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How Nigeria Billionaires Gain More Amid Lockdown in Q2, 2020

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After a dramatic first quarter which ended with the declaration of a nationwide lockdown, Nigeria’s billionaires and entrepreneurs entered Q2 2020 uncertain of what the pandemic held for them.

The lockdown and restrictions on inter-state movement had lots of implications for all sectors of the economy, including the consumer goods sector which was allowed inter-state movement. The cost of transportation increased, with implications on the end-cost of the goods.

Amidst all of these, stock trading continued with the usual rise and fall which characterizes the bourse. This article looks at the gains and losses of Nigerian billionaires in the midst of the drama that became a feature of the new normal.

Interestingly, there are major gains across the different sectors except for the oil and gas sector where we see a dip. The reasons for this could be the crisis that we saw in the global oil sector. Let’s see the millions lost and gained.

Jim Ovia is not only the founder of Zenith Bank Plc, he is also the largest individual shareholder with 3,546,199,395 direct shares and 1,513,137,010 indirect shares.

His net worth is not quite easy to ascertain, although the shares which he holds and controls in the listed bank are not hidden; hence our ability to ascertain his losses in the quarter.

The stock market opened on April 1 with a share price of N11.40 for Zenith bank shares. At this time, Ovia’s total 5 billion shares were worth N57 billion (N57,676,435,017).

After an interesting and highly positive quarter, the share price ended at N16.1 at the close of trading on June 30. With this, the worth of Ovia’s shares rose to N81.45 billion (N81,455,316,120.50).

The Delta-born billionaire gained an impressive N23.78 billion in the quarter.

Group MD/CEO of Access Bank, Herbert Wigwe directly owns 201,231,713 shares and indirectly controls 1,157,082,349.75 shares with the bank, summing up to 1,323 billion shares.

As at April 1, a unit of Access Bank share was worth N5.75, putting the worth of Wigwe’s 1.32 billion shares at N7.97 billion (N7,607,381,738.25).

When there was a dip in share price in June, Wigwe purchased shares amounting to 7,546,458 shares, and this brings his indirect shares to 1.129 million shares.

In addition to the 201,231,713 shares which he directly owns, Wigwe now has a total of 1.33 billion shares under his control.

At the close of the quarter, on June 30, Access Bank shares closed the trading day with a unit share price of N6.55.

The market value of Wigwe’s 1.33 billion shares (both direct and indirect) grew to N8.7 billion (N8,715,229,367).

Within the three-month period, Wigwe gained N1.1 billion (N 1,107,847,628.75) in his Access bank shares, from the appreciation in share price and gains on the additional shares he purchased.
Tony Elumelu

Founder and Chairman of United Bank for Africa Plc, Tony Onyemaechi Elumelu (TOE) had a total of 2.3 billion (2,304,211,118) units of shares – 190,100,234 direct and 2,114,110,884 indirect shares, valued at N11.4 billion (11,405,845,034.10) at the unit price of N4.95 on April 1.

He made a purchase of 45,378 additional shares between May and June to slightly increase his direct shares to 190,145,612, and total shares to 2,304,256,496 units.

UBA’s share price was N4.95 on April 1 and N6.25 at the close of trading on June 30; a major growth for TOE and his 2.3 billion shares.

The total worth of Elumelu’s shares grew significantly from N11.4 billion on April 1 to N14.4 billion (N14,401,603,100) on June 30.

 

The billionaire gained N2.9 billion (N2,995,758,065.9) by the end of the second quarter, from the increase in share price and gains on the additional units bought.

This does not take into cognisance, other gains or losses he may have in other listed companies where he holds some shares.
Austin Avuru

Standing odd among the billionaires is co-founder of Seplat, Austin Avuru, the only one who recorded a loss for the quarter.

Avuru indirectly owns about 58,970,463 indirect shares in the oil and gas company, after selling off his direct shares.

However, the company awarded Avuru some shares under the Long-Term Incentive Plan for Directors, as well as some under the deferred bonuses, totaling to 1,774,436 units of shares. This addition now brings his shares to 60,744,889 units.

