Prime Business AfricaThe south-west and south-south regions have the highest majority shareholders in the banking industry, followed by the south-east and the north, according to analysis by Prime Business Africa.
This publication covers the 13 commercial and microfinance banks listed in the Nigerian stock exchange, excluding Ecobank, which did not reveal its shareholding status, and NPF Microfinance, owned mainly by the Nigeria Police Co-operative Society and NPF Welfare Insurance Scheme.
Join our WhatsApp ChannelPBA gathered that out of the 11 financial institutions that made their shareholding status public, five majority shareholders are from the south-west, four are from the south-south, one is from the south-east, and one is from the north.
Also, analysis showed that all majority shareholders hold a combined investment of N1.23 trillion as at the end of the first half (H1) of 2025, compared to the N1.14 trillion held as of the start of this year, representing an increase of N90.12 billion.
Shareholders from south-west
Segun Agbaje
Segun Agbaje is the group chief executive officer of Gauranty Trust Holding Company (GTCO), where he holds 1.39 billion shares, split into 32.14 million direct shares, 9.48 million indirect shares, and 1.35 billion indirect shares.
The shares held by Agbaje, a Lagos indigene, are valued at N113.42 trillion as of the end of the second quarter, up from the N79.57 billion they were worth at the beginning of the first quarter.
His total shares, which increased in value by N33.85 billion within six months, represent a shareholding of 3.83 percent.
Ladi Balogun
Ladi O Balogun, the group chief executive officer of First City Monument Bank (FCMB), holds 644 million shares in the financial institution, representing a 1.62 percent stake in the company.
Analysis showed that the shares held by Balogun are split into 205.16 million direct shares and 438.83 million indirect shares, both of which are valued at N5.95 billion on June 30, decreasing from N6.08 billion on January 2.
This shows the investment held by the businessman from Ogun state decreased by N128,80 million between the first quarter and the second quarter.
Mike Adenuga
Mike Adenuga, the founder of Globacom, is the majority shareholder in Sterling Financial Holdings Company, the parent company of Sterling Bank, with 8.81 billion shares, which represents a 19.39 percent controlling stake.
A breakdown of his shareholding shows the Oyo businessman holds 1.62 billion direct shares and 7.19 billion indirect shares through his investment vehicle, Silverlake Investments Limited.
The total shares held by Adenuga are valued at N51.40 billion as of January 2, compared to the N50.26 billion the shares were valued at the end of the first half, representing an increase of N1.14 billion.
Olufemi Otedola
Olufemi Otedola, Nigeria’s fourth richest person and chairman of First HoldCo, the parent company of First Bank of Nigeria (FBN), holds 4.23 billion shares in the financial institution.
The Oyo state indigene holds 1.68 billion direct shares and 2.54 billion indirect shares through his investment vehicle, Calvados Global Services Limited, both of which represent 10.10 percent stake.
His investment in First HoldCo decreased to N110.07 billion at the end of June, from N119.39 billion at the start of January, indicating a N9.31 billion increase, according to Prime Business Africa’s analysis.
Abolanle Matel-Okoh
Abolanle Matel-Okoh, an Ogun state businesswoman, is the majority shareholder in Wema Bank with 972.66 million direct shares and 6.05 billion indirect shares held alongside Yewande Zaccheaus, through Neemtree Limited.
The direct shares represent 4.54 percent and were valued at N8.85 billion as of January 2, but increased by N5.69 billion to N14.54 billion as of the end of June.
Also, the indirect shares represent 28.26 percent, valued at N90.55 billion at the end of the first half, compared to the N55.11 billion they were worth at the start of the same period, reflecting a N35.43 billion increase.
Shareholders from south-south
Herbert Wigwe
The late Herbert Wigwe, from Rivers state, holds 5.02 billion shares of Access Holdings, split into direct shares of 201.23 million and indirect shares of 4.81 billion, which are 9.41 percent controlling stake.
Wigwe holds the indirect shares through investment vehicles like United Alliance Company of Nig. Ltd, Trust and Capital Limited, Coronation Trustees Tengen Mauritius, and Tengen Holdings Limited.
Consequently, Wigwe had N110.95 billion investment in Access Holdings, the parent company of Access Bank, as of June 30, down by N10.04 billion when compared to the N120.99 billion they were valued at on January 2.
Tony Elumelu
Tony Elumelu, an indigene of Delta state, is the chairman of United Bank for Africa (UBA), where he holds a 6.19 percent controlling stake due to the 2.54 billion shares of the lender he owns.
Elumelu split the shareholding into direct shares of 195.12 million and Indirect shares of 2.34 billion through HH Capital Limited, Heirs Holdings Limited and Heirs Alliance Limited.
The shares were valued at N86.95 billion at the start of January, compared to the N90 billion recorded at the end of the first half of this year, representing an increase of N3.05 billion.
Jim Ovia
Jim Ovia is from Delta state, and he is the chairman of Zenith Bank with 3.55 billion direct shares and 1.52 billion indirect shares, bringing his total shareholding to 5.08 billion, which gives him a controlling stake of 12.37 percent.
The indirect shares are held through Institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registars Ltd, and Quantum Zenith Securities Ltd.
According to analysis, the 5.08bn shares are valued at N289.46 billion as of June, up from N233.04 billion at the start of the first quarter, indicating an increase of N56.41 billion.
Atedo Peterside
Although the majority shareholder of Stanbic IBTC Holdings is Standard Bank, a South African company, Atedo Peterside made it into this list due to being the second-largest shareholder in the lender.
The Rivers state-born businessman holds 176.66 million shares or a 1.37 percent stake in Stanbic IBTC Holdings through SITL/The First ANAP Domestic Trust and SITL/Alabo (Dr.) Mca Peterside Memorial Trust.
Analysis shows that the shares were valued at N10.24 billion as of January, but it increased to N15.01 billion at the end of June, indicating a N4.77 billion increase.
Shareholder from south-east
Nneka Onyeali-Ikpe
Nneka Onyeali-Ikpe is the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, where she holds 112.64 million direct shares, representing a 0.22 percent stake in the lender.
The Anambra indigene holds N2.25 billion worth of investment in Fidelity Bank as of June 30, compared to the N1.91 billion they were worth on January 2, indicating an increase of N337,93 million within six months.
Shareholder from the north
Muhammadu Indimi
Muhammadu Indimi, a businessman from Borno state, owns a 29.36 percent controlling stake in Jaiz Bank due to his 13,09 billion shares held in the financial institution.
This means Indimi holds N340.42 billion investment in Jaiz Bank as of June, compared to the N369.22 billion he held in January, reflecting an increase of N28.80 billion during the review period.
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