• Friday, May 24, 2024
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Meet the ten bank CEOs who made N12bn from stock rally


Ten bank CEOs have made a fortune on the back of the rally in Nigerian bank stocks from January 2017 to date, BusinessDay study of market trends has shown. The cumulative value of the stock holding of the ten bank CEOs has risen by N12.18 billion in capital gains since the beginning of the year. Capital gain is an increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price or price at an earlier period. The gain is not realised until the asset is sold.

1. Herbert Wigwe (Access)

Access Bank’s CEO, Herbert Wigwe saw the biggest windfall in terms of capital gains by far, as the value of his 2.7 billion holdings rose N11.1 billion to N26.6 billion, as of Friday, November 11 from N15.5 billion as of December 30, 2016, following a 71 per cent increase in Access Bank’s share price to N9.89 from N5.77 within the period.

Wigwe, who owns some 2.48 billion and 206 million of indirect and direct shareholdings respectively, accounts for 92.5 percent of the total profit made by the CEOs. He also owns the most shares of any CEO by similar margin.

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2. Segun Agbaje – Guaranty Trust Bank (GTB)

Guaranty Trust Bank’s CEO Segun Agbaje, saw his 41 million stock holdings rise by N751.9 million to N1.76 billion as of Friday, Nov. 11 from N1.01 billion as of Dec. 30, 2016, as GTB’s share price spiked 74 per cent to N43 from N24.66.

3. Kennedy Uzoka – United Bank for Africa (UBA)

Uzoka’s 37 million holdings are now worth N359 million, up to N192 million from N167 billion, as UBA’s share price leapt 115 per cent to N9.7 from N4.5 in the period under review.

4. Nnamdi Okonkwo (Fidelity)

Okonkwo’s 101 million shareholdings have doubled, after rising N84.9 million to N169.7 million. Within the period, Fidelity’s share price has jumped 100 percent to N1.68 from N0.84.

5. Peter Amangbo (Zenith)

Amangbo’s five million holdings have surged N52 million to N125 million from N73 million, following a 72 per cent jump in Zenith bank’s share price to N25 from N14.5 within the said period.

6. Uzoma Dozie (Diamond)

Diamond bank’s share price had gained 31.9 per cent to N1.16 as of Friday, Nov. 11 from N0.88 as at the end of 2016, helping CEO Uzoma Dozie’s 47 million holdings appreciate N13.4 million to N55.7 million from N42.2 million.

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7. Ladi Balogun (First City Monument Bank)

FCMB’s share price is up to some 3.6 per cent to N1.14 from N1.1, while Sterling has gained 37 per cent in the said period under review. Balogun’s 200 million holdings are up N8 million to N228 million.

8. Yemi Adeola (Sterling)

Adeola’s 25.5 million holdings are up N7.1 million to N26.5 million. Sterling bank’s share price has gained 37 per cent in the said period under review.

9. Emeka Emuwa (Union)

Emuwa’s 10.5 million holdings as of Dec 2016 are now worth N64.6 million, up N6.8 million from N57.8 million, as Union bank has rallied 11.8 per cent to N6.15 from N5.5.

10. Adesola Adeduntan (First Bank Holdings)

Adeduntan, appointed as First bank’s CEO in January 2016, made the least of the ten CEOs, due to his significantly lower holdings compared to his CEO peers.

The 48-year-old’s 52,189 shares are now worth N378,000 up N203,500 from N174,800, following a 116 per cent rally in First bank’s share price to N7.25 as of Friday, November 11 from N3.35 as of December 2016.