Firms led by Nigerian billionaire traders Herbert Wigwe, Aliko Dangote, Femi Otedola, and Jim Ovia collectively recorded an astounding capital acquire of N3.1 trillion in 2023.
These corporations—Geregu, Zenith Financial institution, Entry Holdings, Dangote Cement, NASCON, and FBN Holdings—are listed on the Nigerian Inventory Change.
These tycoons exert management by way of vital stakes or management roles as CEOs, chairmen, or co-founders although they don’t maintain all of the shares of those firms.
Their accomplishments unfolded in opposition to a backdrop of challenges, together with a foreign exchange disaster, naira devaluation, and inflationary pressures.
NGX efficiency in 2023
Trying holistically on the Nigerian inventory change, on the final buying and selling day of 2023, the NGX displayed renewed vigour, propelling the All-Share Index to a powerful 74,773.77 factors, marking a year-to-date progress of 45.90%.
This sturdy market efficiency mirrored the commendable company feats of companies owned by Nigeria’s prosperous traders, ushering in substantial positive aspects for his or her publicly traded ventures.
How their firms carried out
Dr Herbert Wigwe, the astute Group Managing Director and co-founder of Entry Holdings, Nigeria’s premier financial institution holding firm, recorded an N517 billion augmentation in market capitalization.
A complete breakdown reveals Entry Holdings concluding the 12 months with a market cap of N822.8 billion, signifying a noteworthy ascent from the N305.6 billion recorded in 2022.
- This uptrend was underscored by Entry Holdings’ share value escalating from N8.50 in December 2022 to N23.15 on the shut of December 2023.
- Entry Holdings, securing the fifth spot on the roster of Nigerian firms with the best earnings as of September 2023, reported a nine-month pre-tax revenue of N294.4 billion, denoting a formidable year-on-year surge of 100.2% from the corresponding interval within the earlier 12 months.
- The group’s after-tax revenue for a similar interval, standing at N250.4 billion, representing a powerful 83% year-on-year upswing from the analogous interval in 2022.
Aliko Dangote
Africa’s wealthiest particular person, Aliko Dangote, and the luminary founder and chairman of Dangote Group, a diversified conglomerate with pursuits spanning cement, sugar, salt, flour, oil, and fuel, recorded a staggering N1.1 trillion augmentation in market capitalization.
This positioned Dangote as one of many prime gainers, following Abdul Samad Rabiu’s N2.2 trillion and Elumelu’s N1.6 trillion.
Dangote Cement, a flagship entity underneath its conglomerate, noticed a commendable N1.03 billion market cap improve, with its share value ascending from N261 on the shut of 2022 to N319.9 by the conclusion of 2023.
- Dangote Cement’s 9M 2023 monetary report showcased substantial progress, with reported income reaching N1.515 trillion, constituting roughly 94% of the corporate’s full-year income in 2022.
- Correspondingly, the revenue after tax for a similar interval stood at N277.54 billion, representing 72.6% of the full-year PAT for 2022.
- Regardless of difficult macroeconomic circumstances, Dangote Cement’s 9M 2023 monetary outcomes underscore its resilience and potential to surpass its 2022 efficiency.
Moreover, NASCON, a subsidiary of Dangote’s conglomerate, witnessed a market cap acquire of N112.9 billion, with a share value surge from N6 on the finish of 2022 to N53.75 in 2023.
- NASCON Allied Industries emerged because the best-performing client items inventory on the NGX in 2023, displaying stellar market and monetary performances.
Femi Otedola
Femi Otedola, chairman of Geregu Energy Plc and former chairman of Forte Oil Plc (now Ardova Plc), skilled a notable N625 billion positive aspects.
Geregu Energy’s share value vaulted from N149 in 2022 to N399 in 2023, with its market capitalization escalating from N327.5 billion to N997.5 billion inside the corresponding interval.
- Geregu Energy surpassed its 2022 full-year earnings of N10 billion inside the first 9 months of 2023, reporting a revenue of N12 billion. The corporate, boasting complete property of N157.5 billion, stands as the only real power-generating entity quoted on the Nigeria Change.
Holding controlling stakes in FBN Holdings, the father or mother firm of First Financial institution Restricted, Otedola witnessed a commendable N437.9 billion surge within the firm’s market capitalization.
- FBN Holdings achieved an annual acquire of 116.1% on the NGX in 2023, closing the 12 months at a share value of N23.55 in comparison with its opening value of N10.90 in December 2022.
- The group additionally attained a market capitalization of N845.3 billion, momentarily breaching the N1 trillion mark on December 6, 2023.
- FBN Holdings reported gross earnings of N922.2 billion, marking an 80.1% year-on-year improve from the N547.2 billion recorded in 2022.
Aligning with its sturdy market efficiency, the group’s financials for the 9 months ending September 2023 mirrored substantial energy, with a internet revenue of N236.4 billion, indicating a powerful 159% year-on-year progress from the corresponding interval in 2022.
Jim Ovia
Jim Ovia, the Chairman of Zenith Financial institution Plc, realized a considerable N436.4 billion acquire in market capitalization in 2023, emblematic of the financial institution’s spectacular efficiency.
Zenith Financial institution Plc posted an e-business revenue of N33.551 billion through the first 9 months of 2023, representing a slight lower of 6.98% in comparison with N36.069 billion recorded within the corresponding interval of 2022.
- As essentially the most capitalized financial institution on the NGX, Zenith Financial institution accounted for 12.65% of the whole e-business revenue generated by the eleven banks.
- Zenith Financial institution emerged as the best revenue earner, reporting a pre-tax revenue of N505 billion within the 9 months ending September 2023—a major surge from the N202.5 billion reported through the corresponding interval final 12 months. Impressively, in simply 9 months, Zenith Financial institution surpassed its 2022 earnings, with the group’s revenue after tax reaching N434.2 billion.
