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Zenith Bank Chairman, Jim Ovia Loses $64m

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Jim Ovia

Jim Ovia, founder and chairman of Zenith Bank has lost close to $64 million in paper net worth over the last 6 months as the stock price of his bank shed 33% in value within that period, Forbes reports.

On the 8th of February this year, the bank was trading at a share price of N24.4 ($0.06). However at the close of trading on Thursday, its share price had dropped to N16.35 following consistent daily losses over the past few weeks.

Ovia, who is the largest shareholder of the bank with a 9.4% stake, has seen the value of his 2.94 billion shares drop from $200 million, to $136 million.

The last few months have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange. The stocks of several blue-chip stocks such as Zenith Bank, Dangote Cement, Transcorp and United Bank of Africa among several others have hit one-year-lows as foreign portfolio investors who dominate the equities market have been pulling out funds from the Nigerian capital markets while waiting for policy signals that could lift growth in the economy several weeks after President Muhammadu Buhari won re-election.

“Foreign investors are not exactly complicated. All they are looking for a broader catalyst like government policy or macro announcement that suggest growth for the economy is becoming better. Buhari’s government has been slow in providing a coherent economic policy that will give foreign investors some sort of comfort, so they are taking to the hills,” says Ademola Adeleke, an Abuja-based stockbroker.

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Apart from his shareholding in Zenith Bank, 65 year-old Jim Ovia is one of Nigeria’s largest property owners.

In 2015 he featured in FORBES’ ranking of Africa’s 50 Richest with a fortune that was estimated at $550 million at the time.

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Adesina Wins African Of The Year Award

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Adesina

African Development Bank President Dr Akinwumi Adesina received the African of the Year Award from the All Africa Business Leaders Awards (AABLA™), Thursday night, in recognition of his bold leadership and the innovation of the Africa Investment Forum which “opened up billions of dollars of investment into the continent.”

The ninth edition of the awards, organized by AABLA™ in conjunction with CNBC Africa, seeks to honour leaders who have contributed and shaped the African economy.

The Africa Investment Forum (https://AfricaInvestmentForum.com/), inaugurated in 2018, has been a trailblazer in tilting investments into the continent. The second edition of the Forum which was held in Johannesburg, South Africa ended on 13 November. It was attended by over 2,000 delegates and secured investor interest worth $40.1 billion – up from $37.1 billion the previous year.

“It is indeed a great honour,” Dr Adesina said in remarks during the exclusive gala dinner held at the Sandton Convention Centre in Johannesburg, at which the awards were announced. Adesina added that he was overwhelmed to follow in the footsteps of his “big brother” President Paul Kagame of Rwanda, who won the award in 2018. “My heartbeat is to serve the people of Africa,” Adesina said.

The event was attended by an A-list of business leaders, government representatives including David Makhura, Premier of Guateng Province, who gave the opening address. The event also attracted some of South Africa’s leading personalities. Vibrant music was provided by The Muses, a south African all-female string quartet and “Dr Victor And The Rasta Rebels.”

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The awards are decided by a jury of continent-wide judges led by Sam Bhembe, CNBC Africa Non-Executive Director, following evaluation of a shortlist of finalists to determine the overall category winners.

Bhembe said the award reflected how the winner would “shape the future of the African continent,” and that the winner would brace the cover of a special edition of Forbes Africa.

In other categories of the 2019 awards, Nigerian Co-Founder of Kobo360, Obi Ozor won Young Business Leader of the Year; Naspers CEO: South Africa, Phuthi Mahanyele-Dabengwa took the Business Woman of the Year award; while Nedbank, won the Company of the Year award.

Adesina dedicated his award “to the people of Africa who inspire me… I do not work alone.” He also said it was very rewarding to be at the helm “of an organisation that paves the way to progress.” Enditem

SOURCE: African Development Bank Group (AfDB)

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Nigeria Earned N275bn From VAT In Q3 — NBS

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NBS

The country earned a total of N275.12 billion from Value Added Tax in the third quarter of this year, figures released by the National Bureau of Statistics have revealed.

The NBS in its VAT report which was released on Monday said the N275.12 billion earnings represents a decline of N36.82 billion when compared with the N311.94 billion generated in the second quarter.

The report stated that during the period, professional services generated the highest amount of VAT with N32.09 billion.

This is closely followed by other manufacturing which generated N30.27 billion; while commercial and trading activities generated N14.47 billion.

