The total networth of Chief Executive Officers (CEOs) heading Nigerian-owned companies, which are the top five most capitalised firms, rose by 2.59 percent in the month of October.
The CEOs, Yusuf H. Binji, Demola Sogunle, Segun Agbaje, Ebenezer Onyeagwu and Devakumar V. G. Edwin, accounted for a total investment worth of N4.12 billion at the end of last month, against the N4.02 billion they started the month with.
However, the growth was slowed by two CEOs, Edwin and Sogunle, as the three other aforementioned heads made a combined N104.31 million gain in 31 days of the stock trading period, with Onyeagwu ending the month as the biggest gainer.
Note: The networth mentioned in this article is based on analysis of their investments in the domestic company they lead – other private investments or dividend were not factored in.
Breakdown of each CEO’s networth gain/loss
Both Edwin and Sogunle ended October with the same networth they started the month with.
1) Demola Sogunle/Stanbic IBTC
At the start of October, Sogunle’s networth was N80.82 billion, and he ended the period at the same level, as Stanbic IBTC’s share value opened and closed the month at N39 per share.
Sogunle’s total investment worth is drawn from the 2.07 million direct shares held in the lender which is the fifth most capitalised domestic-owned firm at N505.32 billion.
2) Devakumar V. G. Edwin/Dangote Cement
Edwin’s investment also didn’t gain a dim in the month of October, as he closed the period at N1.68 billion, same amount he had at the opening.
His networth didn’t rise because Dangote Cement’s stock value didn’t appreciate from the N280 it started October with, closing flat at the end of the month.
Edwin owns 6 million shares in the Aliko Dangote-owned company, which is the most capitalised company in Nigeria, valued at N4.77 trillion.
3) Ebenezer Onyeagwu/Zenith Bank
Onyeagwu owns 46.5 million shares in Zenith Bank, which is the fourth most valuable Nigerian-owned company with N792.76 billion as at the end of October.
The Zenith Bank CEO made N81.37 million in 31 days after the lender’s stock value rose to N25.25kobo per share, from N23.50kobo in October.
This increased Onyeagwu’s networth in the firm to N1.17 billion from N1.09 billion, as he gained from Zenith Bank’s stock appreciation.
4) Segun Agbaje/GTCO
Segun Agbaje is probably the most popular CEO in the Nigerian stock market where his company, Guaranty Trust Holding Company (GTCO), holds the position of the third most capitalised equity, valued at N843.20 billion.
He owns 32.14 million direct shares and 9.48 million indirect shares in the lender, which means Agbaje has a total of N1.19 billion in GTCO, after his shares earned him N22.89 million, to increase the N1.16 million he started October with.
Agbaje’s total stock networth rose due to the appreciation in Guaranty Trust’s share value last month, as it climbed from N28.10kobo to N28.65kobo per share.
5) Yusuf H. Binji/BUA Cement
Binji leads the second most capitalised domestic-owned firm, but his volume of shares is the lowest when compared to his counterparts in the stock market.
With his 7,093 shares in BUA Cement, Binji accounts for N510,696 by end of October after gaining a mere N42,558 within the 31 days period, as his investment grew from N468,138.
Binji’s gain in the stock market was tied to the rise in BUA Cement’s share price which appreciated from N66 per share of first week of October to N72 per share by month end.
Note: MTN, Airtel and Nestle were not mentioned due to their parent company’s footprint which is on foreign soil located in South Africa, India and Switzerland.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...