Connect with us
nairametrics
UBA ads

Billionaire Watch

Oyo State Governor, Seyi Makinde is worth over N48bn

The Oyo State Governor, Seyi Makinde, publicly declared his assets, as a fufilment to his polictical campaign and he is worth over N48 billion.

Published

on

Seyi Makinde

As part of the fulfillment of his campaign promises, the Oyo State Governor, Seyi Makinde has declared his assets. He is worth over N48 billion.

In a statement by Taiwo Adisa, the Chief Press Secretary to the Governor, Makinde had cash at hand and in the bank worths N234,742,296.01, as of May 28, 2019.

UBA ADS

Records of his property: The Secretary stated that the Asset Declaration Form contained details of cash at hand, in the bank, landed property (developed and undeveloped), household items, shares and bonds own by the governor, Omini Makinde, his wife, and his companies.

[READ ALSO: Gossy Water returns as Governor Fayemi commissions production plant]

 

GTBank 728 x 90
 Oyo State Governor Seyi Makinde

Oyo State Governor, Seyi Makinde

Cash in dollar terms: The Governor had cash valued at $30,056.99 as at the same date. Property, including the developed and undeveloped, as well as household items indicated on the asset forms, showed that the governor is worth N2,624,800,500 as at the date of asset declaration.

[READ ALSO: Oyo State seals Obasanjo Farms over tax evasion]

Property in dollar terms: His property, in dollars terms, developed and undeveloped, as well as household items, were valued at $4,400,000.

Property in Rand: The governor declared buildings and household items worth R4,457,554.04. He also declared details of nine buildings in Nigeria, two in the United States of America and one in South Africa.

The worth of his companies: In the statement, the current value of Makinde’s companies stands at N48,150,736,889, with 33,730,000 units of shares as of May 28, 2019.

app

List of his companies: Companies owned by the State Governor include:

  • Makon Engineering and Technical Services Limited;
  • Energy Traders and Technical Services Limited;
  • Makon Oil and Gas Limited;
  • Makon Group Limited,
  • Makon Construction Limited; and
  • Makon Power System Limited.

His Worth in Eurobond and Securities: Makinde is worth $3,793,500 Eurobond as well as shares, debentures and other securities valued at N120,500,000.

beyondperception

The governor has urged the members of his cabinet to follow his lead by making details of their assets public.

Coronation ads

“I came here to collect the photocopy of the form that I signed in fulfillment of the campaign promise to the people that I will declare my asset publicly and release the document to the public. I will encourage all the members of my cabinet to do the same thing but in as much they stay within the ambit of the law, I will encourage them to do the same.”

[FURTHER READ: This is when I will devalue the naira – Emefiele]

thegreenafricaproject 300x250

first bank
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Billionaire Watch

More gains than losses for Nigeria’s billionaires in Q2, 2020

The reasons for this could be the crisis that we saw in the global oil sector.

Published

on

After a dramatic first quarter which ended with the declaration of a nationwide lockdown, Nigeria’s billionaires and entrepreneurs entered Q2 2020 uncertain of what the pandemic held for them.

The lockdown and restrictions on inter-state movement had lots of implications for all sectors of the economy, including the consumer goods sector which was allowed inter-state movement. The cost of transportation increased, with implications on the end-cost of the goods.

UBA ADS

Amidst all of these, stock trading continued with the usual rise and fall which characterises the bourse. This article looks at the gains and losses of Nigerian billionaires in the midst of the drama that became a feature of the new normal.

READ ALSO: Aliko Dangote Foundation Engages 54gene Laboratory to Conduct 1,000 COVID-19 Tests per Day in Kano

Interestingly, there are major gains across the different sectors except for the oil and gas sector where we see a dip. The reasons for this could be the crisis that we saw in the global oil sector. Let’s see the millions lost and gained.

GTBank 728 x 90

Jim Ovia

Jim Ovia is not only the founder of Zenith Bank Plc, 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 not hidden; hence our ability to ascertain his losses in the quarter.

The stock market opened on April 1 with a share price of N11.40 for Zenith bank shares. At this time, Ovia’s total 5 billion shares were worth N57 billion (N57,676,435,017).

After an interesting and highly positive quarter, the share price ended at N16.1 at the close of trading on June 30. With this, the worth of Ovia’s shares rose to N81.45 billion (N81,455,316,120.50).

READ MORE: Top 10 Stockbrokers trade N391.9 billion in Q1 2020 despite bearish market

The Delta-born billionaire gained an impressive N23.78 billion in the quarter.

app

Herbert Wigwe

Group MD/CEO of Access Bank, Herbert Wigwe directly owns 201,231,713 shares and indirectly controls 1,157,082,349.75 shares with the bank, summing up to 1,323 billion shares.