A stock price of N544.5 as at April 1 showed that these stocks were worth N33 billion (N 33,075,597,506) at the start of the quarter.

On June 30, unit share price had plummeted to N386 and Austin Avuru’s shares were worth N23.44 billion (N 23,447,531,014).

He lost N9.6 billion (N 9,628,066,492 loss) in the quarter.
Mike Adenuga

Chairman of Conoil Nigeria Plc, Mike Adenuga directly controls 516,298,603 units of shares, as well as 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 started the period at N13.15 on April 1, and closed at N21.00 at the end of trading on June 30.

This trend puts the value of Adenuga’s 619.55 million shares at a market value of N8.14 billion (N8,147,191,947.45) on April 1, and N13 billion (N13,010,724,783.00) at the close of the quarter.
Adenuga gained N4.86 billion (N4,863,532,835.55) in the second quarter of 2020.

Aliko Dangote

Nigeria’s richest man, Aliko Dangote owns both direct and indirect shares in the companies that make up the Dangote Group.

For Dangote Sugar, the share price opened the quarter at N8.90 and appreciated through the quarter to close at N12.00 on June 30.

The billionaire directly owns 653,095,014 shares and indirectly owns 8,122,446,281 shares through the Dangote Industries Limited in Dangote Sugar, summing up to 8.77 billion shares.

The upward trend in share price caused the worth of his shares in the company to rise from N78 billion (N78,102,317,525.50) on April 1 to N105 billion (N105,306,495,540.00) on June 30, 2020.

Aliko Dangote gained N27 billion (N27,204,178,014.50) in his investments in Dangote sugar in the period under review.
Dangote Cement share price also had an upward trend from N116.80 on April 1 to N127 at the end of June 2020.

As head of the Dangote Group, Aliko Dangote has 14.5 billion direct shares in the company and another 27 million share units which he indirectly controls through Dangote Industries Limited.

This brings the total shares under his control to N14.5 billion (14,527,958,138) units.

As at the beginning of the period, all 14.5 billion shares were worth N1.69 trillion (N1,696,865,510,518.40) at the market share price of N116.80. By the end of the period, the value had grown by N148 billion to N1.84 trillion (N1,845,050,683,526.00).

Adding his gains in Dangote sugar with that of Dangote Cement, we can see that the billionaire grew richer to the tune of N175 billion (N 175,389,351,022.10).

NASCON share price went up from N8.50 to N10.50 at the end of the period. However, the number of shares that Aliko Dangote owns in NASCON are not publicly available, so whatever gains he might have made from NASCON are not included in this figure.
Abdulsamad Rabiu

Abdulsamad Rabiu owns 19 billion (19,044,995,225) direct shares and 12,225,657,356 indirect shareholdings through 3 companies, totalling to 31.2 billion (31,270,652,581) units in BUA Cement.

BUA Cement stocks sold at N35.3 for a unit on April 1, and closed at N38.7 on June 30.

At the beginning of the quarter, Rabiu’s 31.27 billion shares (direct and indirect) were worth N1.1 trillion, and by the end of Q2, the value of the shares had risen well above N1.2 trillion.

Rabiu gained over N106 billion (N 106,320,218,775) in Q2, 2020.
Summary: Gains/losses (N’billion)

Austin Avuru – 9.628
Aliko Dangote – 175.389
Mike Adenuga – 4.863
Elumelu Tony – 2.995
Jim Ovia – 23.778
Herbert Wigwe – 1.107
Abdulsamad Rabiu – 106.32

 

Note: Although these billionaires also have other private assets, and hold shares in some other listed companies, this article focuses on the major companies where they have recorded gains or losses.

 

By: Ruth Okwumbu

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Air Peace Promotes Senior First Officer to Captain on Boeing 777 Fleet

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Air Peace, Nigeria’s foremost airline and West Africa’s largest carrier, proudly announces the elevation of Senior First Officer Chibuzo Mbanefo to the rank of Captain on its Boeing 777 fleet.

