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In June, Billionaires.Africa published its ranking of the 25 richest investors on the Nigerian Stock Exchange, with none being women.
Despite their aspirations for increased economic involvement in the nation, the lack of capital has posed a significant obstacle for women. This challenge could be mitigated partly through enhanced engagement in the securities market, facilitating the generation of wealth and business capital.
Only a few Nigerian women boast significant fortunes on the Nigerian Exchange. Billionaires.Africa profiles the top seven individuals presently holding the highest stock ownership positions on the Nigerian Exchange, ranked according to the valuation of their shares as of the close of trading on Aug. 25, with valuations converted to U.S. dollars at the prevailing exchange rates:
Awele Elumelu
Net worth on the NGX: $15.5 million
Holdings: Transcorp
Awele Elumelu is the richest female investor on the Nigerian Stock Exchange. Elumelu, 59, is the chairperson of Avon Healthcare Limited, a leading health insurance provider in Nigeria, and the founder and CEO of Avon Medical Practice, a growing network of full-service clinics and onsite facilities with corporate institutions. Awele Elumelu is also the wife of Nigerian magnate Tony Elumelu, the chairman of Transcorp Plc, a listed Nigerian conglomerate, where he is the largest shareholder. Awele Elumelu started buying up large tranches of Transcorp shares in May 2023 to consolidate her family’s hold on the company after Nigerian media speculated that billionaire businessman Femi Otedola was attempting a hostile takeover of Transcorp after Otedola started gobbling up the company’s shares. She acquired 2,070,794,804 shares in Transcorp, translating into a 5.1-percent stake in the company. Her shares have a current value of NGN 12 billion ($15,550,935).
Abolanle Matel Okoh
Net worth on the NGX: $3.75 million
Holdings: Wema Bank Plc
Abolanle Matel Okoh is the daughter of Nigerian gambling magnate Kessington Adebutu, the founder of Premier Lotto, and the largest shareholder in Wema Bank. Adebutu is the beneficial owner of Neemtree Investments, which controls 28.09 percent of Wema Bank. But Okoh, in her name, owns 583,333,333 shares in Wema Bank, presently worth NGN 2.9 billion ($3.75 million).
Ifeoma Esiri
Net worth on the NGX: $3.63 million
Holdings: Stanbic IBTC Holdings
Ifeoma Esiri, a Lawyer, owns 43,497,009 shares in the financial services group Stanbic IBTC Holdings. Her shares are worth NGN 2.8 billion ($3.63 million).
Adaora Umeoji
Net worth on the NGX: $2.9 million
Holdings: Zenith Bank Plc
Adaora Umeoji is the Deputy Managing Director of Zenith Bank Plc, Nigeria’s second-largest financial services group by market capitalization. She owns 68,873,169 shares in the bank, currently worth NGN 2.22 billion ($2,920,470).
Olufunmilola Ayebae
Net worth on the NGX: $956,916
Holdings: Fidson Healthcare PLC
Olufunmilola Ayebae is a director of Fidson Healthcare Plc, a leading pharmaceutical manufacturing company in Nigeria and one of only three pharma companies listed on the Nigerian Stock Exchange. She is the wife of Fidelis Ayebae, the founder of the company. She owns 74,629,500 shares in the company worth NGN 739 million ($956,916).
Joy Teluwo
Net worth on the NGX: $784,000
Holdings: NEM Insurance
Joy Teluwo is a registered nurse and the managing director and CEO of Jotel Trade Park Limited. She owns 106,990,287 shares in NEM Insurance worth N605,565,024 ($784,065).
Nneka Onyeali-Ikpe
Net worth on the N.G.X: $631,211
Holdings: Fidelity Bank Plc
Nneka Onyeali-Ikpe is the first female CEO of Fidelity Bank Plc. She owns 69,644,260 shares in the bank worth NGN 487.5 million ($631,211).
