Transformation in Nigeria’s financial landscape over the past decade has been led by visionary bankers challenging the status quo and reshaping the industry.
Amidst a challenging economic landscape and competition in the financial services industry, these game-changing leaders, like Jim Ovia of Zenith Bank Plc and Tony Elumelu at the helm of United Bank of Africa and Heirs Holdings, have showcased unparalleled resilience and adaptability, propelling their institutions to new heights.
These executives have driven growth in the banking sector through innovation and technology adoption, expanding market presence, and enhancing customer experiences. Embracing digitalization, mobile banking, and fintech partnerships, they successfully tapped into the country’s large unbanked population, fostering financial inclusion.
Their commitment to a stable financial environment bolstered investor confidence and attracted foreign investment. Prudent risk management and enhanced regulatory compliance helped them navigate through turbulent economic times, contributing to the overall stability of Nigeria’s financial system.
In recent times, some of these individuals have experienced shifts in personal wealth, witnessing significant increases in the market value of their stakes, while others have navigated wealth fluctuations or exited their investments in the Nigerian financial services industry.
- Jim Ovia
Market value of stake in Zenith Bank: $224.3 million
Jim Ovia is the visionary founder and Chairman of Zenith Bank Plc, Nigeria’s largest commercial bank by market capitalization. With a 16.17 percent stake in Zenith Bank, equivalent to 5,077,104,311 ordinary shares, he is one of the wealthiest investors on the local bourse. His stake in the bank is currently worth N169.8 billion ($224.3 million), thanks to his latest acquisition and the notable surge in Zenith Bank’s share price. At the helm of Zenith Bank, Ovia’s contributions to the Nigerian banking sector have been highly influential, earning him recognition as a highly successful banker and entrepreneur. Under his vision and leadership, Zenith Bank has become a top-tier financial institution, solidifying its position as a leading player in Nigeria. With a net worth of $900 million in 2013, Jim Ovia is also one of Africa’s richest men.
- Herbert Wigwe
Market value of stake in Access Holdings: $70.5 million
Hebert Wigwe is the Group Managing Director and CEO of Access Holdings Plc, a leading financial services group in Nigeria with a strong asset value. He holds a significant 9.09-percent stake in Access Holdings, equivalent to 3,230,789,014 shares, through his family office, Tengen Holdings. As a result, he is recognized as one of the wealthiest investors on the Nigerian Exchange, with his stake currently valued at N53.4 billion ($70.5 million). Under his leadership, Access Holdings has experienced remarkable growth, emerging as one of Africa’s leading financial services groups through strategic acquisitions. Notably, the acquisition of a majority stake in Angolan bank, Finibanco, and a recent agreement to acquire the Sub-Saharan African subsidiaries of UK-based multinational bank, Standard Chartered Bank, have further strengthened Access Holdings’ position in Africa. The group is committed to establishing a connected ecosystem and fostering a vibrant community between Africa and the rest of the world.
- Tony Elumelu:
Market value of stake in UBA: $44.1 million
Tony Elumelu is a distinguished philanthropist and Nigerian businessman with diverse holdings in the financial and energy sectors. He owns 7.17 percent of United Bank of Africa (UBA) through various entities, including Heirs Holdings Limited, Heirs Alliance Limited, and HH Capital. Recently, he acquired an additional 7o million shares in UBA, bringing his total shareholding to 2,457,372,28 units, valued at N33.54 billion ($44.1 million). In addition to his stake in UBA, Elumelu owns a 25.9 percent stake in Transcorp, a prominent conglomerate involved in power generation, energy, and hospitality. As the founder of Heirs Holdings, an influential investment holding company with interests spanning financial services, energy, hospitality, and real estate, Elumelu has established himself as a prominent figure in the Nigerian banking and business landscape and solidified his position as a key player in the financial and energy sectors through his significant holdings in UBA, Transcorp, Africa Prudential, and United Capital.
- Atedo Peterside
Market value of stake in Stanbic IBTC Holdings: $13.7 million
Peterside Atedo is a prominent Nigerian banker and economist known for founding the Investment Banking & Trust Company Limited (IBTC) in February 1989 at the age of 33. He has played a significant role in shaping the Nigerian banking industry, particularly through his contributions to the growth of Stanbic IBTC Holdings Plc. As of the latest data, Stanbic IBTC Holdings is ranked as the tenth most valuable entity on the Nigerian Exchange, boasting a market capitalization of N901 billion ($1.19 billion). Peterside’s achievements extend to his personal investments, where he holds an impressive 1.16 percent stake in Stanbic IBTC Holdings, valued at N10.45 billion ($13.75 million). This substantial stake solidifies his status as one of the richest investors on the Nigerian Exchange and places him among the wealthiest bankers in the country.
- Segun Agbaje
Market value of stake in GTCO: $2 million
Segun Agbaje is the Group Managing Director and CEO of Guaranty Trust Holding Company (GTCO), a Lagos-based financial holding company with diversified operations in retail and investment banking, pension and asset management, and payment services. He has been instrumental in propelling Nigeria’s banking industry forward, leading GTCO to become one of the country’s top financial services groups. Under his guidance, the bank has achieved remarkable strides, earning a prominent reputation within the sector and contributing significantly to the nation’s economic development. Segun Agbaje’s strategic vision was key to the group’s expansion and transformation into a holding company after a structural reform in July 2021. Presently, he holds a minority 0.14-percent stake in the financial services group, totaling 41,628,001 shares, with an estimated value of N1.6 billion ($2 million), making him one of Nigeria’s wealthiest banking executives. In addition to his executive role at GTCO, Agbaje serves on the boards of PepsiCo and is a member of the Mastercard Advisory Board for the Middle East and Africa.