Captain Mbanefo has consistently demonstrated exceptional skill, leadership, and commitment to upholding Air Peace’s high operational standards. After undergoing rigorous training and meeting all regulatory requirements, he has now officially assumed the esteemed position of Captain, reinforcing Air Peace’s legacy of nurturing top-tier aviation professionals.

While introducing SFO Mbanefo to the Chairman/CEO Air Peace Limited, Dr. Allen Onyema and Chief Operating Officer, Mrs. Oluwatoyin Olajide, Capt. Gerald Udaya extolled his exceptional qualities. Specifically, he noted that SFO Mbanefo had completed over 4,800 flight hours on the right-hand side of the B777 and acknowledged his exceptional performance in the rigorous command upgrade training program. He expressed immense pride in Mbanefo’s elevation to the left seat as Captain, a testament to his knowledge, competence, and proficiency.

The pivotal moment of the ceremony was marked by the epaulette change, ceremoniously conferred by Dr. Onyema and Mrs. Olajide, symbolizing Mbanefo’s new status as Captain. Reflecting on Mbanefo’s journey, Capt. Iwo-Brown urged him to maintain a disciplined approach, adhere strictly to aviation protocols, and never compromise safety—a cornerstone for sustained success in the industry.

In an emotion-laden speech, Captain Mbanefo expressed deep gratitude to the Chairman, his wife, family, and the flight operations management, acknowledging their unwavering support. He fondly recalled his early days in aviation before joining Air Peace as a flight dispatcher. With the Chairman’s support, Capt. Mbanefo said he transitioned from Cadet to First Officer, undergoing intensive training on the Boeing 737. Although he could have progressed to Captain on the B737, his passion for the B777 guided his career path—a decision celebrated in this elevation ceremony.

In his remark, Dr. Onyema congratulated the newly promoted Captain, and reaffirmed Air Peace’s commitment to empowering Nigerian pilots: “At Air Peace, we believe in recognizing and rewarding excellence. Captain Mbanefo has exhibited outstanding professionalism and dedication, and we are incredibly proud to see him take this next step in his career. This promotion aligns with our mission to build local capacity and ensure our flight operations remain world-class.”

While emphasizing the importance of humility, continuous learning, and prioritizing safety, Dr. Onyema encouraged Capt. Mbanefo to embrace his new role with responsibility. Pointedly he said, “it is only your character that determines your altitude in life.” He expressed confidence in Mbanefo’s ability to lead and uphold Air Peace’s commitment to excellence and safety.

The ceremony which took place at the corporate head office of Air peace had in attendance the Chairman/CEO, Dr. Allen Onyema, Chief Operating Officer, Mrs. Oluwatoyin Olajide, along with the airline’s Flight Operations Management team, Captain Mbanefo’s wife, family members, and well-wishers.

As Air Peace continues to expand its fleet and route network, recently adding new destinations and reinforcing its long-haul capabilities with its Boeing 777 aircraft, this promotion aligns with the airline’s vision to provide safe, world-class air travel while empowering Nigerian aviators.

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Ganduje’s ally, Bala Muhammad fights to repossess multi-billion naira properties seized by Kano government

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Bala Muhammad, a political ally of former Governor Abdullahi Ganduje, is fighting a relentless battle to recover properties the state government claimed were illegally removed from the Kano State Agricultural Supply Company (KASCO) when Mr Mujammed was its managing director.

In October 2023, the state’s Public Complaint and Anti-Corruption Commission (PCACC) obtained an order from a chief magistrate, Umma Kurawa, to seize the properties, pending the conclusion of an investigation of alleged sleaze at the commission.

A document seen by PREMIUM TIMES listed the items as 14 full trucks with bodies, six truck bodies, four new truck heads, one Mahindra 6005 tractor, one Sino truck Homan and one Maikano van. Also listed are 1,200 bags of raw material Hijeck Chukura, one Mahindra loader, 19 truck tyres without rims, 48 truck tyres with rims, one 300 KVA transformer, two mini tractors with bodies, and one plant generator JMG.

