Nigerian lawyer and banker Sa’adat Mohammed has seen the value of her indirect stake in Jaiz Bank Plc drop to $24 million, amid weakening investor sentiment ahead of the lender’s third-quarter results, eroding the paper value off a stake that once reached a record $41 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 $18 million off Mohammed’s holdings over the last 243 days.

Stake value drops in 243 days on sustained selloff

Sa’adat Mohammed, a seasoned legal and banking executive, is a significant indirect shareholder in Jaiz Bank, holding a 9.19% stake through Althani Investment Ltd, equivalent to 4.1 billion shares. Althani Investment Ltd, a subsidiary of Althani Group, a major investment conglomerate founded by Nigerian businessman Musbahu Mohammed Bashir on July 18, 2003, has since expanded to include various subsidiaries.

As the bank’s stock price fell 44.76% to N7.75 ($0.01) over 242 days, her stake’s value declined from N57.47 billion ($41.68 million) to N31.75 billion ($23.71 million). The drop represents a paper loss of N25.72 billion ($17.97 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 N346 billion ($257.5 million) as of the close of market on Friday, Oct. 23, 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 Sa’adat Mohammed, the downturn highlights how sensitive market valuations are to both earnings visibility and regulatory clarity in Nigeria’s evolving banking landscape.