Morocco’s second-richest man Othman Benjelloun rakes in $80 million from BOA stake

Othman Benjelloun, a leading billionaire businessman, who ranks as Morocco’s second-richest man, has seen a remarkable increase in his fortune thanks to the recent surge in the market value of his stake in Bank of Africa, previously known as Banque Marocaine du Commerce Exterieur (BMCE).

According to data tracked by Billionaires.Africa, the market value of Benjelloun’s stake in Bank of Africa, has experienced a noteworthy surge of MAD801 million ($80.45 million) since Jan., 1 as investors on the local bourse continue to increase their stakes in the multinational pan-African banking conglomerate.

BOA shares surge by 7.8 percent, pushing market cap above $4 billion

Founded in 1959, Bank of Africa is a multinational pan-African banking conglomerate with operations in over 18 African countries, including a representative office in Paris, offering banking services to retail, professional, private, SMEs, and large enterprises.

Since the start of the year, Bank of Africa shares on the Casablanca stock exchange have seen a commendable rise of 7.8 percent. The shares valued at MAD179.50 ($18.028) on Jan. 1 have climbed to MAD193.5 ($19.43) at the time of drafting this report – propelling the group’s market capitalization above the $4-billion mark.

This remarkable increase has translated into substantial gains for the bank’s shareholders, including Benjelloun, who ranks as one of Africa’s billionaires with a fortune amounting to $1.4 billion, according to Forbes.

Benjelloun’s wealth skyrockets above $1.1 billion as BOA shares continue to soar

Benjelloun owns a significant 27.41-percent stake in Bank of Africa. This stake translates to 57,214,615 ordinary shares in the leading financial services conglomerate.

The market value of Benjelloun’s stake in the bank has increased by MAD801 million ($80.45 million) in recent times, rising from MAD10.27 billion ($1.03 billion) on Jan. 1 to MAD11.07 billion ($1.11 billion) at the time of drafting this report.

This notable surge in the market value of his stake solidifies Benjelloun’s position as Morocco’s second-richest man, further reaffirming his status as one of Africa’s richest individuals.