Billionaire shareholders of leading banks and companies in Nigeria have increased their stakes by acquiring additional shares, totaling approximately N145 billion (around $350 million) in value. Some of these acquisitions were made by prominent business figures, including Oba Otudeko, Yemi Odubiyi, Abubakar Suleiman, Herbert Wigwe, Jim Ovia, Tony Elumelu, Femi Otedola, Aliko Dangote, and Abdul Samad Rabiu, among others.
These acquisitions were made between January and August of this year, with a notable increase in activity observed in April. The purchases were disclosed through insider dealings and stock exchange notices.
The motivations behind these acquisitions could vary, but they generally demonstrate the confidence these billionaires have in the companies they are investing in. It’s worth noting that significant shareholders often have a vested interest in the success and growth of the companies they are associated with, as their wealth is tied to the performance of these businesses.
While these acquisitions reflect the confidence of these prominent investors, they also provide an infusion of capital into the companies, which could be used for various purposes, including expansion, investment in new projects, or strengthening the companies’ financial positions.