25 richest people on the Nigerian Exchange

Omokolade Ajayi -

In the dynamic landscape of the Nigerian equity market, a wave of transformative changes is reshaping the financial terrain. Macroeconomic reforms and heightened investor engagement have propelled the Nigerian Exchange to unprecedented heights.

The NGX all-share index recently breached the 70,000 mark, signaling a historic year-to-date surge of 38.09 percent and catapulting the market capitalization to a record N38.9 trillion ($48.43 billion) at the time of this report.

Renowned figures such as Aliko Dangote, Femi Otedola, Abdul Samad Rabiu, and Mike Adenuga find themselves at the forefront of this financial renaissance. Despite the challenges posed by the devaluation of the naira in June 2023, these stalwarts continue to dominate the Forbes richest list, firmly securing their positions among the wealthiest individuals on the African continent.

As the NGX experiences a surge in the valuation of various companies, there is a growing curiosity about the ranking of billionaires and businessmen based on their stakes in locally listed firms. In response to this demand, Billionaires.Africa has meticulously compiled a comprehensive ranking, focusing on individual ownership rather than multi-generational family fortunes.

Leading the pack is Rabiu, whose strategic holdings in BUA Foods and BUA Cement propel him to the pinnacle with a portfolio value of $8.88 billion on the NGX. Dangote follows closely, with a diversified portfolio including Dangote Cement, Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa. Dangote’s portfolio on the NGX is worth $6.85 billion.

This ranking is rooted in a logical and data-driven approach, utilizing information sourced from S&P Global Market Intelligence, alongside publicly available documents and disclosures. It’s essential to note that Billionaires.Africa, attributes fortunes to the most prominent and visible family member in cases of unclear ownership distribution.

The resulting list unveils the top 25 individuals, showcasing their highest stock ownership positions on the NGX as of the close of trading on Nov. 9, with valuations converted to U.S. dollars at prevailing exchange rates.

1. Abdul Samad Rabiu

  • Portfolio value on NGX: $8.88 billion
  • Holdings: BUA Sugar, BUA Cement
  • Abdul Samad Rabiu stands at the pinnacle of the Nigerian Exchange, commanding a staggering portfolio value of $8.88 billion. The visionary founder of BUA Group, established in 1988, Rabiu’s holdings are anchored by his 96.29-percent ownership of BUA Cement Plc, valued at a formidable $4.352 billion. His influence extends to BUA Foods Plc, where he commands a 99.8-percent stake valued at $4.54 billion, culminating in a total portfolio worth an impressive $8.892 billion.

2. Aliko Dangote

  • Portfolio value on NGX: $6.85 billion
  • Holdings: Dangote Cement, Dangote Sugar, NASCON, Jaiz Bank, United Bank for Africa
  • A titan in Africa’s industrial and manufacturing landscape, Aliko Dangote boasts a portfolio value of $6.85 billion on the NGX. His diverse holdings include an 86.81-percent stake in Dangote Cement, the continent’s largest cement company. Dangote’s sway extends to Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa, showcasing a strategic and robust investment approach.

3. Femi Otedola

  • Portfolio value on NGX: $1.22 billion
  • Holdings: Geregu Power Plc, FBN Holdings
  • Femi Otedola, a powerhouse in the Nigerian business scene, claims a portfolio value of $1.22 billion on the NGX. His holdings include a dominant 95.38 percent of Geregu Power Plc, a key player in electricity generation. Additionally, Otedola commands a 5.56-percent stake in FBN Holdings, underlining his diverse and impactful investment strategy.

4. Jim Ovia

  • Portfolio value on NGX: $209.76 million
  • Holdings: Zenith Bank
  • As the visionary founder and Chairman of Zenith Bank Plc, Jim Ovia boasts a portfolio value of $209.76 million on the NGX. His influence permeates the banking sector, holding a robust 16.20 percent equivalent to 5,072,104,311 ordinary shares of Nigeria’s largest commercial bank by market capitalization.

