Despite considerable fiscal restrictions, Nigerian banks have made moderate progress in all regulatory indicators during the last few years.
All of this stems from forward-thinking bankers who challenged the status quo and transformed the industry.
Previously, HowNG identified Nigerian banks with the biggest earnings from PoS, USSD, and others in the first quarter of 2023.
Bank CEOs such as Jim Ovia, Herbert Wigwe, and Tony Elumelu have driven development in the banking business by embracing innovation and technology, expanding markets, and improving customer experiences.
They were successful in reaching a substantial segment of the country’s unbanked population by adopting digitalisation, mobile banking, and fintech collaborations, thereby increasing financial inclusion.
According to the market value of their bank stakes, HowNG’s most recent statistics created the following list of Nigeria’s wealthiest individuals:
Jim Ovia
Zenith Bank Plc, Nigeria’s largest commercial bank by market capitalisation, was created by the visionary Jim Ovia, who is also its chairman.
As one of the most wealthy investors on the local exchange, he holds 5.077,104,311 ordinary shares, or 16.17% of Zenith Bank.
Thanks to his most recent purchase and the significant increase in Zenith Bank’s share price, his ownership position is now valued at N169.8 billion ($224.3 million).
Ovia has had a considerable impact on Nigeria’s banking industry while serving as CEO of Zenith Bank, and his achievements as a banker and entrepreneur have helped him rise to fame.
Because of his vision and leadership, Zenith Bank has grown to become a leading financial institution in Nigeria. Jim Ovia is also one of Africa’s wealthiest people, with an estimated net worth of $900 million as of 2013.
Herbert Wigwe
Hebert Wigwe was the Group Managing Director and CEO of Access Holdings Plc before he died, a well-known financial services company in Nigeria. He owns a sizable 9.09% of Access Holdings, or 3,230,789,014 shares, through his family firm, Tengen Holdings.
As one of the Nigerian Exchange’s wealthiest investors, his investment is currently at N53.4 billion ($70.5 million). Under his leadership, Access Holdings has developed dramatically through strategic acquisitions, becoming one of Africa’s leading financial services firms.
Notably, Access Holdings’ acquisition of the majority of the shares in Angolan bank Finibanco, as well as the following agreement to acquire the Sub-Saharan African subsidiaries of the international bank Standard Chartered Bank, both based in the United Kingdom, have strengthened the company’s position in Africa.
The organization aims to foster a strong connection between Africa and the rest of the globe.
Tony Elumelu
Tony Elumelu is a well-known Nigerian philanthropist and businessman with diverse interests in banking and energy.
He owns 7.17% of the United Bank of Africa through several businesses such as Heirs Holdings Limited, Heirs Alliance Limited, and HH Capital.
After purchasing a further 70 million shares, his holding in UBA now totals 2,457,372,28 units, worth N33.54 billion ($44.1 million).
In addition to his investment in UBA, Elumelu controls 25.9% of Transcorp, a well-known conglomerate with interests in power production, energy, and hotels.
Elumelu has established himself in the Nigerian banking and commercial sector as the creator of Heirs Holdings, a major investment holding company with holdings in financial services, energy, hospitality, and real estate.
He has also cemented his place as a key participant in the banking and energy industries with significant investments in UBA, Transcorp, Africa Prudential, and United Capital.
Atedo Peterside
Peterside Atedo, a well-known Nigerian banker and economist, founded the Investment Banking & Trust Company Limited (IBTC) in February 1989 at the age of 33.
His attempts to build Stanbic IBTC Holdings Plc have significantly impacted the Nigerian banking market.
Stanbic IBTC Holdings is the tenth most valuable corporation listed on the Nigerian Exchange, with a market value of N901 billion ($1.19 billion) according to latest statistics.
Peterside has also prospered in his investments, with a substantial 1.16% stake in Stanbic IBTC Holdings valued at N10.45 billion ($13.75 million).
With this massive investment, he solidifies his position as one of the wealthiest investors on the Nigerian Exchange and among the country’s top bankers.
Segun Agbaje
Segun Agbaje is the group managing director and CEO of Guaranty Trust Holding Company (GTCO), a financial holding company with a wide range of operations including retail and investment banking, pension and asset management, and payments.
GTCO is located in Lagos. He was instrumental in the development of Nigeria’s banking sector, assisting GTCO in becoming one of the country’s leading financial services firms.
Under his leadership, the bank has made excellent progress, establishing a prestigious reputation in the sector and contributing significantly to the expansion of the country’s economy.
Following a structural overhaul in July 2021, Segun Agbaje’s strategic vision enabled the organization to develop and become a holding company.
He is one of Nigeria’s most wealthy banking executives, with a 0.14% stake in the financial services group, or 41,628,001 shares worth approximately N1.6 billion ($2 million).
In addition to his senior position at GTCO, Agbaje serves on PepsiCo’s board of directors and the Mastercard Advisory Board for the Middle East and Africa.
