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Stake of Nigerian multimillionaire banker Jim Ovia in Zenith gains $35.14 million in 80 days

The leading tier-1 Nigerian bank, a top-500 bank globally, posted resilient results in Q1 2021.

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Nigerian multimillionaire banker Jim Ovia.

The stake of Nigerian multimillionaire banker Jim Ovia in the leading Nigerian lender Zenith Bank Plc has increased by $35.14 million (N14.46 billion) in 80 days on the Nigerian bourse, as investors anticipate impressive half-year financial results.

The leading tier-1 Nigerian bank, a top-500 bank globally, posted resilient financial results in Q1 2021 despite the impact of the COVID-19 pandemic on its operating environment.

Zenith reported a five-percent increase in profits after tax from $122.80 million (N50.53 billion) in Q1 2020 to N53.06 billion ($128.94 million) in the corresponding quarter of 2021, despite a 5.7-percent decline in its gross earnings for the quarter.

A 45-percent fall in interest expenses, which saw its net interest income increase from N81.50 billion ($198.05 million) in 2020 to N83.17 billion ($202.12 million), boosted its earnings in Q1 2021.

Buying pressure on the Nigerian Stock Exchange in reaction to Zenith’s resilient financial performance in Q1 2021 has led shares in the bank to return double-digit gains to shareholders.

As of press time, 5:30 PM (UTC), July 23, shares in the bank were worth N24.85 ($0.0604), 20 basis points higher than its opening price of N24.80 ($0.0603) for the year.

The bank’s share price increased from N22.00 ($0.0534) on May 4 to N24.85 ($0.0604) on July 23. This translates to a gain of 13 percent for the shareholders in 80 days.

Ovia, who founded the leading financial services group in 1990, holds a substantial stake of 5,072,104,311 ordinary shares in the bank. 

Research conducted by Billionaires.Africa revealed that the market value of his equity stake in the tier-1 lender has increased from N111.59 billion ($271.28 million) to N126.04 billion ($306.42 million) within the period under review.

This translates to a gain of N14.46 billion ($35.14 million) for the multimillionaire businessman in 80 days.

According to Forbes, Ovia had a net worth of $900 million in 2013, making him one of the 40 wealthiest men on the African continent. However, he dropped off the list of the wealthiest Africans in 2016 when his net worth fell below $500 million.

The multimillionaire businessman derives the majority of his wealth from his equity stake in Zenith Bank. He also owns prime real estate across Nigeria.

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Nigerian billionaire Femi Otedola gains $12.7 million from stake in FBNH

FBNH is one of Nigeria’s largest financial services conglomerates.

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Femi Otedola. ©Billionaires.Africa

Nigerian billionaire Femi Otedola’s stake in the country’s oldest commercial bank, First Bank of Nigeria Holdings Plc (FBNH), has risen by more than $12 million in recent months, as shares in the financial services group rebounded strongly after falling below key levels.

According to data tracked by Billionaires.Africa, Otedola’s stake in FBNH has increased in value by N5.34 billion ($12.7 million) in the past 54 days, as investors continued to cherry-pick stakes in the commercial banking group after its price fell below N9 ($0.0214) in June.

FBNH is one of Nigeria’s largest financial services conglomerates. It is the non-operating holding company of First Bank of Nigeria Limited, the country’s oldest commercial bank, with active operations in 10 countries.

According to a flurry of trading updates published on the Nigerian Stock Exchange in June, Otedola sold 664,939,764 shares in four separate transactions, reducing his stake in the Nigerian lender from 2,717,282,140 shares, or 7.57 percent, to 2,052,342,376 shares, or 5.72 percent.

Shares in the financial group have increased by 31 percent since June 21, nearly 54 days ago, from N8.4 ($0.02) to N11 ($0.026) at the time of writing, amid renewed buying interest in the bank’s shares on the local bourse.

As a result of the double-digit increase in the shares of FBNH, the market value of Otedola’s 5.72 percent stake in FBNH has increased by N5.34 billion ($12.73 million), from N17.24 billion ($41.12 million) on June 21 to N22.58 billion ($53.85 million) at the time of writing this report.

The recent gains in his stake follow a dividend of N951.05 million ($2.29 million) from his equity stake in the financial services group that he received earlier this year.

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Egyptian billionaire Yasseen Mansour gains $1.86 million in 74 days from Palm Hills stake

Mansou owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

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Egyptian billionaire Yasseen Mansour. ©Billionaires.Africa

Egyptian billionaire Yasseen Mansour has recorded a EGP35.6-million ($1.86 million) boost in his net worth in the past 74 days, as shares in Palm Hills Development increased by nearly 19 percent in reaction to the company’s recently released first-quarter results.

Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.

Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a sizable 5.6-percent stake in the Cairo-based real estate firm.

The Egyptian real estate developer revealed that its profit increased by more than 40 percent in the first quarter of 2022, from EGP217.4 million ($11.36 million) in the first quarter of 2021 to EGP305.8 million ($16 million), owing to sustained growth in demand for properties in Egypt.

As a result of the firm’s strong financial performance, investors on the Egyptian Stock Exchange increased their buying interest in Palm Hills shares, resulting in an 18.6-percent increase in the firm’s stock price from EGP1.13 ($0.059) on June 1 to EGP1.34 ($0.07) on Aug. 14.

Mansour’s 5.6-percent stake in Palm Hills Development has increased in value over the past 74 days, from EGP191.94 million ($10 million) to EGP227.6 million ($11.89 million) at the time of writing.

This equates to a total gain of EGP35.6 million ($1.86 million) for the Egyptian billionaire, who ranks as one of the wealthiest men on the African continent, alongside his brothers Mohamed Mansour and Youssef Mansour, both of whom own Mansour Group and Palm Hills Development.

His net worth is estimated at $1.1 billion, making him one of Africa’s wealthiest businessmen.

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Nigerian billionaire Abdul Samad Rabiu unveils $23.8-million security support fund

It is the single largest donation to a philanthropic cause made by a Nigerian businessman.

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Abdul Samad Rabiu. ©Billionaires.Africa

Nigerian billionaire businessman Abdul Samad Rabiu has announced the creation of the N10-billion ($23.8 million) Nigeria Security Support Fund through his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa). He unveiled the project during a meeting with Nigerian President Muhammadu Buhari at the Aso Rock presidential residence in Abuja.

Rabiu launched the initiative to provide security equipment and medical and other supplies to the families of soldiers fighting terrorists in Nigeria’s northeast, and to strengthen local infrastructure.

The contribution marks the single largest donation to a philanthropic cause made by a Nigerian businessman, and follows the $3-million development initiative that Rabiu launched in Niger three weeks ago through ASR Africa. Last week, Rabiu received the Commander of the Order of Merit of Niger Award in recognition of his contributions to the country of Niger and its people.

Rabiu also praised Buhari for creating an enabling environment for businesses to thrive. He cited policies implemented by his administration, which, he said, aided the growth of his manufacturing conglomerate, BUA Group, which is one of the continent’s fastest-growing commercial groups.

He also promised to support the administration’s efforts in industrial development and security.

Rabiu established ASR Africa in April 2021 to promote long-term, impact-driven solutions to developmental issues affecting health, educational, and social development across Africa.

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