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Billionaire Watch

Top Nigerian billionaires and their contributions to the fight against COVID-19

Nigeria’s top billionaires have donated billionaires to support the fight against the Covid-19 pandemic.

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Folorunso Alakija,Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

When Chinese billionaire and co-founder of Alibaba, Jack Ma, announced his intention to support Africa’s fight against Covid-19 by donating essential medical supplies, Nigerians reacted with immense gratitude.

And then almost immediately, the attention shifted to Nigeria’s own billionaires. Nigerians wanted to know what the country’s top business elites were doing to support their country which, unfortunately, is one of those hat have been plagued by the pandemic.

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A couple of days later, the Nigerian Private Sector Coalition Against COVID-19 was announced as the umbrella body under which industrialists and corporate organizations would donate funds to support efforts in combating the contagious virus.

Fast-forward to a fortnight later, the donations have grossed N15.325 billion, thanks to the magnanimity of almost 40 donors comprising of individuals and corporate bodies.

Let’s now focus on some of the top Nigerian billionaires who rose to the occasion and contributed to the good cause.

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(READ MORE: COVID-19: CIBN supports Lagos with N20million)

Aliko Dangote

The successful businessman rose to the occasion by collaborating with the Central Bank of Nigeria to lead the Private Sector Coalition Against COVID-19. The purpose of the coalition was to mobilise private sector leadership and resources to increase general public awareness and provide support to healthcare facilities during the crisis.

He also teamed up with Access Bank Plc to provide treatment, testing, training and isolation centers across the country.

Aliko Dangote then made a personal donation of N2 billion to support the cause.

The famous industrialist has consistently maintained his position on top of Forbes Africa’s list of richest Africans. As the majority owner of Dangote Industries Ltd, Aliko Dangote is a force to reckon with in the business world.

Aliko Dangote rallies private sector operators against COVID-19,Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

Alhaji Aliko Dangote

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Femi Otedola

Mr. Otedola announced his donation of N1 billion to the relief fund via his Instagram and Twitter handles. According to him, “We must all do what we can to flatten the curve.”

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Femi Otedola was the Chairman of Forte Oil Plc (now Ardova Plc) until early 2019 when he divested his stakeholding in the oil and gas company.

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With an estimated net worth that is close to $1 billion, Femi Otedola is known for his generosity. Not too long ago, he donated N5 billion to the Save the Children Foundation to support destitute children in Nigeria’s Northeast region.

Abdulsamad Rabiu

Rabiu made a cash donation of 1 billion Naira through the BUA foundation and took it a step further by placing orders for additional equipment and medical supplies including testing kits and protective gear to nine states across the country: Lagos, Kano, Adamawa, Edo, Kwara, Rivers, Abia, Akwa-Ibom and Sokoto.

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“Each of these nine states will receive about 100,000 protective facemasks, 1000 high-grade medical protection and isolation gear, 2000 protective goggles, 1000 gloves and 1000 testing kits among other things,” Rabiu stated.”

Abdulsamad Rabiu is the founder of BUA Group, a conglomerate that engages in the sugar refining, cement manufacturing, real estate, and port operations.

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He is the third richest man in Nigeria, according to Forbes with $3.13 billion net worth.

Note that BUA Group also made a separate donation of N300 million to Sokoto, Edo and Ogun States to help trigger a coordinated response in the fight against COVID-19. BUA Cement has its major operations in the beneficiary states, even as Ogun State was selected as a beneficiary due to its proximity to Lagos, the epicenter of the Coronavirus in Nigeria. 

CCNN, Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

Abdulsamad Rabiu, Chairman CCNN

(READ MORE: Covid-19 Update in Nigeria)

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Folorunsho Alakija

Africa’s second richest woman donated the sum of N1 billion. The donation was made through Famfa oil, which she owns, and with the name Modupe and Folorunsho Alakija.

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Her tweet provided a breakdown of how the money is to be allocated:

  • N250 million to the Nigerian Centre for Disease Control (NCDC) and the Lagos State Government each.
  • The remainder of the funds is to be shared among African Centre of Excellence for Genomics of Infectious diseases, frontline health workers in Lagos and Abuja, the supply of medical equipment to the relevant organizations and the Dr. Ameyo Stella Adadevoh (DRASA) health trust.

Folorunsho Alakija is the founder of Famfa Oil. She also has business interests in fashion and printing, and is estimated to be worth $1 billion according to Forbes.

(READ MORE: COVID-19: Figure hits 190 as Nigeria records 6 new cases)

 

(READ MORE: COVID-19: MTN promises 300 free SMS per month)

Tony Elumelu

This successful businessman and Chairman of United Bank for Africa Plc made a personal donation of N1 billion to support the fight against COVID-19.

Africa needs massive capital investment in power, human resources to drive economic growth – Elumelu at the UK Africa Investment Summit, Tony Elumelu and his knack for appointing women to key positions, Tony Elumelu’s Heirs Holdings unveils plan to launch Falomo Mall, Elumelu named in Ebony Power 100 List for 2020, Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

This is besides the N5 billion which was donated by UBA Group. While commenting on these donations, Elumelu said:

“We commend the efforts of governments and we are keen to partner and contribute our resources to the collective effort, that will ensure the response to the pandemic is swift and effective.”

The businessman is an economist and entrepreneur with investments in Heir Holdings, United Bank for Africa Plc, and Transcorp. He is also the founder of the Tony Elumelu Foundation. He has a net worth of about $900 million as of January 2020.