Others are two Howo, one Tata, one Hijet, one mini tractor body, one block moulding machine, one Lister generator and one rigger.

The state high court granted the order to seize the items after the state government arraigned Mr Muhammad and others before the court for the alleged theft of more than N4 billion at KASCO.

However, on 27 November 2024 in another suit Mr Muhammed filed, Justice Aisha Ya’u of Kano State High Court No. 10 ordered the police and the anti-corruption agency to withdraw from the warehouse premises.

However, the agency said it had filed a motion at the court protesting that it was not joined in the suit. The agency’s refusal to comply with the court order led to the police temporarily detaining its chairman, Muhuyi Magagi, last month.

The case against Muhammed

The office of the state’s attorney general had filed a nine-count charge accusing Mr Muhammad and his associates of diverting more than N4 billion from KASCO’s account into various bank accounts between August 2022 and April 2023.

The charge was based on a report by the anti-graft agency alleging that Mr Muhammad, who led KASCO under Mr Ganduje’s administration, conspired with others, including his son, to divert public funds.

“Sometime in August 2022 to 3rd April 2023 or thereabout, the sum of N4,67,290,742.00 (four billion, sixty-seven million, seven hundred and forty-two Naira) only were (was) credited into Kano State Agricultural Supply Company Ltd’s ( KASCO) Account No. 1014477161 domiciled in Zenith Bank Plc and Unity Bank Account No. 0005195864 from Kano State Federal Allocation Account No. 4968083012 domiciled in FCMB within Kano Judicial Division all in the name of grant, but the former managing director dishonestly misappropriated and converted the whole sum belonging to Kano State Government meant as a grant to the state-owned company (KASCO) to other accounts, including his accounts, the act which is an offence under section 308 punishable under section 309 of the Penal Code Law,” the PCACC said in the charges filed on 3 August 2023.

The report further stated that Mr Muhammad unlawfully transferred N20 million from a KASCO account domiciled with Zenith Bank into an FCMB personal account of Mu’azu Ahmad.

He was also accused of diverting N78 million into a business account belonging to Abubakar Bawuro under the pretence of supplying materials, which were never supplied, and another N30 million meant for fertiliser subsidy into a corporate account of the Ganduje Foundation.

Mr Muhammad denied the charges and contested the PCACC’s power to investigate corruption cases, saying only federal anti-corruption bodies have this power.

However, on 18 October 2023, the court ruled that PCACC could investigate, arrest, and refer a matter to the state’s attorney general for prosecution.

“Under section 15 (1) (a) and (b) of the state Anti-Corruption Enabling law, it shall have the power to receive and investigate any allegation of corrupt practices against any person and refer the matter to the attorney general of the state for necessary action”, the court had ruled.

The case is ongoing as the court has fixed 26 February for the presentation of witnesses in the case against Mr Muhammad and others.

Fight over properties

Meanwhile, Mr Muhammad, through his lawyer, Tahir Ibrahim, wrote to the police and PCACC, asking them to unseal the warehouse in compliance with Justice Ya’u’s order of November 2024.

The police complied and withdrew their officers from the property but the state’s anti-corruption agency did not, saying it was not joined in the suit from which the order emanated.

On 24 January, police officers from Abuja arrested the chairman of the anti-corruption agency, Mr Magagi, over his agency’s refusal to unseal the warehouse.

However, Mr Magagi was released the following day.

The commission’s lawyer, Zaharaddeen Kofar-Mata, told PREMIUM TIMES that the police accused Mr Magaji of illegally sealing off a private warehouse.

Mr Kofar-mata questioned the validity of the court order for the unsealing of the property.

“They lied to the court that they had resolved their differences with the anti-corruption commission and had the name of the agency struck out of the case. That was a deliberate act of obtaining default judgement. This Commission suspected that they connived with the legal section of the police, who refused to file any defence. When the default judgment was awarded, the Commission quickly filed a motion to re-join the matter and have the judgement set aside.

