Prime Business AfricaAliko Dangote, an oil magnate and Africa’s richest person, has increased his shareholding in Jaiz Bank, a non-interest financial institution operating under Islamic banking principles in Nigeria.
According to Jaiz Bank’s unaudited financial report for the period ended December 31, 2024, released in March 2025, Dangote acquired 550 million shares in 2024 to raise his shareholding, held through Dangote Industries Ltd, from 2.5 billion to 3.05 billion shares.
Join our WhatsApp ChannelThis raised his stake in Jaiz Bank from 5.60 percent to 6.84 percent, according to Prime Business Africa’s analysis of his net worth in Nigeria’s first non-interest bank.
Prior to raising the number of shares held in Jaiz Bank, Prime Business Africa gathered that Dangote, with 2.5 billion shares, had N4,85 billion investment in the lender as at December 29, 2023, when the company’s shares traded at N1.94 kobo per share.
However, after the billionaire increased his shares by 22.13 percent, Dangote ended last year with N9,49 billion investment, as the company’s share price traded at N3.11 kobo per share as of December 30, 2024.
Prime Business Africa analysis showed that the value of Dangote’s investment has increased to N9,86 billion as of May 9, as Jaiz Bank’s shares have appreciated by 3.09 percent year-to-date, from N3.13 kobo on January 2 to N3.23 kobo.
Furthermore, the shareholders of Jaiz Bank, including Dangote, have recorded a combined gain of N4.45 billion year-to-date, while the lender’s market valuation has also increased from N139.56 billion to N144.02 billion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
