Nigerian oil tycoon Mohammed Indimi’s stake in Jaiz Bank Plc has slipped below the $100 million mark, as a sustained selloff in the lender’s shares erodes investor wealth and confidence.

Indimi, founder of Oriental Energy Resources and the bank’s largest shareholder with 29.36%, has seen his holdings fall from about $135.7 million in February to N117.84 billion ($85.95 million) in 79 days.

That drop follows a roughly 37% slide in Jaiz Bank’s share price from N14.03 ($0.01) on Feb. 25 to N9 ($0.0066), wiping nearly $50 million in paper wealth.

Investor sentiment has been weighed down by delays in the bank’s 2025 audited results, with the lender citing an ongoing Central Bank of Nigeria review.

Jaiz Bank says the process is advanced and expects release after approval, though delays have left it behind peers already reporting Q1 2026 earnings.

The development underscores how earnings visibility and regulatory clarity continue to shape investor confidence in Nigeria’s banking sector.

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