Connect with us


Nigerian tycoon Atedo Peterside loses $3.4million from Stanbic IBTC stake



Nigerian businessman Atedo Peterside has encountered a substantial decline in his wealth following the downturn in the market value of his

Nigerian businessman Atedo Peterside has encountered a substantial decline in his wealth following the downturn in the market value of his stake in Stanbic IBTC Holdings (Stanbic IBTC) since Jan. 16.

This decline is primarily attributed to the devaluation of the naira and a notable decrease in the shares of the leading bank.

According to market data tracked by Billionaires.Africa, Peterside, who ranks among the country’s wealthiest bankers, has seen the market value of his stake in Stanbic IBTC decline by N2.14 billion ($3.41 million) since Jan. 16. This decline comes as investors on the local bourse continue to reduce their stakes in the financial service group.

Stanbic IBTC’s shares dip, investors face losses
Stanbic IBTC, a leading player in Nigeria’s financial services sector with a total asset value of N5.146 trillion ($4.1 billion), has seen its market capitalization drop below $600 million from over a billion dollars. The primary drivers of this decline are the challenging financial landscape in Nigeria and the devaluation of the country’s currency, the naira.

The devaluation, combined with a significant 23.36 percent decrease in Stanbic IBTC’s share price on the Nigerian Exchange, has led to a decline from N68.5 ($0.0715) to N52.50 ($0.04514) since January 16. Consequently, shareholders, including Atedo Peterside, have recorded substantial losses amounting to millions of dollars.

Peterside, a prominent figure in the Nigerian banking industry and founder of Anap Business Jets Limited and Atedo N. A. Peterside Foundation, holds a 1.14-percent stake in Stanbic IBTC, equivalent to 133,611,115 ordinary shares in the group.

Due to the slump in Stanbic IBTC shares and currency fluctuation, the market value of Peterside’s stake has decreased by N2.14 billion ($3.41 million) over the past 92 days, from N9.15 billion ($9.56 million) on Jan. 16 to N7.01 billion ($6.15 million).

Peterside anticipates lucrative dividends
While Atedo Peterside faces a significant decline in his stake in Stanbic IBTC, he remains poised to benefit from impressive dividends proposed by the leading Nigerian bank this year. Nigerian banks have showcased remarkable financial performance at the end of the 2023 fiscal year.

Buoyed by rising domestic interest rates and favorable foreign exchange movements, Stanbic IBTC reported a 74 percent year-on-year surge in profit to N140.62 billion ($108.9 million), surpassing the N80.81 billion ($62.5 million) profit recorded in 2022. The bank’s stellar performance solidifies its position as a powerhouse in Nigeria’s banking sector.

In line with its commitment to shareholder value and compliance with CBN regulations, Stanbic IBTC’s board of directors has proposed a dividend of N2.20 ($0.001712) per share, totaling N28.5 billion ($22.12 million), to be distributed from retained earnings. This impressive dividend announcement underscores the bank’s resilience, innovation, and unwavering pursuit of excellence in Nigeria’s financial landscape.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


After losing several millions, Kessington Adebutu seeks $145 million capital raise



Wema Bank, a leading financial services provider partly owned by Nigerian gambling magnate Kessington Adebutu, is seeking approval to

Wema Bank, a leading financial services provider partly owned by Nigerian gambling magnate Kessington Adebutu, is seeking approval to raise N200 billion ($145 million) in fresh capital. The bank will hold its annual general meeting (AGM) electronically on May 28, 2024, where shareholders will vote on the proposal.

The capital increase aims to strengthen Wema Bank’s regulatory compliance and fuel its business expansion plans, according to an AGM notice. The notice details a multi-pronged approach to achieving the capital raise, subject to shareholder approval. This includes public offerings, rights issues, and private placements.

Boosting capital, expanding footprint

As part of its growth strategy, Wema Bank also seeks to increase its issued share capital from N6.43 billion ($4.7 million) to N25 billion ($18.3 million). This will be achieved through the issuance of an additional 37.14 billion ordinary shares, each with a par value of 50 kobo. The new shares will be on par with existing shares.

