Expansion Facilities initiative (SANEF) to grow the reach of agents providing financial services to 500,000 in order to ramp up inclusion for all Nigerians.

READ: Scaling in Nigeria’s fashion industry is tough work – Ugo Monye 

Tayo Oviosu has now become an angel investor in other startups.

“When I look at my journey so far, I realize that we are here sitting on the back of 34 people and 6 institutions who took a bet on us on. So I similarly want to find ideas to invest in. I don’t have a lot of money but I want to find people who I can make those kinds of investments and bets as well,” he said.

He has dreams of dual-listing Paga on the NSE and NASDAQ in the nearest future.

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Profiles

Leo Stan Ekeh, the whiz who launched Nigeria’s first locally manufactured computers

Ekeh can be put in the bracket of visionaries who were quick to see that ICT would define the world in no distant time.  

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Leo Stan Ekeh

Rated as one of the top tech CEOs in Nigeria according to Ventures Africa, Leonard Stanley Ekeh has earned a name for himself through his contributions to Africa’s ICT space. With his tech start-ups dating back to the 80s, Ekeh can be put in the bracket of visionaries who saw that ICT would define the world in no distant time.

This week on Nairametrics Founders Profile, the spotlight is on Leo Stan Ekeh, as he is now popularly known.

Leo Stan Ekeh was born in Imo state on February 22, 1956 to a Dietician mum and Nurse dad. He had his early education in Owerri, and upon graduation from Holy Ghost College, Owerri, he emigrated to India where he obtained BSc. Economics from Punjab University.

READ: Start-up owners must believe in Nigeria to scale, says Ekeh, Zinox Boss

This step marked a turning point in his thought process, as he was exposed to the Indian economy which he described as ‘realistic’. He then shifted from his plans to own “the biggest transport company in Nigeria” and started thinking of more realistic business ideas, which would impact the Nigerian economy. He moved on to England where he bagged a Postgraduate degree in Risk Management at the Nottingham University.

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His return to Nigeria saw him spearhead the creation of several tech companies.

Task System Limited

This was Ekeh’s first start-up in Nigeria. The ICT solutions company commenced operations in 1989 to focus on desktop publishing and computer graphics. Over the last three decades, the company extended operations from Lagos to Port Harcourt and Abuja, implementing several ICT projects across the Oil & Gas, Telecoms, Manufacturing, and Public sectors.

The company has computerized 95 percent of Print media, Publishing houses, and Advertising agencies in Nigeria; with several outstanding industry awards to its credit, including Best Partner Award for Compaq, Microsoft, Hewlett Packard (HP) etc.

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READ: Ekeh, Zinox boss, may retire in 2021

Zinox Technologies Limited

ZInox Technologies is the brand which brought Ekeh to the forefront of Africa’s tech space and for which he is popular for. The company was founded in 2001 and became the first internationally certified branded computer OEM (Original Equipment Manufacturer) in West Africa.

In addition, Zinox is the first to receive Windows Hardware Quality Labs (WHQL) certification, and also the first computer hardware manufacturing company and ICT integration company in Nigeria to receive ISO 9001-2000.

Zinox creates business solutions that uses new technologies to streamline systems, efficiently align, integrate, and maximise productivity. Its products are renowned for their security and IT infrastructure. The company has helped to revolutionize the electoral processes in several African countries like Nigeria, The Gambia, and Guinea-Bissau.

Zinox is the only local OEM partner of Microsoft and Intel corporation in Nigeria. It was recently rated by International Data Corporation (IDC) as the No.1 brand in terms of computer sales amongst local and international brands in Nigeria.

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Ekeh also launched Zinox Computers – Nigeria’s first internationally certified branded computers, which comes with a Naira sign and a power supply designed to be compatible with the country’s unstable power supply.

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READ: Konga’s turnover increases by 800%, as company claims to be self-sufficient

Buyright Africa Dotcom Limited

In 2008, Ekeh founded Buyright Africa Dotcom Limited at a time when credit card and e-payment infrastructures were still alien to Nigerians. The target of the start-up was to resolve funding issues for ICT projects and companies, through partnerships with strong international finance groups.

Within the next couple of years, Buyright Africa launched full operation to help Africans enjoy the benefits of emerging technologies and build technology strength that would allow her citizens, governments, and businesses compete favourably with other strong economies of the world.

Buyright Africa executes and funds ICT projects, equipment leasing, ownership scheme and other related ideas in Africa. It also offers ICT consultancy services and sales of ICT products, infrastructures, and digital tools to educational institutions and governments, through its partnership with international and local ICT companies.

Describing the vision, Mr. Mukoro Emomine, Managing Director of Buyright Africa said the company was out to work with manufacturers, in order to reduce the total cost of ownership of ICT equipment in Africa and also encourage usage.

READ: N75 billion Nigerian Youth Investment Fund to be rolled out before end of October – Minister

Konga.com

Konga.com was founded in July 2012 by Sim Shagaya as a third-party online marketplace, and a first-party direct retail in various categories of consumer goods and products.

