Nigerian oil tycoon Mohammed Indimi has seen the value of his stake in Jaiz Bank Plc slip to $76 million, amid weakening investor sentiment ahead of the lender’s third-quarter results, eroding paper value in a stake that once reached a record $135.7 million in February 2026.

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 $60 million off Mohammed Indimi’s holdings over the last 243 days.

Stake value drops in 243 days on sustained selloff

Mohammed 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 by 44.4% to N7.8 ($0.01) over 243 days, the value of Mohammed Indimi’s stake declined from N183.7 billion ($135.72 million) to N102.13 billion ($75.81 million). The drop represents a paper loss of N81,57 billion ($59.91 million).

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 weakened ahead of the release of third-quarter results for the period ended Sept. 30, 2026, which has squeezed the market capitalization to N348 billion ($258.37 million) as of the close of market on Monday, Oct. 26, 2026.

Pressure on valuation outlook

The sustained decline in Jaiz Bank’s shares underscores growing market caution around the lender’s near-term outlook, particularly as investors await its nine-month financial disclosures.

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