Nigerian oil tycoon Mohammed Indimi makes $1.7 million from Jaiz bank shares

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• Mohammed Indimi’s stake in Jaiz Bank has increased by $1.67 million, boosting his holdings to $18.41 million.
• Jaiz Bank’s stock climbed 10% from N3 ($0.002) to N3.3 ($0.012) per share, boosting its market cap closer to $100 million on the NGX.
• Indimi, with a 24.06% stake, holds 8.31 billion shares in Jaiz Bank, making him the largest shareholder.

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After a challenging 2024, during which the naira’s devaluation erased his gains turning a potential $8.2 million profit on his Jaiz Bank shares into a $3.93 million loss, Nigerian multimillionaire oil tycoon Mohammed Indimi is seeing a rebound.

In the first 34 days of 2025, his stake in Jaiz Bank Plc has surged by over $1.68 million on the Nigerian Exchange (NGX).

As the founder of Oriental Energy Resources and the largest shareholder of Jaiz Bank, Indimi holds significant influence, commanding a 24.06 percent stake—equivalent to 8.31 billion shares—in the NGX-listed national Islamic bank. Since the start of the year, the value of his stake has risen by $1.67 million.

As the founder of Oriental Energy Resources and largest shareholder of Jaiz Bank, Indimi wields considerable influence, holding a 24.06 percent stake, which amounts to 8.31 billion shares in the NGX-quoted national Islamic bank. Since the beginning of this year, his stake has increased by $1.67 million.

Jaiz Bank shows strong performance on NGX

Founded in 2003, Jaiz Bank Plc has grown into Nigeria’s leading non-interest financial institution, pioneering Islamic banking in the country.

Headquartered in Abuja, the bank has expanded its footprint across Nigeria, offering a range of digital and branch-based services.

Since commencing operations in 2012, Jaiz Bank has demonstrated steady growth, securing a national banking license in 2016 and solidifying its position in Nigeria’s financial sector.

Today, Jaiz Bank manages assets worth over $710 million. Under its strategic expansion plan, the bank has grown its shareholder equity to more than $32 million.

Since securing a national banking license in 2016, Jaiz Bank has expanded its footprint across Nigeria, operating 45 branches and offering digital banking services to enhance financial inclusion.

In the past 34 days, the bank’s stock has notably increased, rising from N3 ($0.002) to N3.3 ($0.0022) per share, pushing its market capitalization closer to $100 million.

Indimi’s stake soars above $18 million

The increase in stock price has also led to a rise in Indimi’s stake. His holdings are now valued at N27.43 billion ($18.4 million), up from N24.93 billion ($16.72 million) at the start of 2025, marking an increase of N2.49 billion ($1.67 million). 

This highlights Jaiz Bank’s pioneering role in Nigeria’s financial sector as the first non-interest bank. Its steady expansion and capital growth underscore its resilience and commitment to providing ethical banking solutions in a competitive market.