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Meet the latest billionaires on the Nigerian Stock Exchange

The new listing has created some new billionaires and increased the valuation of already existing ones.



Nigerian Equity Market

Notore Chemical Industries Plc listed N1.61 billion ordinary shares of N0.50 each at N62.50 per share a few weeks ago on the Nigerian Stock Exchange (NSE). At its listing price, this amounted to a market capitalisation of N100.63 billion.

The new listing has created some new billionaires and increased the valuation of already existing ones.

Here is a brief profile of the billionaires.

*Valuations are calculated using Notore’s closing share price on the NSE as at August 14, 2018.

Onajite Okoloko, Managing Director, Notore Chemical Industries.

Onajite Paul Okoloko

Onajite Paul Okoloko is the Group Managing Director and the Chief Executive Officer of Notore Chemical Industries Plc.

Mr. Okoloko was one of the founding partners of the Ocean & Oil Group, which was incorporated in 1994. He was the Managing Director and Chief Executive Officer of Oando Energy Services, an integrated oil service subsidiary of Oando, from 1994 to 2006. He is currently the Chairman of the board of directors of Midwestern Oil and Gas Plc.

Okoloko graduated from the University of Benin, Nigeria in 1986, with a Bachelor’s Degree in Economics. He is also an alumnus of the Harvard Business School OMP Programme (2008).

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He has holdings of 4,218,670 or 0.21% stake in the firm, held through Okmine Global Ventures valued at N263,666,875.

Okoloko has an indirect stake of 400,308,279 shares in the company amounting to a 24.8% stake. At yesterday’s closing share price, this amounts to about N25 billion.

His total holdings in the company are thus valued at N25.2 billion. 

Michael Osime

Michael Osime graduated from the University of Lagos in 1981 with a degree in Actuarial Science. He also has an MBA from the Strathclyde Business School in Glasgow, obtained in 1985. He is a Fellow of the Chartered Institute of Stockbrokers.

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He is the Managing Director and Chief Executive Officer of ICMG Securities Limited, a stock broking firm.

Michael Osime has 25,309,439 shares or a 1.57% stake in Notore Plc. This amounts to a net worth of N1.5 billion.

Mike Orugbo

Mike Orugbo graduated from the Department of  Electrical/Electronics Engineering at Auchi Polytechnic, Edo State in 1976. He obtained a BSc (Hons) degree in Instrumentation and Control Engineering from Teeside University, Middlesborough in 1983.

Orugbo worked for the Nigerian National Petroleum Corporation (NNPC) between 1977-1979 and 1983-1989. He founded O-Secul Engineering Company in 1989, which was later changed to O-Secul Nigeria Limited in 1997.

Mike Orugbo has 34,333,330  shares in Notore Plc, amounting to a 2.13%. At our cutoff date, this amounts to N2.1 billion.

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Richard Herb

Richard Herb has over two decades experience in the fertilizer industry.  He commenced his career in 1970 with International Minerals Corp. Illinois, USA, where he obtained extensive knowledge of production of Nitrogen, Phosphorus and Potassium fertilisers.

In 1985 he was appointed Managing Director of International Ore and Fertiliser in Brussels, Belgium, a division of Occidental Petroleum Corporation and worked closely with NAFCON for a period of 10 years.

Richard Herb has 25,309,439 shares or a 1.57% stake in Notore plc. This amounts to a net worth of N1.5 billion.


Notable mention

General Theophilus Yakubu Danjuma (RTD)

Danjuma, through TY Holdings, has an 8.04% stake in Notore Plc amounting to  29,629,630 shares. At the current share price, this gives a valuation of N8.1 billion.

General TY Danjuma has been a recurrent member on Nairametrics’ billionaire watch list, by virtue of his holdings in May & Baker Plc, as well as holdings in blue-chip firms not publicly disclosed. Though not present on the board, TY Holdings is an investment vehicle which he exercises significant influence over.

T.Y. Danjuma, GCON, is the Chairman of May & Baker Nigeria Plc and once bailed the company from financial straits with a multi-billion Naira loan.

He had once been the Chief of Army Staff of the Nigerian Army from 1975 to 1979, and Minister of Defense for the Federal Republic of Nigeria from June 1999, to March 2003.

Though largely known for his service in the military, Danjuma has also proven to be an astute businessman.

He has 254,841,302 units of shares in May & Baker Plc, valued at N581 million, going by yesterday’s closing price of N2.26 per share.

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]

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