Nigerian oil tycoon Mohammed Indimi gains $35 million from Jaiz Bank shares in 40 days

Nigerian oil tycoon Mohammed Indimi has added more than $35 million to his wealth in just 40 days, as shares of Jaiz Bank Plc. surged sharply on the Nigerian Exchange (NGX) in early 2026. 

The rally has significantly boosted the value of Indimi’s stake in the country’s leading non-interest bank, reinforcing momentum across Nigeria’s banking stocks this year.

Indimi’s Jaiz Bank stake rises by more than $35 million in 2026
Indimi, founder of Oriental Energy Resources, is Jaiz Bank’s largest shareholder, holding 29.36%, equivalent to 13.09 billion shares. With the bank’s share price climbing nearly 80 percent since January, the value of his holdings jumped from N59.57 billion ($44.02 million) to N106.97 billion ($79.03 million).

That gain translates to a N47.4 billion ($35.02 million) increase in just over a month, averaging roughly $880,000 per day, placing Jaiz Bank among the NGX’s strongest-performing financial stocks in 2026.

Strong fundamentals drive Jaiz Bank rally
Founded in 2003, Jaiz Bank Plc. pioneered Islamic banking in Nigeria and commenced operations in 2012. Headquartered in Abuja, the lender operates nationwide through a growing digital and physical network, offering non-interest financial products tailored to retail and corporate clients.

The bank’s strong financial performance in 2025 underpins the recent market rally. Profit rose 32.19% to N31.04 billion ($22.93 million) as of December 2025, up from N23.48 billion ($17.35 million) a year earlier.

Total assets climbed 19.06%, reaching N1.29 trillion ($950.96 million) at the end of Dec. 2025, compared with N1.08 trillion ($705.05 million) at the end of 2024. Retained earnings declined by 19.89 percent to N12.57 billion ($9.27 million), from N15.69 billion ($11.58 million) at the end of 2024, influenced by dividend distributions during the period.

Jaiz Bank’s market position strengthens
As of this report, Jaiz Bank ranks 35th among the most valuable companies listed on the Nigerian Exchange. It also retains its distinction as Nigeria’s first non-interest bank, benefiting from rising investor interest in ethical and Sharia-compliant finance.

For Indimi, the surge underscores the growing value of strategic stakes in Nigeria’s financial sector, as improved earnings, asset growth, and investor confidence continue to lift bank valuations in 2026.