As at April 1, a unit of Access Bank share was worth N5.75, putting the worth of Wigwe’s 1.32 billion shares at N7.97 billion (N7,607,381,738.25).

beyondperception

When there was a dip in share price in June, Wigwe purchased shares amounting to 7,546,458 shares, and this brings his indirect shares to 1.129 million shares.

Coronation ads

In addition to the 201,231,713 shares which he directly owns, Wigwe now has a total of 1.33 billion shares under his control.

READ ALSO: World Bank’s $2.5bn loan will hurt Nigeria’s economy – LCCI 

thegreenafricaproject 300x250

At the close of the quarter, on June 30, Access Bank shares closed the trading day with a unit share price of N6.55.

The market value of Wigwe’s 1.33 billion shares (both direct and indirect) grew to N8.7 billion (N8,715,229,367).

GTBank 728 x 90

Within the three-month period, Wigwe gained N1.1 billion (N 1,107,847,628.75) in his Access bank shares, from the appreciation in share price and gains on the additional shares he purchased.

Tony Elumelu

Founder and Chairman of United Bank for Africa Plc, Tony Onyemaechi Elumelu (TOE) had a total of 2.3 billion (2,304,211,118) units of shares – 190,100,234 direct and 2,114,110,884 indirect shares, valued at N11.4 billion (11,405,845,034.10) at the unit price of N4.95 on April 1.

He made a purchase of 45,378 additional shares between May and June to slightly increase his direct shares to 190,145,612, and total shares to 2,304,256,496 units.

UBA’s share price was N4.95 on April 1 and N6.25 at the close of trading on June 30; a major growth for TOE and his 2.3 billion shares.

GTBank 728 x 90

The total worth of Elumelu’s shares grew significantly from N11.4 billion on April 1 to N14.4 billion (N14,401,603,100) on June 30.

app

READ ALSO: Nigerian billionaires lose billions amid COVID-19 pandemic

The billionaire gained N2.9 billion (N2,995,758,065.9) by the end of the second quarter, from the increase in share price and gains on the additional units bought.

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

Austin Avuru

Standing odd among the billionaires is co-founder of Seplat, Austin Avuru, the only one who recorded a loss for the quarter.

Avuru indirectly owns about 58,970,463 indirect shares in the oil and gas company, after selling off his direct shares.

However, the company awarded Avuru some shares under the Long-Term Incentive Plan for Directors, as well as some under the deferred bonuses, totaling to 1,774,436 units of shares. This addition now brings his shares to 60,744,889 units.

A stock price of N544.5 as at April 1 showed that these stocks were worth N33 billion (N 33,075,597,506) at the start of the quarter.

On June 30, unit share price had plummeted to N386 and Austin Avuru’s shares were worth N23.44 billion (N 23,447,531,014).

He lost N9.6 billion (N 9,628,066,492 loss) in the quarter.

READ ALSO: Disclosed insider dealing seen impacting share prices.

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 N13.15 on April 1, and closed at N21.00 at the end of trading on June 30.

This trend puts the value of Adenuga’s 619.55 million shares at a market value of N8.14 billion (N8,147,191,947.45) on April 1, and N13 billion (N13,010,724,783.00) at the close of the quarter.
Adenuga gained N4.86 billion (N4,863,532,835.55) in the second quarter of 2020.

READ MORE: What you need to know about proposed tariff review by DisCos

Aliko Dangote

Nigeria’s richest man, Aliko Dangote owns both direct and indirect shares in the companies that make up the Dangote Group.

For Dangote Sugar, the share price opened the quarter at N8.90 and appreciated through the quarter to close at N12.00 on June 30.

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 upward trend in share price caused the worth of his shares in the company to rise from N78 billion (N78,102,317,525.50) on April 1 to N105 billion (N105,306,495,540.00) on June 30, 2020.

Aliko Dangote gained N27 billion (N27,204,178,014.50) in his investments in Dangote sugar in the period under review.
Dangote Cement share price also had an upward trend from N116.80 on April 1 to N127 at the end of June 2020.

As head of the Dangote Group, Aliko Dangote has 14.5 billion direct shares in the company and another 27 million share units which he indirectly controls through Dangote Industries Limited.

This brings the total shares under his control to N14.5 billion (14,527,958,138) units.

READ ALSO: These billionaires are set to cash out as banks pay interim 2019 dividends 

As at the beginning of the period, all 14.5 billion shares were worth N1.69 trillion (N1,696,865,510,518.40) at the market share price of N116.80. By the end of the period, the value had grown by N148 billion to N1.84 trillion (N1,845,050,683,526.00).

Adding his gains in Dangote sugar with that of Dangote Cement, we can see that the billionaire grew richer to the tune of N175 billion (N 175,389,351,022.10).

