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

Despite significant economic constraints, Nigerian banks have shown a moderate improvement in all regulatory indices over the past couple of years.

All of this is a result of forward-thinking bankers who challenged the established quo and changed the business.

Earlier, Legit.ng highlighted Nigerian banks with highest earnings from PoS, USSD, Others in first quarter 2023.

Bank CEOs like Jim Ovia, Herbert Wigwe, and Tony Elumelu have used innovation and technology adoption, market expansion, and improved client experiences to generate growth in the banking industry.

They were successful in reaching the sizable unbanked population in the nation by embracing digitalization, mobile banking, and fintech partnerships, promoting financial inclusion. According to the market value of their individual bank stakes, Billionaires Africa, using recent data compiles the list of the richest Nigerians as follows:

Jim Ovia’s stake in Zenith Bank is worth N169.8 billion

Zenith Bank Plc, Nigeria's largest commercial bank by market capitalization, was founded by the inspirational Jim Ovia, who also serves as its chairman. One of the richest investors on the local exchange, he owns 5.077,104,311 ordinary shares, or 16.17 percent of Zenith Bank.

Thanks to his most recent purchase and the considerable increase in Zenith Bank's share price, his ownership position in the bank is currently valued at N169.8 billion ($224.3 million).

Ovia has had a significant impact on Nigeria's banking industry while serving as the head of Zenith Bank, and his accomplishments as a banker and entrepreneur have helped him gain prominence.

Zenith Bank has established itself as a top-tier financial institution and a dominant force in Nigeria because to his vision and leadership. Jim Ovia is also one of the wealthiest persons in Africa with a net worth of $900 million as of 2013.

Herbert Wigwe’s stake in Access Holding is worth N53.4 billion

Hebert Wigwe is the Group Managing Director and CEO of Access Holdings Plc, a well-known provider of financial services in Nigeria. Through his family office, Tengen Holdings, he has a sizeable 9.09 percent interest in Access Holdings, or 3,230,789,014 shares.

Being one of the richest investors on the Nigerian Exchange as a result, his investment is currently valued at N53.4 billion ($70.5 million). Through smart acquisitions, Access Holdings, under his direction, has grown remarkably, becoming one of Africa's top financial services organisations.

Notably, the purchase of the majority of the shares in the Angolan bank Finibanco and the subsequent agreement to buy the Sub-Saharan African subsidiaries of the international bank Standard Chartered Bank, both domiciled in the UK, have further solidified Access Holdings' position in Africa.

The organisation is devoted to creating an interconnected environment and nurturing a thriving community between Africa and the rest of the globe.

Tony Elumelu’s stake in UBA is worth N33.54 billion

Tony Elumelu is a well-known philanthropist and businessman from Nigeria who holds a variety of interests in the finance and energy industries.

Through a number of companies, including Heirs Holdings Limited, Heirs Alliance Limited, and HH Capital, he has 7.17 percent of United Bank of Africa (UBA).

His investment in UBA now stands at 2,457,372,28 units, valued at N33.54 billion ($44.1 million), after he recently purchased a further 70 million shares.

Elumelu owns a 25.9% share in Transcorp, a well-known conglomerate with interests in power production, energy, and hospitality, in addition to his stake in UBA.

Elumelu has made a name for himself in the Nigerian banking and business landscape as the founder of Heirs Holdings, a significant investment holding company with interests spanning financial services, energy, hospitality, and real estate.

He has also solidified his position as a key player in the financial and energy sectors through his sizeable holdings in UBA, Transcorp, Africa Prudential, and United Capital.

Atedo Peterside’s stake in Stanbic IBTC Holdings is worth N10.45 billion

Peterside Atedo, a well-known banker and economist from Nigeria, is best known for launching the Investment Banking & Trust Company Limited (IBTC) in February 1989 when he was just 33 years old.

His efforts to the expansion of Stanbic IBTC Holdings Plc in particular have had a substantial impact on how the Nigerian banking sector is shaped.

With a market value of N901 billion ($1.19 billion) as of the most recent statistics, Stanbic IBTC Holdings is the tenth most valuable firm listed on the Nigerian Exchange.

Peterside has also succeeded in his personal interests, where he currently has a sizable 1.16 percent share in Stanbic IBTC Holdings, valued at N10.45 billion ($13.75 million).

With this huge investment, he firmly establishes himself as one of the wealthiest investors on the Nigerian Exchange and ranks among the richest bankers in the nation.

Segun Agbaje’s stake in GTCO is worth N1.6 billion

Segun Agbaje is group managing director and CEO, Guaranty Trust Holding firm (GTCO), a financial holding firm with diverse operations in retail and investment banking, pension and asset management, and payment services.

GTCO is situated in Lagos. He played a key role in developing Nigeria's banking sector, helping GTCO to grow into one of the top financial services organisations in the nation.

Under his leadership, the bank has made outstanding progress, developing a prestigious reputation in the industry and making a sizable contribution to the growth of the country's economy.

After a structural reform in July 2021, the group expanded and changed into a holding company thanks to Segun Agbaje's strategic vision.

He is currently one of Nigeria's richest banking executives, owning a 0.14 percent minority ownership in the financial services group, or 41,628,001 shares, valued at around N1.6 billion ($2 million).

Agbaje serves on the boards of PepsiCo and is a member of the Mastercard Advisory Board for the Middle East and Africa in addition to his executive position at GTCO.