Prime Business AfricaFive majority shareholders in the banking industry lost N49.43 billion in the first half (H1) of 2025, after the share prices of their banks plunged.
The five majority shareholders, comprising Ladi Balogun, Mike Adenuga, Femi Otedola, Muhammadu Indimi and late Herbert Wigwe, held a combined investment value of N667.10 billion as at January 2, but on June 30, the worth dropped to N617.67 billion.
Join our WhatsApp ChannelAccording to Prime Business Africa’s findings, the banks that recorded a decline in their share prices are Access Holdings, First City Monument Bank (FCMB), First HoldCo, Sterling Financial Holdings Company, and Jaiz Bank.
Majority shareholders who lost part of their investments
Herbert Wigwe
Herbert Wigwe, the majority shareholder of Access Holdings with 5.02 billion shares or 9.41 percent stake, lost N10.04 billion out of his investment in the financial institution.
Prime Business Africa gathered that the investment of the late businessman in Access Holdings dropped from N120.99 billion recorded at the start of January to N110.95 billion at the end of the first half.
The loss was driven by the 8.29 percent decline in the company’s share price, which declined from N24.10 kobo to N22.10 kobo within the same period under review, indicating the cost of buying a share of Access Holdings decreased by N2.
Ladi Balogun
Ladi Balogun, the group chief executive officer of First City Monument Bank (FCMB), saw his investment in the company decrease by N128.80 million in the first half.
Balogu, who holds 644 million shares in FCMB, saw his investment in the financial institution decline from N6.08 billion they were valued at on January 2, to N5.95 billion on June 30.
The value of Balogun’s investment dropped during the period FCMB’s share price nosedived from N9.45 kobo to N9.25 kobo, representing a decline of 2.11 percent or N0.2 kobo.
Mike Adenuga
Mike Adenuga, the founder of Globacom, holds 8.81 billion shares in Sterling Financial Holdings Company, and as of June 30, their value has dropped to N50.26 billion, according to PBA analysis.
Adenuga’s shares, which represented a 19.39 percent stake, depreciated in value from N51.40 billion recorded on January 2, indicating the investor lost N1.14 billion within six months.
This was driven by the 2.22 percent decrease recorded by Sterling Financial’s share price, which dropped from N5.83 kobo to N5.70 kobo within the period under review.
Olufemi Otedola
Olufemi Otedola lost N9.31 billion out of his investment in First HoldCo in the first half of this year, after the company’s share price decreased by N2.2 kobo.
Otedola, who serves as First HoldCo’s chairman, holds 4.23 billion shares in the lender or a 10.10 percent stake in the bank, which dropped in value to N110.07 billion at the end of June.
The value of his shares dropped from N119.39 billion recorded on January 2 following a 7.80 percent decline in First HoldCo’s share price, which dropped from N28.20 kobo to N26 per share.
Muhammadu Indimi
Muhammadu Indimi, the majority shareholder of Jaiz Bank, lost N28.80 billion in the first six months of the year, after the value of his investment in the lender dropped to N340.42 billion at the end of June.
Indimi, who holds 13.09 billion shares in Jaiz Bank, saw the value of his investment decrease from N369.22 billion after Jaiz Bank’s share price fell by 7.80 percent.
N2.2 kobo.
This pushed Jaiz Bank’s share price down to N26 per share, from N28.20 kobo, representing a drop of N2.2 kobo.
For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: [email protected] and [email protected]
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.
