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Dangote, Ovia, others lose N500bn to stock market dip



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Top billionaires in Nigeria, including Aliko Dangote, Jim Ovia, Femi Otedola and several others had a big chunk of their wealth dipped by a whooping N500bn following the slid in the stock market.

According to data made available to National Daily, with the Nigerian Stock Exchange (NSE) All-Share Index down by 3.35%, investors in the stock market lost billions at the year ended June 29, 2018.

Topping the list is Aliko Dangote whose net worth as at April 6, 2018 was N3.95 trillion, making him Nigeria’s richest capital market billionaire.

Through Dangote Industries Limited (DIL) he holds controlling stakes in Dangote Cement, Dangote Flour, Dangote Sugar Refinery, as well as NASCON Allied Industries.

Dangote’s holdings are worth N3.5 trillion, down by N450 billion as at the new cut-off date, due to a drop in the share prices of his companies.

Another top billionaire whose wealth got hit by the slid is Jim Ovia. He has a direct holding of 2,946,199,395 shares and indirect holding of 1,593,494,151 shares in Zenith Bank.

National Daily gathered that at previous cut-off date, Zenith was valued at N27.10, giving him a total net worth of N122.1 billion. With Zenith closing at N25 on Friday the 29th of June, 2018. His net worth thus stands at N113, 492,338,650, down by N8.7 billion from N122.1 billion.

Austin Avuru, the big man at Seplat Petroleum held 74,546,740 shares in Seplat Petroleum, earlier valued at N49.5 billion. Seplat closed at N650 on June 29 2018, down 0.15% at our last cut-off date.

Avuru thus retains his top spot as Nigeria’s richest listed oil and gas billionaire, though his net worth dropped slightly to N48.9 billion, down by N455 million.

Femi Otedola has a direct holding of 186,260,357 shares and indirect holding of 838,472,441 shares in Forte Oil Plc. Going by the company’s earlier valuation, his direct holdings were worth N7.4 billion, while the indirect holdings were worth an estimated N33.5 billion, giving him a net worth of N40.9 billion.

Forte’s share price has dropped since the last valuation to N32.85 per share. Otedola’s net worth has also fallen to N33.6 billion, down by N7.3 billion.

Earlier, Herbert Wigwe of Access Bank was worth N32.1 billion through a direct stake of 206,231,713 shares and indirect shareholding of 2,480,582,395 in Access Bank Plc, through United Alliance Company of Nigeria Limited, and Trust and Capital Limited. Access bank was then trading at N12 per share.


The bank closed the month of June at N10.35 per share, leaving his net worth at N27.7 billion. Wigwe’s worth is thus, down by N4.4 billion.

Oba Otudeko had a net worth of N19.2 billion, as at April 6, 2018. This has since dropped due to a depreciation in First Bank and Honeywell Flour share prices. First Bank closed at N10.60 as at June 29, 2018, while Honeywell Flour closed at N2.29.

His 537,971,137 shares in First Bank are now worth N5.7 billion, down by N800 million from N6.5 billion. His 5,303,363,565 shares in Honeywell Flour Mills are now valued at N12.1 billion, down by N600 million.

Otudeko’s net worth is now N17.8 billion, down by N1.4 billion.

Mike Adenuga had a net worth of N21.5 billion comprising his shareholdings in Conoil Plc and Sterling Bank Plc. Conoil closed at N30, while Sterling Bank closed at N1.40 on June 29, 2018.

Adenuga’s direct holdings of 103,259,720 shares and indirect holdings of 516,298,603 shares in Conoil through Conpetro Limited are now worth N18.5 billion, down by N500 million.

Adenuga’s 5.62% stake in Sterling Bank is now worth N2.2 billion, down N300 million. His capital market holdings thus amount to N20.7 billion, down by N800 million.

Tony Elumelu has direct holdings of 189,851,854 shares in UBA and indirect holdings of 2,083,024,416 shares. UBA has since dropped to N10.50 per share, leaving his holdings valued at N23.8 billion, down by N900 million.

The valuation of his holdings in Afriland properties has dropped from N250 million to N218 million, down by N32 million.

The value of his holdings in Transcorp Plc have since dropped slightly from N1.5 billion to N1.4 billion, down by N100 million. He has 1,010,731,556 shares in the conglomerate.

His total holdings in the capital market thus valued at N26.4 billion, down by N1.03 billion.