Nairametrics began an in-depth coverage of the billionaire investors in Nigeria’s capital market in May 2018.
Since then, the stock market has slid. Year to date, the Nigerian Stock Exchange (NSE) All-Share Index is down 3.35%.
We look at how much our top billionaires have lost as at the half year ended June 29, 2018.
*Valuations are calculated using the closing share prices on the Nigerian Stock Exchange and NASD OTC as at June 29, 2018.
Aliko Dangote
Aliko Dangote had a net worth of ₦3.95 trillion as at April 6, 2018, making him Nigeria’s richest capital market billionaire.
Through Dangote Industries Limited (DIL) he holds controlling stakes in Dangote Cement, Dangote Flour, Dangote Sugar Refinery, as well as NASCON Allied Industries.
Dangote’s holdings are worth ₦3.5 trillion, down by ₦450 billion as at our new cut-off date, due to a drop in the share prices of his companies.
Jim Ovia
Jim Ovia has a direct holding of 2,946,199,395 shares and indirect holding of 1,593,494,151 shares in Zenith Bank. At our previous cut-off date, Zenith was valued at ₦27.10, giving him a total net worth of ₦122.1 billion.
Zenith closed at ₦25 on Friday the 29th of June, 2018. As at our last cut-off date, his net worth thus stands at ₦113,492,338,650, down by ₦8.7 billion from ₦122.1 billion.
Austin Avuru
Austin Avuru held 74,546,740 shares in Seplat Petroleum, earlier valued at ₦49.5 billion.
Avuru has since sold off shares valued at ₦80.8 million, while his holdings are up to 75,362,658 shares, due to a share compensation scheme.
Seplat closed at ₦650 on June 29 2018, down 0.15% at our last cut-off date.
Avuru thus retains his top spot as Nigeria’s richest listed oil and gas billionaire, though his net worth dropped slightly to ₦48.9 billion, down by ₦455 million.
Femi Otedola
Femi Otedola has a direct holding of 186,260,357 shares and indirect holding of 838,472,441 shares in Forte Oil Plc. Going by the company’s earlier valuation, his direct holdings were worth ₦7.4 billion, while the indirect holdings were worth an estimated ₦33.5 billion, giving him a net worth of ₦40.9 billion.
Forte’s share price has dropped since our last valuation to ₦32.85 per share. Otedola’s net worth has also fallen to ₦33.6 billion, down by ₦7.3 billion. This makes him the second biggest loser on our list.
A.B.C. Orjiako
Orjiako has 47,251,325 shares in Seplat Petroleum. At our former cut-off date, the shares were valued at ₦31.4 billion.
Orjiako’s net worth has also dipped slightly, down by ₦700 million to ₦30.7 billion.
Herbert Wigwe
Earlier, Wigwe was worth ₦32.1 billion through a direct stake of 206,231,713 shares and indirect shareholding of 2,480,582,395 in Access Bank Plc, through United Alliance Company of Nigeria Limited, and Trust and Capital Limited. Access bank was then trading at N12 per share.
The bank closed the month of June at ₦10.35 per share, leaving his net worth at ₦27.7 billion. Wigwe’s worth is thus, down by ₦4.4 billion.
Oba Otudeko
Oba Otudeko had a net worth of ₦19.2 billion, as at April 6, 2018. This has since dropped due to a depreciation in First Bank and Honeywell Flour share prices.
First Bank closed at ₦10.60 as at June 29, 2018, while Honeywell Flour closed at ₦2.29.
His 537,971,137 shares in First Bank are now worth ₦5.7 billion, down by ₦800 million from ₦6.5 billion. His 5,303,363,565 shares in Honeywell Flour Mills are now valued at ₦12.1 billion, down by ₦600 million.
Otudeko’s net worth is now ₦17.8 billion, down by ₦1.4 billion.
Mike Adenuga
Mike Adenuga had a net worth of ₦21.5 billion comprising his shareholdings in Conoil Plc and Sterling Bank Plc.
Conoil closed at N30, while Sterling Bank closed at ₦1.40 on June 29, 2018.
Adenuga’s direct holdings of 103,259,720 shares and indirect holdings of 516,298,603 shares in Conoil through Conpetro Limited are now worth ₦18.5 billion, down by ₦500 million.
Adenuga’s 5.62% stake in Sterling Bank is now worth ₦2.2 billion, down ₦300 million.
His capital market holdings thus amount to ₦20.7 billion, down by ₦800 million.
Tony Elumelu
Elumelu has direct holdings of 189,851,854 shares in UBA and indirect holdings of 2,083,024,416 shares. UBA has since dropped to ₦10.50 per share, leaving his holdings valued at ₦23.8 billion, down by ₦900 million.
The value of his holdings in Africa Prudential remains largely unchanged at ₦1.02 billion. He has an indirect holding of 256,238,449 shares through Heirs Holdings Limited.
The valuation of his holdings in Afriland properties has dropped from ₦250 million to ₦218 million, down by ₦32 million.
Elumelu has an indirect holding of 78,185,694 shares through HH Capital Limited in Afriland Properties Limited. Afriland is a real estate firm listed on the NASD OTC Exchange.
The value of his holdings in Transcorp Plc have since dropped slightly from ₦1.5 billion to ₦1.4 billion, down by ₦100 million. He has 1,010,731,556 shares in the conglomerate.
His total holdings in the capital market thus valued at ₦26.4 billion, down by ₦1.03 billion.