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Billionaire Watch

Aliko Dangote and his slide from $25 billion to $7 billion

Not many can claim ignorance of the fact that Aliko Dangote is Africa’s richest man for almost a decade, he is not worth half as much as he was in 2014. 

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Not many can claim ignorance of the fact that Aliko Dangote is Africa’s richest man and has been for almost a decade.

What many do not know, however, is that despite remaining the richest man in Africa for nine consecutive years, Aliko Dangote of 2020 is not worth half as much as he was in 2014.

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Dangote had been in business for more than a decade before deciding to transit from merely importing products to resell in the Nigerian market, to actually producing them in 1997. This was the year he set up a plant to produce what he had been importing in the previous years – sugar, salt, flour and pasta.

He also acquired a state-owned cement company – Benue Cement Company (BCC) – and set about expanding its operations. This marked the turn-around in his fortunes and that of Nigeria.

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

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The next step was to list the companies in the Nigerian Stock Exchange, and this started in October 2010 with the listing of Dangote Cement. This must have been the game-changer for Dangote because, by the next year, his name was listed as number 1 in Forbes list of African billionaires.

By August 2014, Dangote Cement stocks were accounting for 20% of the total market capitalization of the Nigerian Stock Exchange, and the value of the stocks was growing astronomically.

Since then, Dangote has remained number 1 on the list, even though his position on the global ranking has not been too predictable.

The rest, as they say, is history.


But why don’t we take a look at history and see how the Billionaire’s fortunes have fared over the years.  

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Dangote first became richest African in 2011, with a net worth of $13.8 billion, a major increase from $2.1 billion the previous year.

(READ MORE: 10 fantastic things Aliko Dangote has done in the last 10 years)

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This placed him in the 51st position on the global ranking, and second in the Middle East and Africa, second only to Saudi Prince Alwaleed bin Talal Alsaud who was worth $19.6 billion.

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In March 2012, there was a slight decline to $11.2 billion.

In March 2013, his worth had risen to $16.1 billion, and by June 2013 Dangote went down in history as the first African entrepreneur to hit a personal net worth of $20 billion.

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In February 2014, Aliko Dangote’s worth hit the highest ever at $25 billion.

Then the decline started.

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In February 2015, his net worth dropped to about $22 billion.

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In January 2016, Forbes reported that Dangote’s worth had dropped by $3 billion dollars between December 31, 2014 and December 31, 2015, placing his worth at $17 billion. Two months later, it dropped further to $14.4 billion.

(READ MORE: Lafarge, Wema, UBA, Dangote Sugar lead weekly gainers’ chart)

By end of December 2016, Forbes reported that based on the stock prices and exchange rates at the time, Dangote was only worth $12.4 billion, making him one of the biggest billionaire losers for the year.

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Dangote’s multi billion-dollar refinery is 75% complete, Otedola says. Aliko Dangote and his slide from $25 billion to $7 billion


In February 2017, the mogul’s worth was put at $12.1 billion; still first on Africa’s list of billionaires.

In January 2018, Dangote’s net worth was $12.2 billion, about $100 million dollars up from the previous year. At this time, he had started moving away from cement gradually and had made investments into fertiliser production as well as the oil refinery which is soon to start operations.

In March 2019, Dangote was worth $10.8 billion, after pocketing $650 million dividends from Dangote Cement Plc.

In February 2020, Forbes estimate and ranking showed that Dangote’s net worth had dropped by another $200 million from $10.3bn in the previous year to $10.1bn.

On 11th of April 2020, Forbes again announced that the billionaire’s worth had dropped to $7.4 billion, even though he was worth $8.3B only four days earlier. (Dangote currently worth $8 billion, as at April 16, 2020).

NOTE: Net worth of billionaires on Forbes, which reflects changes since 5pm EST prior trading day, changes based on their share values.

(READ MORE: Dangote Cement woos investors with N100 billion issue)

One has to wonder how the genius businessman has stayed as the richest man in Africa despite the several drops in his worth over the years.

Dangote Cement reveals share buyback plans, Dangote Cement Plc: Frail macro conditions to pressure earnings in 2020, Aliko Dangote and his slide from $25 billion to $7 billion

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He is currently number 162 on Forbes list of billionaires around the world, and number 1 in Africa.


Why the fluctuations?

When Dangote’s net worth is to be calculated, the first thing to be considered apart from his personal stocks is stocks owned by the Dangote Industries Limited which he is a beneficial owner of. The DIL owns majority stocks across all subsidiaries in the Dangote Group, and added to Aliko Dangote’s personal stocks, one can see that Dangote’s net worth is largely reflective of the value of the stocks of the company in the Nigerian stock exchange.

For instance, as of March 2014 when his worth hit $25 billion, Forbes attributed it to the increasing value of the stock price of Dangote Cement Plc, making him $9 billion richer than he was a year earlier. The company had moved to become present in 15 African countries and its stock was up by 65%. However, this has changed in recent times, as the company’s stock price has also been on the decline.

According to our research findings,  the decline in this networth is due to the drop in the price of his shares in the Nigerian Stock Exchange. Nigerian stocks have largely falled over the years mostly due to the crash in oil prices that began in 2014.

(READ MORE: Dangote, Otedola, Elumelu, Ovia, others donate N19.48 billion to COVID-19 relief fund

Exchange Rate. 

Though the value of his stocks in the Nigerian bourse is an important factor, a more important and probably overriding determinant would be the exchange value of the naira to the dollar. Since the Forbes makes its estimates for global ranking purposes, the values have to be converted into the US Dollars for all the world billionaires.

