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Nigerian oil billionaire Muhammadu Indimi to earn $600,000 Jaiz Bank dividend

Indimi, who holds nearly 13.1 billion shares—equal to a 29.36 percent stake, is the largest shareholder in Jaiz Bank, the first Islamic bank in Nigeria.

Nigerian oil billionaire Muhammadu Indimi to earn $600,000 Jaiz Bank dividend
Muhammadu Indimi

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Nigerian energy tycoon Muhammadu Indimi, the founder of oil exploration and production company Oriental Energy Resources, is set to receive a windfall of N916.5 million ($600,000) after Jaiz Bank Plc, an Islamic financial services institution, announced a dividend payout of 7 kobo per share for the year ended 2024.

Indimi, who holds nearly 13.1 billion shares—equal to a 29.36 percent stake—in Nigeria’s first non-interest bank, is the bank's largest individual shareholder and one of its most prominent backers.

In its recently released financials, Jaiz Bank announced that its profit after tax more than doubled to N23.48 billion ($15.3 million) for the year ended December 2024, up 109% from N11.05 billion ($7.5 million) a year earlier. The bank’s gross earnings jumped 86.5%, hitting N82.87 billion ($54 million), as stronger returns from financing contracts bolstered the top line. Total assets also saw a sharp climb, nearly doubling to N1.08 trillion ($700 million) from N580 billion ($380 million) a year earlier. Sukuk investments played a major role, soaring 130% to N349.6 billion ($230 million). Customer deposits edged higher as well, closing the year at N493.7 billion ($322 million). Key performance metrics also strengthened: return on equity reached 34.2%, up from 28.1% the previous year, and the capital adequacy ratio improved to 23.9%.

Indimi, one of Nigeria's richest man, founded Oriental Energy Resources, a privately held Nigerian oil exploration and production company, in 1990. The company has been a key player in Nigeria’s oil exploration, managing three major offshore assets in Nigeria's Niger Delta region which include the Ebok Field: Oriental Energy’s flagship offshore production hub; Okwok Field and OML 115. Indimi is the chairman and leading shareholder. Six of his children serve on the company's board.

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