Morocco’s second-richest man Othman Benjelloun gains $51.5 million from BOA stake

Othman Benjelloun, a leading Moroccan billionaire businessman – who ranks as the country’s second-richest man – has recorded a significant increase in his stake in Bank of Africa, previously known as Banque Marocaine du Commerce Exterieur (BMCE).

Data tracked by Billionaires.Africa reveals that the market value of Benjelloun’s stake in Bank of Africa has soared by MAD517.79 million ($51.56 million) since Jan. 31, as investors continue to increase their positions in the multinational pan-African banking conglomerate.

BOA shares jump 4.69 percent, market cap exceeds $4 billion

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

Recently, Bank of Africa’s shares on the Casablanca Stock Exchange experienced a significant surge, rising by 4.69 percent from MAD193 ($19.221) on Jan. 31 to MAD202.05 ($20.122). The bank’s market capitalization now exceeds $4 billion, resulting in substantial gains for shareholders, including Benjelloun.

Benjelloun’s wealth surpasses $1.1 billion as BOA shares surge

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 elevated by MAD517.79 million ($51.56 million) in recent times, moving from MAD11.04 billion ($1.09 billion) on Jan. 31 to MAD11.56 billion ($1.15 billion) at the time of drafting this report.

This recent spike in the market value of his stake reaffirms Benjelloun’s status as Morocco’s second-richest man, further solidifying his position as one of Africa’s richest individuals.