Aliko Dangote, African richest man.
  • Dangote, Rabiu, Jim Ovia, rank top


Even the rich also cry, this saying becomes more poignant in the wake of a global pandemic that has ravaged many economies across the globe, plundered fortunes of the moneyed class and created disruptions in money and capital markets worldwide.

It is thus something of a relief with the gradual easing of the lockdown, which started on May 1, for the rich class in the country.

The hiatus that came with the relief has allowed some of the earlier losses to be recouped.

The lockdown greatly has a devastating effect across all sectors in Nigeria. No one was immune from the poisonous fang of the COVID-19, and the attendant restrictions on movement. For instance, Africa’s richest man, Alhaji Aliko Dangote reported lost about half of his net worth as the economy plunged; he was not alone.

BusinessHallmark’s findings revealed that the country’s billionaires lost billions between February and April, which was the first 12 weeks of the lockdown. Our latest findings have also returned good tidings for the rich class, as the gradual easing of the lockdown which started on May 1, appears to have brought some relief to these men, giving them room to recover some of the earlier losses.

Jim Ovia

BusinessHallmark’s findings revealed that Zenith bank’s Jim Ovia is the largest individual shareholder with 3,546,199,395 direct shares and 1,513,137,010 indirect shares. Zenith bank reportedly closed April at N14.3, putting the value of Ovia’s total 5,059,336,405 shares at N72,348,510,591.5 (N72.35 billion).

However, in May, the share appreciated by 18.2% and was worth N16.9 at the end of trading on May 29. Armed with this figure, it is no rocket science to conclude that the worth of Ovia’s 5,059,336,405 shares has increased by N13.15 billion to N85,502,785,244.50.

Recall that the seeming volatility of the shares in the previous quarter had seen the billionaire lose about N21.2 billion, but by May 2020, it had given him a sure chance to recover some of this.

Herbert Wigwe

The Group MD/CEO of Access Bank, Herbert Wigwe, has 201,231,713 direct shares and 1,184,680,195.5 indirect shares with the bank, in total about 1.39 billion shares. Assuredly at N6.60 per unit, the total shares were worth N9.15 billion (N9,147,018,596.1) on April 30.

We all know that Access Bank stocks inched up to N7.1, bringing the worth of the stocks to N9.84 billion (N9,839,974,550.35). What this means is that Wigwe’s stock value gained N692.96 million, enough comfort for losing N2.22 billion in the first 12 weeks of COVID-19 presence in Nigeria.

Aliko Dangote

It is no news that Dangote Cement shares were worth N130 at the end of April, as it had a bad ride in the first quarter. However, the price improved over the next four weeks and ended May 29 at N139 per unit. Aliko Dangote directly owns 14,500,315,501 shares in Dangote Cement Plc, as well as 27,642,637 shares which he controls through Dangote Industries Limited.

All 14,527,958,138 shares were worth N1.88 trillion (N1,888,634,557,940) on April 30, and the value increased to N2 trillion (N2,019,386,181,182) by May 29, an increase of N130 billion (N130,751,623,242). We have observed pattern in Dangote Sugar where share price increased from N12.45 on April 30 to N12.90 at the close of trading on May 29.

The business icon reportedly directly owns 653,095,014 shares and indirectly owns 8,122,446,281 shares through the Dangote Industries Limited in Dangote Sugar, adding up to 8.77 billion shares. All shares were worth N109 billion (N109,255,489,123) on April 30, and appreciated throughout May closing at N113 billion on May 29.

Without any argument, from the increase in the market share price of Dangote Sugar, Aliko Dangote became N3.9 billion (N3,948,993,583) richer. When we add up the gains in Dangote Cement and Dangote Sugar, it is clear that the billionaire added another N134.7 billion (N134,700,616,825) to his worth within the month.

Tony Elumelu

Elumelu owns a total of 2,304,211,118 units of shares – 190,100,234 direct and 2,114,110,884 indirect shares in UBA. UBA’s shares strove to regain losses from earlier months and moved from N6.05 on April 30 to N6.65 on May 29.

The total worth of Elumelu’s 2.3 billion shares appreciated from N13,940,477,263 on April 30 to N15,323,003,934 on May 29, giving him an additional N1.38 billion (N1,382,526,670.8).

In comparison to the N1.49 billion lost in the preceding 12 weeks, Elumelu has recouped most of the earlier losses.


Abdulsamad Rabiu

We all know that the merger of CCNN and Obu Cement morphed eventually into BUA cement. The 2019 financials from the company showed that Rabiu owns 19 billion (19,044,995,225) direct shares. In his kitty is indirect shareholdings through three companies, adding up to 12.2 billion (12,225,657,346) units.

BUA Cement stocks ended April 30 at N32.60 and appreciated by 28% to N42 per unit at the close of trading on May 29. On April 30, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.01 trillion (N1,019,423,273,814.60) at N32.6 per unit, and by the end of trading on May 29, the market value of the same shares had risen to N1.31 trillion (N 1,313,367,407,982.00).

The billionaire’s worth added N293.94 billion (N 293,944,134,167.40) representing a 28% gain and making him the highest billionaire gainer in the period under review.

Mike Adenuga

As Chairman of Conoil Nigeria Plc, Mike Adenuga owns 516,298,603 units of shares, in addition to 103,259,720 units of shares controlled through Conpetro Limited, making for about 74.4% of Conoil’s issued share capital.

Conoil’s stock prices closed at N17.4 on April 30, putting the value of Adenuga’s indirect shares at N1.79 billion (N1,796,719,128), and his direct shares at N8.9 billion (N8,983,595,692.2), totalling to N10.78 billion.

Conoil gained 20.7% in May and ended at N21 per unit share at the end of trading on May 29.

With this, the total shares were worth N13 billion; direct – N10,842,270,663 and indirect – N 2,168,454,120. After losing N371 million in the preceding 12 weeks, it must have been refreshing to gain some N2.23 billion in four weeks.

Austin Avuru

It is no news to say that May was not a good one for the co-founder of Seplat, Austin Avuru, who indirectly controls about 58,970,463 indirect shares in the oil and gas company. A stock price of N494.4 as at April 30 showed that these stocks were worth N29.15 billion (N29,154,996,907.2).

At the share price of N476.4 on May 29, Austin Avuru’s shares were worth N28,093,528,573.20.

He lost another N1.06 billion, after an earlier loss of N6.5 billion between February and April. In all, Seplat stocks have fallen some 28% from January till May 29. A sad loss for Avuru!