News
Jim Ovia, Dangote Huge Loss To Naira Devaluation

The Central Bank of Nigeria’s (CBN) decision to unify all segments of the foreign exchange (FX) market in mid-June has led to the devaluation of the naira, causing prominent businessmen in the nation, including Nigeria’s richest banker Jim Ovia, to grapple with substantial wealth losses.
Ovia, who holds a leading position as one of Nigeria’s wealthiest entrepreneurs, suffered considerable setbacks due to the impact of the currency devaluation. Despite his status as Nigeria’s richest banker, Ovia joins a growing list of the country’s business magnates adversely affected by the devaluation of the naira.
Nigerian billionaire Aliko Dangote, Africa’s wealthiest individual, is another figure who suffered significant wealth losses earlier this year because of the exchange rate unification. His net worth plummeted below $10 billion in June. Notably, the recent devaluation of the naira has extracted a staggering toll of $158.6 million from Ovia, according to data tracked by our correspondent.
Ovia’s 16.2-percent stake in Zenith Bank, comprising 5,072,104,311 ordinary shares, underlines his position as Nigeria’s richest banker and one of the continent’s leading businessmen. Since the start of the year, Zenith Bank, a leading lender he founded in 1990, boasts an impressive share price surge of 41.2 percent on the Nigerian Exchange.
Based on the exchange rate of 448.06 naira to a dollar on Jan. 1 and accounting for the rise in Zenith Bank’s shares, the estimated market value of Ovia’s stake in the prominent financial services conglomerate is $384.74 million.
However, the CBN’s transformative action to unify the FX market on June 14 prompted a seismic shift in the naira’s valuation, pushing it from N448.06 per dollar at the start of the year to N758 for one dollar.
Consequently, the value of Ovia’s stake in Zenith Bank stands at $226.07 million, culminating in a substantial loss of $158.67 million due to currency devaluation.
Despite the fiscal setbacks he has endured, Ovia’s position as Nigeria’s richest banker remains steadfast. His standing as one of Africa’s most prosperous business magnates and a driving force within the continent’s banking sector also remains unshaken.
The naira’s devaluation has undoubtedly brought unprecedented challenges for Nigeria’s business titans, inflicting substantial economic losses on even the most prominent players in the country’s entrepreneurial landscape.
While the evolving market dynamics continue to pose intricate challenges, business leaders like Ovia endure, reflecting the resilience ingrained in the Nigerian business community.
Source; Billionaires Africa
lifestyle
Parrot Xtra Publisher Celebrates Hassan Fatungase At 60

Publisher of Parrot Xtra Magazine/PMParrot.com, Olayinka Agboola has sent out expressive greetings to his long-time friend and brother, Alhaji Hassan Taiwo Fatungase, former Bakers’ World, Ikeja, Lagos Director on the occasion of his 60th birthday anniversary.
In a statement personally signed by Agboola, former Nigeria Coordinator for Ovation International Magazine described Alhaji Hassan Fatungase as the most selfless Nigerian he has ever encountered.
Agboola continued, “Hassan is not only selfless, he is intelligent, forward looking, hard-working, vibrant, resourceful, compassionate and above all, very God-fearing.”
The Ibadan-based media entrepreneur then went ahead to submit that the astute technocrat is a man who appreciates human beings and the value of friendship.
“Those who attended the University of Lagos with him in those days will attest to it that ‘Fatuu’, as he used to be called then would sacrifice anything to keep a working-relationship.
“Even when he joined one of the five-star hotels in Abuja in the early 90s, it did not take long before he was promoted to become the very first African to occupy a managerial position before he joined the Bakers’ World family business in Lagos. His records are still there till today.
Feats At Bakers’ World
“While running Bakers’ World located on Allen Avenue in Ikeja, Lagos, journalists, broadcasters, creative young Nigerians and others were encouraged by him. The records are also there for people to verify. There is almost no big name in the entertainment/media industry in Nigeria today that has not directly and/or indirectly benefitted from Hassan’s large-heartedness. As a matter of fact, he used to settle quarrels when differences and ‘head-on-collisions’ were reported to him!”
Agboola also went ahead to describe how the celebrant of the day has been faring since he became the chairman of Abimbola Awoliyi Estate, Oko-Oba in Lagos where he presently lives.
“Hassan is team-player and a man who keeps improving in good-naturedness even as a semi-retired bureaucrat. Residents of Awoniyi Estate will tell his story better. Since he became the chairman some three years ago, living standards have since improved.
“Together with other executive members, the Estate has been winning awards as one of the best in the whole of Lagos State. Solar lights, good roads, fibre-optic-source of internet, faultless security architecture and enhanced sociability…and other achievements have been recorded by the Fatungase-led team.”
Agboola, who was also a pioneer staff at Thisday Newspaper concluded “Dear friends and colleagues, please join me to pray for this quintessential lover of fairness and equity. May Allah continue to be with him, grant him sound health, more prosperity, divine protection and long life. May his wonderful family comprised of ‘Iyalaje’ Doyinsola and the children- Tomisin, Ahmed, Ibrahim and Idris continue to enjoy divine grace too. Happy birthday to our Director at Parrot Xtra Media Network, many happy returns of this day, September 26.”
News
‘our silence is not an act of cowardice’ Olugbon Replies Obasanjo


News
‘go and make us proud’ Dollar Construction Boss, Idowu Lamidi Tasks New FIRS Boss, Zaccheus Adedeji
-
News4 months ago
Obat’s Son, Femi Akinruntan To Marry Ooni’s Ex-Wife, Queen Naomi
-
News4 months ago
Trumpeters Church Overseer, Oludare Dies
-
Politics4 months ago
‘thank you Mr President’ Akpabio, Family Visit Tinubu
-
News10 months ago
Why NTDC DG, Folly Coker’s Second Marriage To Aisha Rimi Crashed
-
News3 months ago
Bisi Akande’s Visit To Ajimobi’s Widow Sparks Tales Of Ministerial Appointment In Oyo
-
Business4 months ago
Weeks After Celebrating 50th Birthday, EFCC Declares Rewane’s Grandson, Dejare Adegbenro Wanted
-
Events4 months ago
‘she is a liar!’ Abuja Restaurant Fires Hilda Baci After Meet n Greet Scandal
-
News2 months ago
‘we don’t know why the suspect has not been arrested’ family of man who got missing at Lagos carnival (‘there is nothing we can do’ -police)