The AGM will present shareholders with special resolutions for consideration. These resolutions empower the board of directors to allocate and issue various securities, including ordinary shares, preference shares, notes, and bonds, to execute the capital raise. Additionally, the resolutions authorize the board to implement strategic measures to comply with the Central Bank of Nigeria’s recapitalization directives.

Innovation amidst challenges

As one of Nigeria’s keading , Wema Bank remains a prominent player in Nigeria’s financial landscape. Renowned for its innovative spirit, the bank launched ALAT, Africa’s first fully digital bank. With decades of experience and a commitment to progress, Wema Bank retains its position as a cornerstone of Nigeria’s financial ecosystem.

Nigerian gambling magnate Kessington Adebutu, founder of Premier Lotto Limited, the country’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank through Neemtree Limited, a special purpose vehicle (SPV) established in 2013 for targeted acquisitions. His daughter, Abolanle Matel-Okoh, also holds a 4.54 percent stake in the bank.


Continue Reading


Auwalu Rano: Meet Ice block seller who became billionaire, owns 120 filling stations, 600 trucks, 60m litre tank farm



Alhaji Auwalu Abdullahi Rano, popularly known as A.A Rano, transformed from a humble boy from Kano Village into a billionaire magnate,

Alhaji Auwalu Abdullahi Rano, popularly known as A.A Rano, transformed from a humble boy from Kano Village into a billionaire magnate, overseeing a conglomerate that includes 120 filling stations across Nigeria.

Born into an average family in Lausu, Kano State, Rano started small, with an ice block and groundnut oil business, including other local items.

Rano has gone into building a multi-billion naira enterprise spanning various sectors of Nigeria’s economy.

Today, Rano owns AA Rano oil & Gas industry in Nigeria with 56 ML Tank farm in Lagos, with 120 retail outlet/ fillng stations across Nigeria and over 600 trucks & LPG terminals as well as acquired vessel (M.T LAUSAU).

His ventures include RanoGaz, a state-of-the-art Liquified Petroleum Gas (LPG) terminal, a rice milling company, Rano Lubricant, Rano Air, Lausu Marine and Logistics, AA Rano Terminal, and AA Rano Road Haulage.


Continue Reading


Jim Ovia’s Zenith Bank stake sees $14.63-million drop amid share price fall



Jim Ovia, Nigeria’s richest banker and a key figure in Nigeria’s banking evolution, is set to receive a $12.7-million payout from his stake i

Jim Ovia, Nigeria’s wealthiest banker and a key figure in the country’s banking industry, has seen the market value of his stake in Zenith Bank decline significantly due to a recent drop in the lender’s share price.

The leading Nigerian banker and business executive, who ranks as one of Africa’s wealthiest individuals, has witnessed an N18.26 billion ($14.63 million) decline in the market value of his Zenith Bank stake over the past 13 days. This decline is driven by the sustained fall in the shares of the prominent Nigerian Exchange (NGX)-listed lender.

This recent downturn follows a surge in the market value of Jim Ovia’s stake in Zenith Bank, which increased by $41 million between Feb. 28 and April 8, rising from N164.6 billion ($132.2 million) to N215.56 billion ($173.1 million).

Zenith Bank’s market cap falls below $1 billion

Zenith Bank, a leading commercial bank licensed by the Central Bank of Nigeria, is not only a prominent financial services provider in Nigeria and anglophone West Africa but also holds the title of Nigeria’s most profitable bank. It is also one of the largest listed financial services groups on the NGX.

The bank recently declared a final dividend payout of N109.89 billion ($88.3 million) for the 2023 fiscal year, showcasing its strong financial performance. This record dividend payout underscores its commitment to shareholder value and its position as a leader in Nigeria’s banking sector.

In recent times, its shares have declined nine percent on the NGX, falling from N40.00 ($0.0323) on April 12 to N36.60 ($0.02959) on Thursday. This decline has pushed the bank’s market capitalization below $1 billion, resulting in losses for shareholders, including Ovia, a significant stakeholder in the Lagos-based lender.

Jim Ovia’s stake slumps below $150 million

Jim Ovia, a pivotal figure in Nigeria’s banking industry’s evolution and digital transformation, founded Zenith Bank in 1990. With a 16.2 percent stake in the financial services group, comprising 5,072,104,311 ordinary shares, he remains the wealthiest banker in the country.