(READ MORE: COVID-19: Lagos discharges 11 patients)

Jim Ovia

This billionaire also donated the sum of N1 billion. He is the founder of Visafone Communications Ltd which was later acquired by MTN. He currently serves as the Chairman of Zenith Bank Plc and has a net worth of $870 million.

Oba Otudeko

The chairman of FBN Holdings Plc and founder of Honeywell Group donated the sum of N1 billion to the CACOVID relief fund. The man has a net worth of over half a million dollars.

Segun Agbaje of Guaranty Trust Bank  Plc and Herbert Wigwe of Access Bank have also donated N1 billion each.

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

26 Comments

26 Comments

  1. Bunmi obakoya

    April 8, 2020 at 11:46 pm

    God bless you all

  2. Esomchi

    April 9, 2020 at 7:03 am

    Now the office has been burnt by fire.Thank God that none of my Brother’s sweat is among,south east be wise.

  3. OBORAKORE SAMUEL ABRAHAM

    April 9, 2020 at 4:12 pm

    What really happened to the money, that our good citizen had donated to help our country,

  4. Anonymous

    April 12, 2020 at 1:36 pm

    Thanks may God pay you people double upon double. Amen

  5. Matthew

    April 13, 2020 at 3:53 pm

    God bless you all in Jesus name

  6. Anonymous

    April 13, 2020 at 3:56 pm

    But we’ve not really seen the effect of this generosity, please what is happening to the money, Nigerian’s need an explanation.

  7. Matthew

    April 13, 2020 at 4:00 pm

    But we’ve not really seen the effect of this generosity, please what is happening to the money, Nigerian’s need an explanation.

  8. Amao opeyemi

    April 13, 2020 at 4:04 pm

    pls kindly save nigeria, we are hungry

  9. Fortune

    April 14, 2020 at 5:51 pm

    All I see is AUDIO DONATIONS..

  10. E.M George

    April 14, 2020 at 10:27 pm

    Pls where are the billions of Naira donated by our billionaires? People are hungry, the monies not getting to the people. What is happening?

  11. Mike Olaleke

    April 15, 2020 at 10:28 am

    Kindly give us something to eat from all this donations we’re hungry

  12. Ismail Abdur Razaq Arikeusola

    April 15, 2020 at 1:55 pm

    I’m still worried about nigerian’s hunger despite all these huge amounts donated….!

  13. Anonymous

    April 15, 2020 at 4:15 pm

    Abeg oo oo oo na to go rub na wetting remain be dat

  14. Ojochona Sunday Godwin

    April 15, 2020 at 6:53 pm

    Good bless you abundantly as you assisting the peoples of Nigeria,this are the good leaders

  15. MUktar umar kanya

    April 17, 2020 at 9:08 pm

    Comment:Thnk u all for ur donation,but u ar advs 2 giv to those needed.but not govt,they prepare 2 liv themselve nd their childreen.but not we the citizen.

  16. Mustapha shaibu

    April 20, 2020 at 3:57 pm

    Thanks you all for your donate to help Nigerian may Almighty God bless you all.
    Am use this opportunity to plead you all no any amount is too small please am very hungry 2218357718

  17. panas Denis

    April 20, 2020 at 8:42 pm

    Comment:please nigeria leaders hungry will kill us not covid-19 please help

  18. Anonymous

    April 20, 2020 at 10:48 pm

    Thanks you all, let me not hide my feelings my fellow Nigeria, help hungry Don finish my family, no amount is small,, 0028133066 access, Jon ogb i

  19. Concerned citizen

    April 20, 2020 at 10:52 pm

    There is something I want to tell our so-called billionaires and banks. If you people don’t pay attention to the people’s cries of hunger, they will keep coming out and the virus will keep spreading, and guess what- your businesses will fail! Bet me.

  20. Friday N Stanbic

    April 22, 2020 at 7:55 pm

    A man who act is likely to excel.From your benevolent spirit and generosity push in mind to contribute big in our government account to combat covid19,God will through…

  21. thomas dennis

    April 23, 2020 at 10:09 am

    Comment: thank us for our people in nigeria d almight god we bless us double double.

  22. Okodi pretty

    April 25, 2020 at 9:47 am

    God bless you all and keep you.

  23. Femi Omodara.

    April 26, 2020 at 6:25 pm

    The donated money should be spent on provision of medical infrastructure to enable people receive treatment in Nigeria.lt should not be put where snakes and rats will swallow.
    Kudos to our public spirited men and ladies who helped the Masses.
    Femi Omodara.

  24. DARA

    May 2, 2020 at 11:37 pm

    DO YOU NOT THINK YOU SHOULD GIVE MORE INFO BECAUSE IT SUCKS A LOT

  25. Chuks

    May 12, 2020 at 10:37 pm

    If Oba has a net worth of half a million dollar, then where did he get the N1 billion he donated?

  26. T M Mathai

    May 16, 2020 at 1:26 pm

    We comment policies of CBN Governor not allocating forex for importation of about 42 items which can be produced in this country. FG should encourage local production. So many items like Pharmaceutical products, food, sanitizer, mask etc. can be produced locally. Nafdac as a regulatory body has failed to encourage local manufacturers. There is so much delay in Nafdac for processing by manufacturers. We should not depend on other countries like China n India for finished goods. Only raw materials should be allowed to be imported. Now rice is produced locally bec of CBN initiative in time. Why not extend this to other products like Pharmaceuticals to generate employment and saving foreign exchange.

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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.

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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.

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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.

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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.

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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).

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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.

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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 

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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).

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

 

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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.  

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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.

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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.

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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).

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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

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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.

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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).

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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.

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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.

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

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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.

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