Billionaire’s watch is a weekly column where we look at happenings around the billionaire investors on the Nigerian Stock Exchange (NSE). In today’s edition, we break down how Jim Ovia could earn over a billion as interim dividends from his holdings at Zenith Bank, as well as note Austin Avuru’s birthday.
Billionaire founder/ Chairman of Zenith Bank Plc may be in for a major payday this month, as the bank declared an interim dividend of N0.30 per share for the half year ended June 2018. This amounts to N9.42 billion.
An interim dividend is usually paid before the company’s full financial year.
Ovia’s direct holdings in the bank comprise 2,946,199,395 shares held in his name. His dividends from his direct holdings thus amount to N883,859,818.
The billionaire also holds 1,513,137,010 shares through the following entities: Institutional investors Limited, Lurot Burca Limited, Jovis Nigeria Limited, Veritas Registrars Limited, Zenith General Insurance. Dividends from his indirect holdings thus amount to N453,941,103.
In total, he will earn N1,337,800,921 from interim dividends. Ovia, has thus earned over N9.3 billion in the last one and a half years, having earned an estimated N7.95 billion as dividends last year.
Zenith Bank closed at N21.85 in Monday’s trading session on the Nigerian Stock Exchange (NSE) giving his holdings a valuation of N97.4 billion.
The bank will be paying the dividend to shareholders on the 29th of August 2018.
Austin Avuru turns 60
Oil and gas billionaire, Austin Avuru marked his 60th birthday a few days ago. Avuru was appointed Chief Executive Officer (CEO) of Seplat Petroleum on May 1, 2010, and could be close to retirement. While Seplat’s terms and conditions of employment are unknown, the retirement age for most private firms in the country is fixed at 60.
Ojunekwu Augustine Avuru graduated in 1980 from the University of Nigeria, Nsukka with a degree in Geology. He then obtained a postgraduate diploma in Petroleum Engineering from the University of Ibadan, Oyo in 1992.
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 Platform Petroleum Limited merged with A.B.C Orjiako’s Shebah Petroleum Development Company to become Seplat Petroleum Development Company Plc.
Avuru’s shareholdings are valued at N 47.1 billion using Monday’s closing figures on the NSE.