NASCON share price went up from N8.50 to N10.50 at the end of the period. However, the number of shares that Aliko Dangote owns in NASCON are not publicly available, so whatever gains he might have made from NASCON are not included in this figure.

Abdulsamad Rabiu

Abdulsamad Rabiu owns 19 billion (19,044,995,225) direct shares and 12,225,657,356 indirect shareholdings through 3 companies, totalling to 31.2 billion (31,270,652,581) units in BUA Cement.

BUA Cement stocks sold at N35.3 for a unit on April 1, and closed at N38.7 on June 30.

At the beginning of the quarter, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.1 trillion, and by the end of Q2, the value of the shares had risen well above N1.2 trillion.

Rabiu gained over N106 billion (N 106,320,218,775) in Q2, 2020.

Summary: Gains/losses (N’billion)

  • Austin Avuru – 9.628
  • Aliko Dangote – 175.389
  • Mike Adenuga – 4.863
  • Elumelu Tony – 2.995
  • Jim Ovia – 23.778
  • Herbert Wigwe – 1.107
  • Abdulsamad Rabiu – 106.32

Download the Nairametrics News App

Note: Although these billionaires 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.

first bank
Continue Reading

Billionaire Watch

Atedo Peterside resigns as Chairman of Cadbury Nigeria’s Board of Directors 

NSE announced the resignation of Mr. Atedo Peterside which took effect on the 30th of June 2020.

Published

on

Atedo Peterside resigns as Chairman of Cadbury Nigeria’s board of directors 

Chairman of the Board of Directors of Cadbury Nigeria Plc, Mr. Atedo Peterside, has resigned.

In a notification signed by Cadbury Nigeria’s Company Secretary, Fola Akande, and sent to the Nigerian Stock Exchange, it was announced that the resignation took effect immediately. In other words, Mr Peterside resigned from the board effective 30th June 2020. He resigned in order to concentrate on other interests.

UBA ADS

Download the Nairametrics News App

Note that this brings to an end Atedo Peterside’s ten-year reign as the Chairman of Cadbury Nigeria’s board of directors. He took over leadership of the board on the 21st of April 2010 after joining the company in 2009 as a director.

“The Board of Directors of the Company acknowledge and sincerely express their gratitude to Mr. Peterside for his leadership, service and immense contributions to Cadbury Nigeria Plc while he was on the Board and wish him all the best in his future endeavours” part of the statement by Cadbury Nigeria said.

GTBank 728 x 90

READ MORE: Atedo Peterside resigns from Flour Mills’ board to focus on NGO

Recall that back in April this year, Mr Peterside resigned his position as a Non-Executive Director of Flour Mills Nigeria Plc, to focus on ANAP Foundation, a non-governmental foundation he founded.

Also in April, he resigned from the board of Nigerian Breweries Plc as well as Unilever Nigeria Plc for the same reasons.

 

first bank
Continue Reading

Billionaire Watch

Stock Market rains big for Nigerian billionaires in May

The gradual easing of the lockdown, which started on May 1, appears to have brought some relief to these men, giving them room to recover some of the earlier losses.  

Published

on

The news of the lockdown hit raw nerves across all sectors in Nigeria. One thing that was obvious from the onset was that everyone was going to be hit somehow, but what no one could say for sure, was how.

Nairametrics had earlier examined the first 12 weeks of COVID-19 in Nigeria, and found that Nigeria’s billionaires lost billions between February and April. However, the gradual easing of the lockdown which started on May 1, appears to have brought some relief to these men, giving them room to recover some of the earlier losses.

UBA ADS

Jim Ovia
Zenith bank founder Jim Ovia is the largest individual shareholder with 3,546,199,395 direct shares and 1,513,137,010 indirect shares.

Zenith bank closed April at N14.3, putting the value of Ovia’s total 5,059,336,405 shares at N72,348,510,591.5 (N72.35 billion).

During the month of May, the share appreciated by 18.2%, and was worth N16.9 at the end of trading on May 29.

GTBank 728 x 90

With this, the worth of Ovia’s 5,059,336,405 shares increased by N13.15 billion to N85,502,785,244.50.

The volatility of the shares in the previous quarter had seen the billionaire lose about N21.2 billion, but May 2020 sure gave him a chance to recover some of this.

READ ALSO: Forbes 2020 world’s richest rankings: Only 4 Nigerians make exclusive billionaires list

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, totalling to 1.39 billion shares.

At N6.60 per unit, the total shares were worth N9.15 billion (N9,147,018,596.1) on April 30.

Access bank stocks moved upwards to N7.1, bringing the worth of the stocks to N9.84 billion (N9,839,974,550.35).

app

Wigwe’s stock value gained N692.96 million, a mild compensation for losing N2.22 billion in the first 12 weeks of COVID-19 presence in Nigeria.