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In February 2018, Zinox acquired 99% of Konga.com shares just a few months after Konga laid off over half its staff. Three months later, Konga merged with Zinox’s retail outfit – Yudala to form the biggest e-commerce company in Africa. Under the new merger, the brand name Konga was retained.

Other businesses

Leo Stan Ekeh also founded Technology Distribution Limited, Task Direct Limited and ITEC Solutions, using them to drive IT solutions and distribution in West Africa.

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He has also been involved with ICT Brokers, and ICT Connect. News recently made the rounds that Ekeh was the man behind the Healthplus takeover, but Ekeh distanced himself from such rumours,

“Till date, I do not have a kobo share in any of their investment vehicles, including a kobo share in Healthplus. Although, everyone has a right to invest in any company of his or her choice.”

CSR initiatives and recognitions

In line with his interest and devotion to the growth of IT in Nigeria, Ekeh launched the Computerize Nigeria Project in August 2000, to encourage development and sensitize Nigerians in the use of computers. He also launched the CANi Scheme, providing laptops to young Nigerians at a reduced price, with a repayment plan spread across 24 months.

Through his charity organisation, Leo Stan Ekeh Foundation, he has carried out other commendable humanitarian and philanthropic donations across the country.

He was bestowed with the ICON of Hope award by former President Olusegun Obasanjo on October 1, 2002; Nigerian Science & Technology Achiever of the Year 2003; and Officer of the Order of the Federal Republic of Nigeria (OFR) in 2004. Ekeh is also a member of the Nigerian Economic Summit Group, and holds Life Membership, Nigeria Institute of International Affairs.

He holds Honorary Doctorate in Business Administration from Imo State University, Owerri; Federal University of Agriculture, Makurdi; and Federal University of Technology, Owerri and University of Jos. He is a Fellow of the Lagos State Polytechnic, Lagos; Federal Polytechnic, Idah; and Federal Polytechnic, Nekede, Imo State.

Only 64 years old, Leo Stan Ekeh is still going strong and there is no telling what sector he might venture into next. He recently called for the declaration of a Tech Independence Day, and confidently said it is only a matter of time before Nigeria starts raising tech billionaires that would rival the likes of Jeff Bezos and Jack Ma.

Ekeh was worth $1 billion as of June, 2018 according to Business Insider by Pulse.ng.

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Profiles

Apple’s CEO’s package has totaled over $963.5 million since 2011

Tim Cook’s package has risen to close to a billion dollar in close to a decade.

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U.S stock futures trade flat, Apple regains $2 trillion market value, Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

Since 2011, when Tim Cook became CEO of Apple, his package has totaled over $963.5 million, according to an estimate from Equilar, an executive compensation firm.

Apple’s CEO collected his largest stock grant since 2011, which will reward him with large stacks of stocks through 2025, according to an SEC filing released yesterday.

Apple’s CEO will collect 333,987 units of restricted stock, that will vest as to one-third of the units, on an annual basis starting on April 1, 2023.

READ: Nestle’s parent company increases stakes in Nestle Nigeria in August

In a separate package, Cook will also vest 333,987 units of stock in 2023, which could double, if he meets targets related to Apple’s performance on the stock market.

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If Apple continues to impress as it is presently, Cook will collect 1,001,961 shares of Apple by 2025, similar to the grant of 1 million shares he received shortly after he became CEO in 2011.

READ: Nigerians in diaspora reveal their favourite Nigerian Stocks 

Why Apple is doing well?

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  • Recall, about two months ago, Nairametrics gave vital insights on why global investors and stock traders are placing more bets in growth stocks like Apple, thereby resulting in their astronomical rise in valuations, in spite of COVID-19.
  • These companies also have good macros in their businesses, partly due to low debts, high-profit margins, and the fact that more people are isolated and mostly working remotely on their iPhones and Macbooks.
  • Cook, 59, disclosed five years ago, that he plans to give most of his fortunes away. Already, he has gifted millions of dollars’ worth of Apple shares. His wealth could be lower, assuming he has made other undisclosed charitable gifts.

READ: App developers can now challenge Apple store guidelines 

Although if the world’s most valuable tech company underperforms, it’s also possible that the CEO will get none of such rewards.

At Tuesday’s closing price of $114.09, the maximum number of shares Cook could receive are worth $114 million. That amount will rise or fall with Apple’s stock price.

Tim has brought unparalleled innovation and focus to his role as CEO, and demonstrated what it means to lead with values and integrity,” Apple’s Board of Directors said in a statement.

READ: This is what you get if you buy the latest FGN Reopening Bond

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”For the first time in nearly a decade, we are awarding Tim a new stock grant, that will vest over time, in recognition of his outstanding leadership, and with great optimism for Apple’s future as he carries these efforts forward,” it stated.

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The stock grant suggests that Cook’s performance over the past decade is viewed highly by Apple’s board, which wants to make sure that he will be paid competitively through 2025, if he continues to be the CEO of Apple.

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