Nigerian oil tycoon Mohammed Indimi’s Jaiz Bank stake slips under $100 million

Nigerian oil tycoon Mohammed Indimi has seen the value of his stake in Jaiz Bank Plc drop below $100 million, as a sharp selloff in the lender’s shares erodes investor confidence amid delays in its 2025 audited financial results.

The decline follows a peak in Jaiz Bank’s share price at N14.03 ($0.0103) on Feb. 25, with the stock shedding momentum in the weeks since, wiping nearly $50 million off Mohammed’s holdings over the last 79 days. 

Stake value drops in 79 days on sustained selloff

Indimi, founder of Oriental Energy Resources, is Jaiz Bank’s largest shareholder, holding 29.36%, equivalent to 13.09 billion shares. 

As the bank’s stock price slid from N14.03 ($0.01) on Feb. 25 to N9 ($0.0066) by about 37% over 79 days, the value of his stake declined from N183.7 billion ($135.7 million) to N117.84 billion ($85.95 million). The drop represents a paper loss of N65.86 billion ($49.77 million), averaging more than $500,000 per day since February 25.

Reporting delays weigh on sentiment

Founded in 2003 and operational since 2012, Jaiz Bank is Nigeria’s pioneer non-interest lender, with a growing national footprint spanning digital platforms and physical branches.

However, investor sentiment has been dampened by delays in the bank’s audited financial statements for the year ended Dec. 31, 2025. The lender recently notified the Nigerian Exchange Limited of a likely delay, citing an ongoing regulatory review by the Central Bank of Nigeria.

The bank indicated that the results may miss the March 31, 2026, filing deadline, although it noted that the review process is at an advanced stage and pledged to release the accounts once approval is secured. 

Lagging peers in earnings disclosure

The delay places Jaiz Bank behind peers such as United Bank for Africa and Stanbic IBTC Holdings, which have already published their first-quarter 2026 earnings, highlighting a divergence in reporting timelines within Nigeria’s banking sector.

Despite the setback, Jaiz Bank reaffirmed its commitment to regulatory compliance and transparency, assuring investors that it will provide updates as soon as the approval process is completed.

Pressure on valuation outlook

The sustained decline in Jaiz Bank’s shares, which has pushed the bank’s market capitalization to N401 billion ($292.6 million), underscores growing market caution around the lender’s near-term outlook, particularly as regulatory processes delay financial disclosures.

For major shareholders like Indimi, the downturn highlights the sensitivity of market valuations to both earnings visibility and regulatory clarity in Nigeria’s evolving banking landscape.