• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home People Billionaire Watch

Nigeria’s bank billionaires see net-worth fall by N10.3 billion in 2022 

As bank stocks tumble to selloffs in 2022 

Samuel Oyekanmi by Samuel Oyekanmi
January 1, 2023
in Billionaire Watch, Exclusives, Lifestyle & Entertainment, Metrics, Rankings
Prudential Zenith rolls out virtual services to help customers cope with COVID-19

Jim Ovia

Share on FacebookShare on TwitterShare on Linkedin

Key Highlights

  • 10 of the single largest shareholders of Nigerian banks lost N10.3 billion in 2022
  • They experienced the losses because banking stocks performed poorly in 2022
  • Tha banking index gained just 2.81% in 2022
  • Jim Ovia posted the most loss with N5.8 billion in losses.

A list of ten Nigerian billionaires with substantial stakes in publicly listed commercial banks lost a sum of N10.33 billion in 2022, following a significant downturn in banking stocks.

This is according to an analysis by Nairalytics – the research arm of Nairametrics. 

RelatedStories

Doctors

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
Small Business

15 things you don’t need to start a business in Nigeria 

July 15, 2025

The banking index of the Nigerian equities market managed a 2.81% gain in 2022 compared to 3.32% and 10.14% recorded in 2021 and 2020 respectively. This is attributed to huge selloffs in banking stocks, which saw the share price of most of the listed banks decline in the review year compared to the previous year. 

Meanwhile, the All-Share index, which is used to track the performance of the Nigerian equities market rallied by 19.98% in the year 2022, surpassing the 6.07% gain recorded in the previous year. However, it was unable to match the 50.03% record numbers printed in 2020. 

Banking stocks downturn: Analysis of the sectoral performance of the Nigerian Exchange showed that the banking sector was one of the low-performing sectors in 2022. Although, it is worth noting that the insurance sector index plunged by 11.99% while the consumer goods index dipped by 0.12% in the same period. 

  • The banking index was marred by huge selloffs attributable to prevailing macroeconomic headwinds, which bedevilled business operations across the country, with operating costs hitting record levels on the back of high energy prices. 
  • Also, the interest income, which is a major source of bank revenue took a hit following the low-interest environment adopted by the CBN earlier in the year, hence impacting the interest income margin, while forex scarcity in the economy further escalated forex income. 
  • The increase of the Cash Reserve Requirement (CRR) to a minimum of 32.5% by the CBN has also impacted how investors perceive the ability of banks to generate profit amidst lingering risks of loan defaults by the public. 
  • According to data from the National Bureau of Statistics (NBS), the financial sector grew by 12.03% in real terms in Q3 2022, significantly lower than the 20.06% recorded in the previous period and 25.5% recorded in the corresponding period of 2021. 
  • Meanwhile, the banks were able to increase their profit. Recent data from the financial statements of the quoted banks showed that thirteen banks raked a sum of N296.8 billion as profit after tax in Q3 2022, a 29.9% increase compared to N228.5 billion recorded in the corresponding period of last year. 

Nairametrics compiled a list of notable shareholders in the Nigerian Banking industry, and their losses in 2022 aggregating both their direct and indirect shareholdings during the period. The list is compiled in the order of their aggregate losses for 2022 and is based on losses as a result of share price decline rather than sold shares. 

Jim Ovia (Zenith Bank) – N5.84 billion 

Nigerian business mogul, Jim Ovia is the founder of Zenith Bank, one of the largest commercial banks in Nigeria. He lost N5.84 billion from his direct and indirect stake in the bank as the company saw its share price dip by 4.57% in 2022. 

  • According to the Q2 2022 financial report of the bank, Jim Ovia has a total of 3.54 billion units of direct shares in the tier-1 bank and controls 1.52 billion units of shares indirectly through Institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registars Ltd, and Quantum Zenith Securities Ltd. The billionaire has a 16.16% controlling interest  
  • The bank’s stock price dipped from N25.15 to close the year at N24 per unit, representing a decline of 4.57% in the review period. 

Herbert Wigwe (Access Bank) – N1.21 billion 

The Group Managing Director of Access Holdings Plc lost a sum of N1.21 billion from his direct and indirect stake in the company. 

  • A breakdown of his shareholdings shows that he holds 201.23 million units of Access shares directly and 1.31 billion indirectly through United Alliance Company of Nigeria, Trust and Capital Limited, Coronation Trustees Tengen Mauritius. 
  • This gives him a total controlling right of 4.27% in the company. Meanwhile, the share price of Access holdings dipped by 8.6% to close the year at N8.5 per share from N9.3 recorded at the beginning of the year. 
  • The value of his shareholding in Access Holdings stood at N12.9 billion as of the end of the year from N14.12 billion as of the previous year, representing a decline of N1.2 billion. 

Tonu Elumelu (UBA) – N1.07 billion 

Tony Elumelu, the chairman of the board of United Bank for Africa (UBA) saw the value of his shares in the bank fall by N1.07 billion in 2022, following a 5.59% decline in the bank’s share price. 

  • Mr. Tony controls 6.96% of the total bank through his 194.67 million direct holding and 2.18 billion indirect shares through HH Capital Limited, Heirs Holdings Limited, and Heirs Alliance Limited. 
  • The share price of UBA dropped by 5.595 to close the year at N7.6 per share from N8.05 recorded as of 31st December 2021. 

Others include: 

  • Femi Otedola (FBN Holdings) – N999.67 million 
  • Tunde Hassan-Odukale (FBN Holdings) – N787.96 million 
  • Segun Agbaje (GTCo) – N124.9 million 
  • Ifeoma Esiri (Stanbic IBTC) – N110.9 million 
  • Ebenezer Onyeagwu (Zenith Bank) – N92.2 million 
  • Adaora Umeoji (Zenith Bank) – N81.1 million 
  • Kennedy Uzoka (UBA) – N16.7 million 

 

 

 

 

 


Follow us for Breaking News and Market Intelligence.
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

Related Posts

Doctors
Health

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
Small Business
Business News

15 things you don’t need to start a business in Nigeria 

July 15, 2025
NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement
Corporate deals

NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement

July 15, 2025
Key policies that shaped Nigeria’s tech industry under Buhari’s 8-year rule 
Spotlight

Key policies that shaped Nigeria’s tech industry under Buhari’s 8-year rule 

July 15, 2025
Investments
Financial Literacy

Investing in a volatile world: Strategies for Gen Zs, millennials, and retirees

July 15, 2025
TikTok
Sectors

TikTok removes over 3.6 million Nigerian videos in Q1 2025  

July 15, 2025
Next Post
What crypto investors are buying and selling

Investment experts explain why now is the best time to invest in stocks

Comments 1

  1. YAHAYA Y USMAN says:
    January 5, 2023 at 2:03 am

    I’m impressed by the indept analysis yet a comprehensive summary of the financial market.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG
  • 15 things you don’t need to start a business in Nigeria 
  • NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement

Follow us on social media:

Recent News

Doctors

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
Small Business

15 things you don’t need to start a business in Nigeria 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics