In a remarkable financial feat, companies associated with Nigerian billionaire investors Herbert Wigwe, Aliko Dangote, Femi Otedola, and Jim Ovia collectively achieved an astounding capital gain of N3.1 trillion in 2023. The notable companies, including Geregu, Zenith Bank, Access Holdings, Dangote Cement, NASCON, and FBN Holdings, are listed on the Nigerian Stock Exchange.
NGX Performance in 2023
The Nigerian Stock Exchange (NGX) exhibited renewed vigor, closing the year with an impressive All-Share Index of 74,773.77 points, reflecting a year-to-date growth of 45.90%.
Individual Performances of Notable Investors’ Companies
- Herbert Wigwe’s Access Holdings:
- Market Capitalization Gain: N517 billion.
- Share Price Increase: From N8.50 (December 2022) to N23.15 (December 2023).
- Notable Financial Performance: Nine-month pre-tax profit of N294.4 billion, a 100.2% year-on-year surge.
- Aliko Dangote’s Companies:
- Market Capitalization Gain: N1.1 trillion.
- Dangote Cement’s Market Cap Increase: N1.03 billion.
- Dangote Cement’s 9M 2023 Financial Highlights: Revenue of N1.515 trillion, PAT of N277.54 billion.
- Femi Otedola’s Companies:
- Geregu Power’s Market Cap Gain: N625 billion.
- FBN Holdings’ Market Cap Increase: N437.9 billion.
- FBN Holdings’ 2023 Performance: Gross earnings of N922.2 billion, a year-on-year increase of 80.1%.
- Jim Ovia’s Zenith Bank:
- Market Capitalization Gain: N436.4 billion.
- Zenith Bank’s 9M 2023 Financial Highlights: Pre-tax profit of N505 billion, PAT of N434.2 billion.
Significance and Industry Strength
Despite challenges like a forex crisis, naira devaluation, and inflationary pressures, these companies showcased substantial gains, contributing to a robust market performance. The achievements emphasize the resilience and potential of the Nigerian business landscape, especially in the face of global economic uncertainties.
This financial success also underscores the investors’ strategic leadership and the strength of their companies in navigating complex macroeconomic conditions.