READ MORE: Herbert Wigwe sells 28.8 million Access Bank shares

beyondperception

Aliko Dangote
Dangote Cement shares were worth N130 at the end of April, having had a rough first quarter. However, the price improved over the next four weeks and ended May 29 at N139 per unit.

Coronation ads

Aliko Dangote directly owns 14,500,315,501 shares in Dangote Cement Plc, as well as 27,642,637 shares which he controls through Dangote Industries Limited.

All 14,527,958,138 shares were worth N1.88 trillion (N1,888,634,557,940) on April 30, and the value increased to N2 trillion (N2,019,386,181,182) by May 29, an increase of N130 billion (N130,751,623,242).

thegreenafricaproject 300x250

A similar trend is also seen in Dangote Sugar where share price increased from N12.45 on April 30 to N12.90 at the close of trading on May 29.

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.

GTBank 728 x 90

All shares were worth N109 billion (N109,255,489,123) on April 30, and appreciated through the month of May to close at N113 billion on May 29.

From the increase in the market share price of Dangote Sugar, Aliko Dangote became N3.9 billion (N3,948,993,583) richer.

Summing up the gains in Dangote Cement and Dangote Sugar, we can see that the billionaire added another N134.7 billion (N134,700,616,825) to his worth.

This article does not include calculations for NASCON. Aliko Dangote is not listed on the board, hence, there is no way to confirm the exact amount of stocks he owns in the company.

GTBank 728 x 90

However, NASCON allied shares were worth N10.05 on April 30 and made a 10.4% increase to N11.10 by May 29.

app

READ MORE: Dangote: The King cement maker moving against all odds

Tony Elumelu
The popular TOE, as he is called, controls a total of 2,304,211,118 units of shares – 190,100,234 direct and 2,114,110,884 indirect shares.

UBA’s shares tried to regain losses from earlier months, and moved from N6.05 on April 30 to N6.65 on May 29.

The total worth of Elumelu’s 2.3 billion shares appreciated from N13,940,477,263 on April 30 to N15,323,003,934 on May 29, giving the billionaire an additional N1.38 billion (N1,382,526,670.8).

Compared to the N1.49 billion lost in the preceding 12 weeks, Elumelu clearly recovered most of the earlier losses.

Abdulsamad Rabiu
The merger of CCNN and Obu cement gave birth to BUA cement. The 2019 financials from the company shows that Rabiu owns 19 billion (19,044,995,225) direct shares.

He also has indirect shareholdings through 3 companies, totalling to 12.2 billion (12,225,657,346) units.

BUA cement stocks ended April 30 at N32.60 and appreciated by 28% to N42 per unit at the close of trading on May 29.

By April 30, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.01 trillion (N1,019,423,273,814.60) at N32.6 per unit, and by the end of trading on May 29, the market value of the same shares had risen to N1.31 trillion (N 1,313,367,407,982.00).

The billionaire’s worth added N293.94 billion (N 293,944,134,167.40) representing a 28% gain, and making him the highest billionaire gainer in the period under review.

Mike Adenuga
As 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 closed at N17.4 on April 30, putting the value of Adenuga’s indirect shares at N1.79 billion (N1,796,719,128), and his direct shares at N8.9 billion (N8,983,595,692.2), totalling to N10.78 billion.

Conoil gained 20.7% in May, and ended at N21 per unit share at the end of trading on May 29.

With this, the total shares were worth N13 billion; direct – N10,842,270,663 and indirect – N 2,168,454,120.

After losing N371 million in the preceding 12 weeks, it must have been refreshing to gain some N2.23 billion in four weeks.

Austin Avuru
However, the month of May was not profitable for the co-founder of Seplat, Austin Avuru, who indirectly owns about 58,970,463 indirect shares in the oil and gas company.

A stock price of N494.4 as at April 30 showed that these stocks were worth N29.15 billion (N29,154,996,907.2).

At the share price of N476.4 on May 29, Austin Avuru’s shares were worth N28,093,528,573.20.

He lost another N1.06 billion, after an earlier loss of N6.5 billion between February to April.

In all, Seplat stocks have fallen some 28% from January till May 29. Sad loss for Avuru.

Summary
Billionaire
Gain (N’billions)
% gains
Aliko Dangote
134.7
6.74%
Tony Elumelu
1.38
9.9%
Jim Ovia
13.15
18.2%
Herbert Wigwe
0.69
7.6%
Austin Avuru
-1.06
-3.6%
Mike Adenuga
2.23
20.7%
Abdulsamad Rabiu
293.94
28%
Note: The stock figures, and prices used in the analysis above was sourced from the Nigerian Stock Exchange (NSE) website.

first bank
Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
first bank
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement