Nigerian shipping tycoon Victor Odili’s stake in MTN Nigeria now worth $350 million

Feyisayo Ajayi -

Victor Odili, a Nigerian shipping entrepreneur and serial investor who ranks as one of the country’s wealthiest businessmen thanks to his well-diversified investment portfolio, has a beneficial share in MTN Nigeria, which is today worth more than $350 million.

Odili, a former non-executive director of MTN Nigeria three years ago, makes the most of his money from his investment portfolio, which includes a 3.96-percent interest, or 806,886,900 ordinary shares, in the telecom service provider through Hermitage Overseas Corporation.

With MTN Nigeria shares trading at N192 ($0.435) a share at the time of writing, his investment in the telecom business is presently valued at N155 billion ($351.3 million), placing him among the top 10 richest investors on the Nigerian Exchange.

Earlier this year, the Nigerian tycoon earned a $15.7-million dividend from his interest in the major telecom company as a result of its strong financial performance in 2021, when earnings surpassed $710 million.

The businessman is also on track to receive another mega dividend in 2023, as the telecom company reported a double-digit increase in earnings at the end of the first three quarters of its 2022 fiscal year.

According to figures from the group’s recently published financial results, profit rose by 22.1 percent in the first nine months of 2022, from N220.31 billion ($500.6 million) to N269.04 billion ($611.3 million), as it maintained service revenue growth while unlocking efficiencies through the implementation of cost-cutting strategies.

Aside owning a stake in MTN Nigeria, Odili is the chairman and executive director of Aeromaritime Group, a parent company to over eight member companies operating in various sectors across Nigeria, including shipping, and oil and gas. He entered private business after years of working as an executive in companies.

Aeromaritime Group, a major player in the shipping and oil and gas industries, owns more than 500 container ships, 1.4 million containers, and a privately owned terminal to provide reliable global maritime services to importers and exporters alike.