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Nigerian oil tycoon Mohammed Indimi gained $22 million from his stake in Jaiz Bank in 2025 as the bank’s shares rose on the Nigerian Exchange (NGX). The gains followed renewed investor interest in Nigerian banking stocks, supported by steady earnings and a stronger naira.
Indimi, founder and chairman of Oriental Energy Resources, is the largest shareholder in Jaiz Bank, with a 29.36 percent stake, equivalent to about 13.09 billion shares. In 2025, the market value of his holding rose by N39.28 billion ($22.74 million).
The gain followed a sustained surge in local equities, supported by strong corporate earnings and a firmer naira, which boosted dollar-based returns for investors. Jaiz Bank, Nigeria’s largest non-interest lender, was among the top performers on the Nigerian Exchange last year.
Banking gains meet currency support
Mohammed Indimi’s stake in Jaiz Bank rose sharply in 2025, driven by both higher share prices and a stronger naira. Jaiz Bank’s shares gained 75.33 percent in naira terms, climbing from N3 at the start of the year to about N5.26. Currency movements further boosted returns.
As the naira strengthened against the U.S. dollar, the bank’s shares increased 89.46 percent in dollar terms, rising from roughly $0.0019 in January to about $0.0037 by year-end. The combined effect lifted the dollar value of large holdings, including Indimi’s stake.
At the start of 2025, his stake was valued at N39 billion ($25.42 million). By late 2025, it had reached N68.87 billion ($48.16 million), an increase of N29.59 billion ($22.74 million). This reflects the gains from both the market price appreciation and the currency shift over the year.
Jaiz Bank’s steady expansion
Founded in 2003, Jaiz Bank Plc is a Nigerian non-interest financial institution and a pioneer of Islamic banking in the country. Headquartered in Abuja, the bank began operations in 2012 and obtained a national banking license in 2016, enabling expansion beyond its regional presence.
It has since established a nationwide footprint, combining branch growth with digital banking services for retail, corporate and public-sector clients. Its interest-free model has attracted a consistent customer base, thus distinguishing it within Nigeria’s competitive banking sector.
Returns that stand out
Jaiz Bank’s shares outpaced many peers in 2025. A $100,000 investment at the start of 2025 would now be worth $189,460, reflecting both share price appreciation and currency gains. For Indimi, the performance underscores how returns in Nigerian equities, combined with a stronger naira, can generate significant dollar gains, even in a market often considered volatile.
