Othman Benjelloun, Morocco’s second-richest man, has profited more than $46 million from his holding in Bank of Africa since the beginning of the year, as value investors continue to scoop up stakes in the company, pushing its share price above important technical levels.
Benjelloun’s stake in Bank of Africa, formerly known as Banque Marocaine du Commerce Exterieur (BMCE), has increased in market value by MAD 457.72 million ($46.08 million) since the beginning of the year, as investors in the local bourse continue to increase their stakes in the multinational pan-African banking conglomerate.
Bank of Africa, founded in 1959, is a multinational pan-African banking conglomerate with activities in over 18 African nations, including a representative office in Paris, providing financial services to retail, professional, private, SMEs, and major corporations in Morocco and globally.
Benjelloun owns a huge 27.41% stake in Bank of Africa, equating to 57,214,615 ordinary shares in the leading financial services company.
Bank of Africa’s shares on the Casablanca stock exchange have increased by 4.65 percent since the beginning of the year, from MAD172 ($17.297) on January 1 to MAD180 ($18.101) as of report writing, resulting in gains totaling millions of dollars for its shareholders, including Morocco’s second-richest man.
Benjelloun’s stake’s market value has risen by MAD 457.72 million ($46.08 million) in 2023, from MAD 9.84 billion ($990.65 million) on January 1 to MAD 10.30 billion ($1.04 billion) at the time of writing.
This substantial increase cements Benjelloun’s status as not just the second-richest man in Morocco behind Moroccan Prime Minister and billionaire Aziz Akhannouch, but also as one of the wealthiest investors on the Moroccan exchange.
According to Forbes, Benjelloun is the 16th wealthiest person in Africa and the 2,154th on a global scale, with a net worth of $1.3 billion.