According to data tracked by Billionaires.Africa, Ovia’s stake has decreased by N18.26 billion ($14.63 million) over the past 13 days, declining from N202.88 billion ($162.53 million) on April 12 to N184.62 billion ($147.90 million) on Thursday. Despite this setback, Ovia retains his status as Nigeria’s richest banker, underscoring his success as a leading businessman in the nation.


Continue Reading


Access Holdings’ $1.71B capital raise: Aig-Imoukhuede’s global vision unveiled



Nigerian financial services giant Access Holdings, led by seasoned banker and business executive Aigboje Aig-Imoukhuede, has received

Nigerian financial services giant Access Holdings, led by seasoned banker and business executive Aigboje Aig-Imoukhuede, has received shareholder approval for a N2.12 trillion ($1.71 billion) capital raise, marking a significant step towards its ambitious global expansion plan.

The endorsement at the company’s Annual General Meeting (AGM) paves the way for a multi-tranche, multi-currency, and multi-instrument capital raise program. The proceeds, totaling N1.755 trillion ($1.42 billion) and N365 billion ($295.3 million), will fuel the group’s global aspirations and bolster its ability to achieve its 2027 strategic objectives.

Shifting gears for consolidation and efficiency

Access Holdings outlined its future strategy, which will transition into a consolidation and efficiency phase starting in the second half of 2024. This aligns with the group’s five-year plan designed to expedite its long-term goals.

The company has already made significant progress in 2024, securing four strategic deals, including acquisitions in Kenya, Uganda, and Zambia, alongside a Nigerian insurance brokerage firm. Additionally, regulatory approval for a new consumer lending subsidiary in Nigeria underscores Access Holdings’ commitment to diversified growth.

Renewed leadership and unwavering commitment

Access Holdings shareholders received renewed assurances on sustainable growth and value creation at the annual general meeting (AGM). Chairman Aigboje Aig-Imoukhuede, alongside newly appointed non-executive directors Olusegun Ogbonnewo and Ojinika Olaghere, addressed the gathering.

Aig-Imoukhuede’s return to the helm, following the passing of banking titan Herbert Wigwe, was met with widespread support. Shareholders acknowledged his key role in the bank’s prior growth trajectory.

Unanimous backing for the capital raise program underscored investor confidence in Access Holdings’ strategic direction. Proceeds from the rights issue will be used to strengthen working capital and fuel organic growth across the group’s banking and non-banking arms.

Echoing CBN’s call for recapitalization

In a post-meeting interaction, Aigboje Aig-Imoukhuede reaffirmed the group’s commitment to industry recapitalization and delivering consistent returns to shareholders. He emphasized the importance of strengthening capital buffers in the face of currency devaluation and market volatility, echoing the Central Bank of Nigeria’s (CBN) recent calls for recapitalization.

The significant increase in Access Holdings’ issued share capital, from N17.77 billion ($14.36 million) to N26.659 billion ($21.55 million), reflects the company’s proactive approach to fortifying its financial position and underwriting its expansion initiatives.

Aigboje Aig-Imoukhuede: Leading the charge

Aigboje Aig-Imoukhuede, a titan in both business and philanthropy, remains at the helm of Access Holdings as it steers toward becoming a global financial force.

Access Holdings’ stellar 2023 financial performance serves as a springboard for its global ambitions. Group profit surged an impressive 307 percent year-on-year to a record N619.32 billion ($451.7 million), compared to N152.2 billion ($111 million) in 2022.

This growth, achieved under the prior leadership of the late Herbert Wigwe, was driven by the group’s total comprehensive income, which skyrocketed to N1.031 trillion ($752 million) from N233.3 billion ($170.17 million) the year before.



Continue Reading


BUA owner, Abdul Samad Rabiu loses $1.2 billion as naira weakens against U.S. dollar



Nigerian billionaire businessman Abdul Samad Rabiu, chairman of BUA Group, one of Africa’s fastest-growing manufacturing and industrial

Nigerian billionaire businessman Abdul Samad Rabiu, chairman of BUA Group, one of Africa’s fastest-growing manufacturing and industrial conglomerates, has seen his net worth tumble $1.2 billion amid the recent weakness of the naira against the U.S. dollar.