According to Ajayi, the devaluation of the naira has played a critical role, because while he earns his money in naira, the ranking is done in dollars.

Ajayi was, however, optimistic that this trend would change for the billionaire as soon as the refinery kicks off operations.

“The refined products are going to be sold in dollar and I believe this would have a significant impact on his net worth. The oil refining business has a lot of dollar components and I think that is one of the attractions for him to go into that market,” he said.

(READ MORE:Dangote Cement Plc: Frail macro conditions to pressure earnings in 2020)

Over the years, the exchange rate of the naira to the dollar has been quite volatile, and Dangote finds himself on the receiving end of this volatility since his stocks are in the naira market.

Dangote Flour Mills shareholders unanimously approve company acquisition, Aliko Dangote and his slide from $25 billion to $7 billion   

A quick peek

  • In 2011, a dollar exchanged for N154.50, at about the same time Dangote’s net worth was $13.8 billion.
  • In 2012, an exchange of N157 to a dollar put his worth at $11.2 billion.
  • A dollar exchanged for N160 in 2013. At this time, Dangote was worth $20 billion.
  • In 2014, a dollar exchanged for an average of N164 and Dangote was worth $25 billion.
  • In 2015, the exchange went up to N199 to a dollar, while Dangote’s worth dropped to $22 billion.
  • In 2016, exchange was up to N300 to a dollar, and Dangote’s worth dropped again to $14.4 billion.
  • In 2017, exchange averaged between N359 to N362, while Dangote’s net worth was $12.1 billion.
  • In 2018, it was N364, and Dangote’s worth was $12.2 billion.
  • In 2019, it went as high as N391 to a dollar, while his net worth dropped to $10.8 billion.

The year 2020 has probably seen the most fluctuations in one quarter, as the first quarter of the year has seen the exchange rate sometimes soaring over N400 to a dollar, but never going below N360.

(READ MORE: COVID-19: President salutes Dangote, Elumelu, Atiku, Banks, others for support)

Aliko Dangote’s net worth started the year at $10.1 billion, declining later to $8.2 billion and currently $7.4 billion. The trend shows clearly that an appreciation in the value of the naira is more likely to give this billionaire a better ranking in the list of world’s billionaires.

Another investment expert, Mr Abimbola Olaniyi, opines that the decline of the billionaire’s net worth is significantly linked with the removal of some concessions which he enjoyed from the government before 2015.

According to Olaniyi, the billionaire had certain concessions in the area of cement production for the backward integration adopted by the government, which only allowed those with cement manufacturing plants to import cement. However, this concession was removed alongside others, putting Dangote at par with competitors and significantly affecting his net worth.

Well, considering that Dangote has investments in several unlisted firms, as well as some real estate investments which are not included in the net worth calculation since their value cannot be universally verified, one can safely conclude that his worth is well above yearly estimates drawn by Forbes.

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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]

12 Comments

12 Comments

  1. Anonymous

    April 16, 2020 at 7:45 am

    Need financiers business partners for cement n steel factory in fiji

  2. Okei Emmanuel

    April 16, 2020 at 7:59 am

    In every thing we do we aim at the jugular. I don’t know why someone would not want seek to end up in life as the greatest financial advisor in Africa.
    People want to be in competition with him, and and so a policy somersault is not often missing in his system.

    • Anonymous

      April 17, 2020 at 5:11 am

      I cannot comprehend your position.

  3. Pastor Anthony Anayochukwu Victory

    April 17, 2020 at 3:46 am

    For everyone that has attained greatness, they’re possibilities of he/she holding the stage for a period of 10 years (1decade) for another to surface (topple him/her).
    Meanwhile, it does not ends the person’s opportunity to bounce back to limelight, but coming to the level of the former greatest glory will require him/her springs up from another direction.
    Take or leave it, that’s the true principle of life.

  4. Anonymous

    April 17, 2020 at 12:07 pm

    Dangote still the richest man in African

  5. Ibrahim

    April 17, 2020 at 12:36 pm

    Yeah can be, because it was Dangote group before, but now is Dangote on his own.

  6. Tipa Mary Helen Ma-nyoh.

    April 17, 2020 at 12:50 pm

    Dangote is a GEM.
    An example of CHRIST.

  7. Jim Larry Ogueri Okeji

    April 17, 2020 at 4:10 pm

    He can still bounce back

  8. Octomom Net Worth

    April 18, 2020 at 10:22 pm

    God Help Us….. COVID 19 has destroyed alot

  9. Anonymous

    April 19, 2020 at 12:07 pm

    His winning card is most likely the refinery.

  10. Joseph Oduma

    April 28, 2020 at 10:18 pm

    Insightful. The truth is that dangote is not after being the richest man in Africa or in the world. As long as his business keeps rolling and new opportunities keeps flooding in,he won’t and can’t have any issue

  11. Anonymous

    June 23, 2020 at 4:37 pm

    I have less respect for government-backed businesses and entrepreneurs who the government shield from the competition. Rebranding yourself after years of enjoying sole importation license for different items into Nigeria is not impressive. I’m not sure why Nigerians love to hail people who with all their “wealth” have not systematically and significantly improved the lives of his people. I know of several people here in Europe and North America who are just millionaires but have significantly changed lives back in Africa – Hey! and they are not blacks!

    For those who wish to argue with me, keep hailing the richest man in Africa from the poorest region of the most populous country in Africa.

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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.

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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.

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.

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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.

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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