It added that mining generated the least and it was closely followed by textile and garment industry, pharmaceutical, soaps and toiletries with N44.30 million, N253.83 million and N291.06 million generated respectively

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The report stated that out of the total amount generated in 2019, N150.74 billion was generated as Non-Import VAT locally while N63 billion was generated as Non-Import VAT for foreign. The balance of N61.37 billion was generated as NCS-Import VAT.

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Dangote Refinery Takes Delivery Of World’s Largest Crude Distillation Column Equipment

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The world’s largest crude distillation column equipment designed for crude oil processing for Dangote Refinery has arrived Lagos, its location, Business Day reports.

The Crude Distillation Column is the largest in terms of distilling capacity which is 650 thousand barrels per stream day. Rajen Sachar, Head, Maritime and Ports Infrastructure of Dangote, told newsmen during the arrival of the facility in Lagos on Sunday that the equipment is the biggest single-train facility used for refining crude.

The equipment weighs 2250MT. It is 112.5m long, 14.036m wide, and 13.752m high.

The above-mentioned weight does not include the weight of the internal trays which is approx. 536 MT.

It is the largest diameter, longest length and the heaviest single-unit equipment in domestic export equipment, Sachar said.

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”It will be installed in the world’s largest single-series refinery – the 32.5 million tonne/year Dangote refinery in Nigeria.

”It will be installed in the world’s largest single-series refinery – the 32.5 million tonne/year Dangote refinery in Nigeria,” he explained.

The refinery equipment which was manufactured by Sinopec in China is the primary unit processor of crude oil into fuels.

He said that crude oil processor took 14 months in construction by Sinopec company in China and eight weeks to bring it down to Nigeria.

Sachar said the crude oil consists of various chemical components that have different molecular sizes, molecular weights, and boiling temperatures.

He added that the crude distillation column works on the principle of fractional distillation leading to separation of various components in the mixture on the basis of their different boiling points.

”Crude oil enters the top of the column, where the inlet temperature is 165 °C, gradually increasing to 357 °C at the bottom of the column.

“During this passage the crude and its vapours pass through a complex web of internal trays to increase the contact time and surface area within the column with the hot vapours travelling upwards through bubble caps which allow the vapour to pass through the tray with

the cooler liquid flowing downward the column.

“When the vapour reaches the height within the column where its boiling point is equal to the temperature of the column at that height it condenses to form a liquid.

“The liquid then collects on various trays in the column at differing heights from where it is extracted out of the column.

“It is therefore critical to control the heat load of the column to optimize the crude crack.

“These separated fractions are mainly middle distillates namely, Naphtha, Jet Fuel, Kerosene, Gasoline and Gas Oil,” Sachar added.

The company’s captain said that the refinery when completed will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene.

He said that the crude column will enhance the Nigerian economy and all neighbouring countries in Africa by making available refined petroleum products meeting world standards emission norms of Euro 5 and Euro 6.

The captain said the strategic location of Nigeria in West Africa will help in reducing the transportation costs of these fuels to other countries in the African subcontinent.

“Thereby providing cost-effective, high-grade petroleum products to them.

“This Refinery with a capacity of 650 kbpsd is higher than the total demand of Nigeria, thus catapulting Nigeria’s position from a net importer of petroleum products to a net exporter,” he said.

He said the technology would bring positive multiplier effect to the company and Nigeria through supply to a large market. Sachar added that the project was expected to generate over 9,500 direct and 25,000 indirect jobs.

”We decided to ship it through vessel from China to avoid it being damage and also to avoid traffic congestion if using roads from Apapa.

”Dangote refinery also invested heavily in dredging to sea from refinery to Apapa for easy passage of the vessel.

He said that the President of the company, Alhaji Aliko Dangote is passionate about technology transfer to Nigerians, adding that he has given a standing instruction to train seven Nigerians be ship Captains.

Sachar said Dangote Oil Refinery Company is currently training about 150 young Nigerian engineers in Indian on refinery operations in preparation for the take-off of its Lagos refinery and petrochemical plant. The engineers are currently undergoing training Mumbai, India, he said.

The training is a continuum as more engineers would be trained to work effectively in the fertilizer plant and refinery being built by the company, Sachar added.

In his remarks, Lawal Fagbo Saheed, Pilot Grade 1 of the Nigerian Ports Authority (NPA), commended the vessel crew who brought it from China, adding that it took seven hours to drive the vessel from Apapa to Dangote Refinery due to the heavy equipment.

According to Saheed, “It took an experienced and patient pilot to move the vessel to the final destination due to sea waves.

”We are happy today that am also part of progress and am proud to be associated with such landmark achievement.

(BD)

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