“Generally, the legal implication is that they cannot impose the judgement until that motion has been decided in one way or the other. The Commission, which is not a party to the judgement and which in law is the custodian and the current possessor of the seized properties, is not bound by the judgement,” Mr Kofar-Mata stated.

As of Friday, the anti-graft agency was still restricting access to the warehouse.

Mr Muhammad could not be reached by phone or through other contacts to comment on the issue.

 

Source: Premium Times

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Nigerian Billionaire Businessman, Abdulrahman Bashar Jailed In Dubai

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A Dubai court has sentenced the owner of Rahmaniya Group and Ultimate Oil & Gas, Abdulrahman Bashar to one year in prison for a financial crime involving his dealings with CI Energy Company, an oil and gas firm.

The ruling marks the second time in less than five years that Abdulrahman Bashar would be sentenced to jail, the first being a ten-month imprisonment declared against him by a UK court in 2020.

According to court documents, the UAE court gave the verdict on 30 January 2025 even as Mr Bashar, 48, failed to show up for trial despite being notified.

The public prosecution in the UAE charged the businessman for issuing seven cheques with a combined value of 126.45 million dirhams, drawn on an Emirates Islamic Bank account with a mismatch in his signature.

The prosecution accused the Nigerian billionaire of issuing the cheques by “deliberately signing and drafting them in a way that prevents their cashing,” consequently asking that Mr Bashar be punished under extant laws.

The court, relying on evidence presented to it, including statements by Jamal Awad Nasser Hussein (the agent of CI Energy), duplicates of the cheques and statements of account, noted that the cheques were returned unpaid on presentation at Emirates Islamic Bank because of disparity in Mr Bashar’s signature.

“It is established that the crime of issuing a cheque is realised merely by giving the cheque to the beneficiary knowing that there is no balance available for withdrawal,” the court said during the proceeding led by Jugde Hussein Hamdi.

“The court sees from the examination of the documents that the incident within the scope of what it has extracted in the aforementioned manner is sufficiently established against the accused to convict him,” it added.

It remarked that the defence attempted to question the evidences presented against it as a ploy to convince the court to disregard them, adding that the accused’s denial of the charge was intended to avert punishment.

To avoid delay in justice delivery, the court chose to refer a civil case filed by the prosecution for compensation to a competent civil court since the claims require a special investigation.

The businessman’s previous record

Justice Butcher of England and Wales High Court, in a verdict issued in February 2020, sentenced Mr Bashar to a jail term of ten months for flouting several orders of the court in a case initiated by Sahara Energy Resources.

“The basis of the sentence was that Mr Bashir had committed continuing breaches of the order of Mr Justice Robin Knowles of 1 August 2019 and of the order of Mr Justice Bryan of 6 September 2019,” Justice Butcher said.

The orders required Rahmaniya Oil and Gas to honour the request for supply of 6,400.49 metric tonnes of gas to Sahara Energy Resources or its agent.

Instead, Abdulrahman Bashar failed to “allow or procure Rahmaniya Oil and Gas Limited or its servants or agents to allow the release of the said gas oil from the terminal,”

The court issued a binding indication that the term could be commuted to six months if he abided with the previous court order that he disregarded.

Rahmaniya was fined £500,000, while Adebowale Aderemi, the manager of the company, was asked to pay a penalty of £10,000.

Who is Abdulrahman Bashar?

According to information on his company website, Abdulrahman Bashar is chair of Ultimate Oil and Gas DMCC. He is also managing director and chief executive officer of Rahamaniyya Group of Companies, Nigeria. His companies are engaged in the trading, supplying, and distributing of African crude and oil products, from which the billionaire has amassed a huge fortune.

“Through Rahamaniyya group, Alhaji (Abdulrahman Bashar) now directs a diversified conglomerate consisting of business outfits operating in various sectors of the economy across Africa, Europe, South Asia, and the Middle east: making the most of his vast experience in oil and gas exploration, marketing, distribution of petroleum products and haulage,” his profile on his company website further said.

 

 

Additional Report Sourced From Premium Times

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