Rabiu, ranked as Nigeria’s third-richest person and Africa’s sixth by Forbes, has experienced a notable drop in his wealth figures in recent times.

Since the start of the week, Rabiu’s net worth has fallen from $7.1 billion to $5.9 billion, a significant $1.2-billion decline. This drop has pushed him down to the 497th richest person globally, highlighting the severity of the impact.

Naira weakness behind Rabiu’s setback

The recent weakness of the naira has been cited as the primary cause behind Rabiu’s recent financial setback. The Nigerian currency has weakened for four straight days, erasing earlier gains after reaching three-month highs.

This decline is compounded by dwindling domestic dollar liquidity, further pressured by Nigeria’s foreign exchange reserves falling to a seven-year low.

On Tuesday, the naira depreciated further against the U.S. dollar, closing at 1,300 naira per dollar at the official market. In response to this worrying trend, the Central Bank of Nigeria (CBN) has intensified efforts to stabilize the exchange rate.

A new circular released Tuesday revealed the CBN is selling additional dollars to Bureau De Change (BDC) operators.

Wealth anchored in public listings

Nigerian billionaire Abdul Samad Rabiu’s fortune is largely tied to his publicly traded companies. Rabiu maintains significant control, with a 99.8-percent stake in BUA Foods and a 96.29 percent stake in BUA Cement.

BUA Cement, the nation’s second-largest cement producer, boasts a market capitalization of N4.85 trillion ($3.9 billion). BUA Foods, the country’s most valuable listed food and agri-business company, holds a market cap of N6.84 trillion ($5.53 billion).

Naira volatility ripples through wealth

However, Rabiu, like many Nigerian business leaders, faces challenges due to the naira’s volatility against the dollar. This broader currency weakness raises critical questions about Nigeria’s economic resilience in the face of external pressures.

The decline in Rabiu’s net worth exemplifies the significant impact of currency fluctuations on the fortunes of Nigeria’s wealthy. This trend potentially signals wider challenges for the nation’s economy and top earners.


Continue Reading


Nigerian chess master Tunde Onakoya seeks $1-million funding for initiative



Nigerian chess master Tunde Onakoya is leveraging his skills to raise $1 million for Chess in Slums Africa (CISA), an initiative he

Nigerian chess master Tunde Onakoya is leveraging his skills to raise $1 million for Chess in Slums Africa (CISA), an initiative he founded in 2018.

CISA focuses on educational development and youth empowerment in underserved communities across Africa.

Onakoya recently shattered the world record for the longest chess marathon, playing for more than 60 hours in New York City’s Times Square. This feat not only secured him a Guinness World Record but also boosted fundraising efforts for CISA, which aims to improve educational opportunities for African children.

Tunde Onakoya’s marathon for change

Playing against Shawn Martinez for two and a half days straight, Onakoya’s daring move secured a new record and fueled his non-profit’s $1-million fundraising campaign. CISA, in partnership with the U.S. non-profit “The Gift of Chess,” aims to distribute 1 million chess sets to impoverished communities by 2030, enriching the lives of underprivileged children.

Onakoya announced the achievement on social media, highlighting his dedication to supporting African education. “We have done it,” he wrote. “This is our why — the reason we are doing this… Together, we can make this happen.”

“This initiative will help us distribute one million chess sets by 2030,” Onakoya said, emphasizing his role as a board member of “The Gift of Chess.” The marathon, held in Times Square, surpassed the previous record set by Norwegians Hallvard Haug Flatebø and Sjur Ferkingstad in 2018.

CISA’s chess empowerment mission

Founded in 2018, CISA utilizes chess as a tool to empower children in marginalized African communities. The organization’s core mission is to foster critical thinking, problem-solving skills, and strategic planning in young minds, ultimately enhancing their overall well-being.

Onakoya’s record-breaking feat doubles as a million-dollar fundraising campaign. He aims to empower one million underprivileged children within five years by providing free chess instruction, after-school programs, and tournaments.

Onakoya’s unwavering determination serves as an inspiration. He showcases the power of passion and perseverance in driving positive change. Through his efforts, he strives to make a lasting impact on the lives of African children, demonstrating the transformative potential of education and community support.



Continue Reading

Top Stories