Jim Ovia, Herbert Wigwe, Tony Elumelu, others top list of richest Nigerian bankers

Jim Ovia tops the chart of the most affluent bankers in Nigeria, possessing a considerable investment worth N169.8 billion in Zenith Bank. Herbert Wigwe secures the second position with a stake of N53.4 billion in Access Holdings. Taking the third spot is Tony Elumelu, whose investment in UBA is valued at N53.4 billion.

In spite of notable financial limitations, Nigerian banks have exhibited a modest enhancement across various regulatory indicators in recent years.

This all comes about from innovative bankers who dared to question the existing norms and revolutionized the industry.

Previously, Legit.ng brought attention to Nigerian banks that made the most profits through PoS, USSD, and other means during the initial months of 2023.

Bank executives such as Jim Ovia, Herbert Wigwe, and Tony Elumelu have successfully propelled growth in the banking sector through their utilization of ingenuity and the implementation of modern technology, broadening their market reach, and enhancing customer satisfaction.

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They effectively connected with a significant number of people who do not have access to banking services in the country by adopting digital technology, mobile banking, and forming partnerships with financial technology companies. This helped to encourage the participation and involvement of these individuals in the financial system.

Based on the estimated worth of their bank shares, Billionaires Africa recently put together a record of the richest Nigerians, as indicated below:

Jim Ovia's Zenith Bank Stake Valued At N169.8bn

Zenith Bank Plc, the biggest commercial bank in Nigeria in terms of market value, was established by the visionary Jim Ovia, who also holds the position of chairman.

Being one of the wealthiest investors in the local stock market, he possesses a whopping 5,077,104,311 common stocks, equivalent to 16.17% ownership in Zenith Bank.

As a result of his latest acquisition and the significant surge in Zenith Bank's stock value, his current stake is now estimated to be worth N169.8 billion ($224.3 million).

Ovia has made a substantial contribution to the banking sector in Nigeria during his tenure as the leader of Zenith Bank. His achievements as a financial expert and businessperson have greatly contributed to his recognition and influence.

Zenith Bank has solidified its position as a premier financial institution and a formidable presence in Nigeria due to its insightful outlook and effective management. Jim Ovia, in addition, stands among the most affluent individuals in Africa, boasting a wealth amounting to $900 million in 2013.

Herbert Wigwe Owns Access Holding Worth N53.4bn

Hebert Wigwe holds the position of Group Managing Director and CEO at Access Holdings Plc, a renowned financial services provider in Nigeria. Using his family office, Tengen Holdings, he has a significant stake of 9.09% in Access Holdings, which translates to approximately 3,230,789,014 shares.

Being one of the wealthiest investors on the Nigerian Exchange, his investment currently holds a value of N53.4 billion ($70.5 million). By making wise acquisitions and under his leadership, Access Holdings has experienced exceptional growth, establishing itself as one of the leading financial services institutions in Africa.

Significantly, Access Holdings has strengthened its presence in Africa by acquiring a majority stake in the Angolan bank Finibanco and subsequently agreeing to purchase the Sub-Saharan African branches of the UK-based Standard Chartered Bank.

The institution is committed to establishing a connected atmosphere and fostering a prosperous society between Africa and the globe.

Tony Elumelu's UBA Stake: N33.54bn

Tony Elumelu is a renowned benefactor and entrepreneur hailing from Nigeria, displaying great involvement in the financial and energy sectors.

He holds a 7.17% stake in the United Bank of Africa (UBA) through various firms such as Heirs Holdings Limited, Heirs Alliance Limited, and HH Capital.

His stake in UBA currently amounts to 2,457,372,28 units, with a total worth of N33.54 billion ($44.1 million), following his recent acquisition of an additional 70 million shares.

Elumelu possesses a 25.9% portion in Transcorp, a renowned conglomerate involved in power generation, energy, and hospitality, alongside his investment in UBA.

Elumelu has built a reputation for himself in the Nigerian banking and business world as the creator of Heirs Holdings, a notable investment firm with diverse interests in finance, energy, tourism, and property.

He has also strengthened his position as a crucial player in the financial and energy industries by acquiring significant stakes in UBA, Transcorp, Africa Prudential, and United Capital.

Atedo Peterside's Stanbic IBTC Holdings Stake: Valued At N10.45bn

Peterside Atedo, a renowned Nigerian banker and economist, gained widespread recognition for establishing the Investment Banking & Trust Company Limited (IBTC) in February 1989 at a youthful age of 33.

His endeavors to broaden the scope of Stanbic IBTC Holdings Plc, specifically, have significantly influenced the formation of the banking industry in Nigeria.

Stanbic IBTC Holdings holds a market value of N901 billion ($1.19 billion), putting it at the tenth position among the most valuable companies listed on the Nigerian Exchange, according to the latest statistics available.

Peterside has also achieved success in his endeavors, as he currently holds a significant 1.16% stake in Stanbic IBTC Holdings, worth N10.45 billion ($13.75 million).

By making such a massive investment, he solidifies his position as one of the wealthiest investors in the Nigerian Exchange and further cements his status as one of the richest bankers in the country.

Segun Agbaje Holds N1.6B Stake In GTCO

According to the blog, Segun Agbaje holds the position of group managing director and CEO at Guaranty Trust Holding Company (GTCO). This financial holding company has a wide range of activities in areas such as retail and investment banking, pension and asset management, as well as payment services.

GTCO is located in Lagos. They played an essential part in the advancement of Nigeria's banking industry, contributing to the growth of GTCO as one of the leading financial service establishments in the country.

The bank has achieved remarkable growth and established a highly regarded status in the industry, all thanks to his leadership. Moreover, it has played a significant role in boosting the overall economy of the country.

Following a series of changes initiated in July 2021, the organization experienced growth and transformed into a holding company, all due to the forward-thinking strategies of Segun Agbaje.

He is one of the richest banking executives in Nigeria, with a small stake of 0.14% in the financial services group. This minority ownership accounts for 41,628,001 shares, which have an approximate value of N1.6 billion ($2 million).

Agbaje is part of the decision-making bodies of PepsiCo and actively participates in the Mastercard Advisory Board for the Middle East and Africa. In addition to his high-ranking role at GTCO, he contributes to the strategic planning and development of these organizations.

CBN Aims For 95% Nigerians In Banking By 2024

In previous updates, Legit.ng shared that the Central Bank of Nigeria (CBN) stated that 64.1% of the population has already been incorporated into the financial system. The bank has set a goal to surpass 95% inclusion by 2024.

During a recent event in Lagos, Paul Oluikpe, who holds the position of assistant director of Financial Development at the CBN, asserted that the central bank has categorized commercial banks' Know Your Customer (KYC) services into different levels.