Nigerian oil tycoon Indimi loses $60m on Jaiz Bank shares

Nigerian oil tycoon Mohammed Indimi has lost nearly $60 million in the paper value of his stake in Jaiz Bank Plc following a 44.4 per cent decline in the lender’s share price over the past 243 days.

The value of Indimi’s 29.36 per cent holding in the non-interest bank fell from N183.7 billion ($135.72 million) on February 25, 2026, to N102.13 billion ($75.81 million) as of Monday, October 26, according to market figures.

The decline represents a paper loss of N81.57 billion, equivalent to $59.91 million, for the businessman, who founded Oriental Energy Resources and remains Jaiz Bank’s largest shareholder.

Indimi holds approximately 13.09 billion shares in the bank.

Jaiz Bank’s share price peaked at N14.03 on February 25 before declining to N7.80, reflecting sustained selling pressure in the market.

The downturn comes as investors await the bank’s third-quarter financial results for the period ended September 30, 2026, with uncertainty surrounding the timing of its latest financial disclosures weighing on market sentiment.

Jaiz Bank’s market capitalisation stood at approximately N348 billion ($258.37 million) at the close of trading on Monday.

Founded in 2003 and commencing operations in 2012, Jaiz Bank is Nigeria’s pioneer non-interest bank. It has expanded its operations through physical branches and digital banking services.

The decline in the bank’s share price highlights the impact of market movements on the paper value of major shareholders’ holdings. Indimi’s reported loss remains unrealised unless he sells shares at the lower price.

Investors are now awaiting the bank’s nine-month financial results for further information on its performance and outlook.

(Shore Africa)