5. Samuel Dossou-Aworet

  • Portfolio value on NGX: $202 million
  • Holdings: Seplat Petroleum
  • Gabonese oil magnate Samuel Dossou-Aworet stands tall with a portfolio value of $202 million on the NGX. His holdings, centered around Petrolin Group, encompass a significant 13.87-percent shareholding in Seplat Petroleum, an oil exploration and production giant listed on the Nigerian Stock Exchange.

6. Tony Elumelu

  • Portfolio value on NGX: $193.8 million
  • Holdings: United Bank for Africa, Transcorp, Africa Prudential, United Capital
  • Renowned businessman and philanthropist Tony Elumelu commands a portfolio value of $193.8 million on the NGX. With a strategic hand in United Bank for Africa, Transcorp, Africa Prudential, and United Capital, Elumelu’s influence is marked by a 7.39-percent stake in UBA and substantial holdings across diverse sectors.

7. Shravin Bharti Mittal

  • Portfolio value on NGX: $209.8 million
  • Holdings: Airtel Africa PLC
  • Scion of Indian billionaire Sunil Bharti Mittal, Shravin Bharti Mittal shines with a portfolio value of $209.8 million on the NGX. His substantial 7.7-percent stake in Airtel Africa PLC is alued at over $209 million.

8. Isiyaku Rabiu (Jnr)

  • Portfolio value on NGX: $119.5 million
  • Holdings: BUA Foods
  • A rising force, Isiyaku Rabiu (Jnr) boasts a portfolio value of $119.5 million on the NGX. His strategic 2.63-percent ownership of BUA Foods positions him as a notable player in the evolving landscape of Nigeria’s financial elite.

9. Augustine Avuru

  • Portfolio value on NGX: $119.4 million
  • Holdings: Seplat
  • A co-founder of Seplat, a Nigerian oil and gas exploration and production company, Augustine Avuru owns a noteworthy 8.2-percent stake, contributing to his portfolio value of $119.4 million on the NGX.

10. Mike Adenuga

  • Portfolio value on NGX: $111.4 million
  • Holdings: Sterling Financial Holding, Julius Berger, Conoil PLC, Transcorp
  • Nigeria’s third-richest individual, Mike Adenuga owns a staggering 74.4-percent stake in Conoil PLC, a leading player in the refined petroleum products market. This stake is valued at an impressive $51.6 million. Adenuga also maintains a substantial 30.63-percent stake in Sterling Financial Holding, cleverly distributed between 5.63 percent in his name and 25 percent through Silverlake Investment Limited, amassing a wealth of $39.65 million. Further expanding his financial empire, he holds 25.1 percent of the construction giant, Julius Berger, through the investment vehicle Goldstones Estates Limited, amounting to $17.4 million. Additionally, Adenuga has a 0.86-percent stake in Transcorp, solidifying his stature among Nigeria’s financial elite. While speculations surround his potential holdings in FBN Holding, they remain unconfirmed and thus excluded from our calculations.

11. John Coumantaros

  • Portfolio value on NGX: $104.8 million
  • Holdings: Flour Mills of Nigeria
  • John Coumantaros, a Nigeria-based Greek businessman and chairman of Flour Mills Group, holds a portfolio valued at $104.8 million on the NGX, anchored by his 63.3-percent control of Flour Mills of Nigeria.

12. Jite Okoloko

  • Portfolio value on NGX: $96.25 million
  • Holdings: Notore Chemical Industries
  • Despite challenges faced by Notore Chemical Industries, Jite Okoloko, the company’s CEO, owns a substantial 76.55-percent stake, contributing to his portfolio value of $96.25 million on the NGX.

13. Wale Tinubu

  • Portfolio value on NGX: $56.8 million
  • Holdings: Oando Plc
  • Wale Tinubu, CEO of Oando Plc, indirectly owns a 38.25-percent stake in the energy company, valued at $58.28 million.

14. Hebert Wigwe

  • Portfolio value on NGX: $54.8 million
  • Holdings: Access Holdings PLC
  • CEO of Access Holdings, Hebert Wigwe, controls a 7.14-percent stake in Access Holdings Plc, contributing to a portfolio value of $54.8 million

15. Ambrosie Bryant Orjiako

  • Portfolio value on NGX: $31.46 million
  • Holdings: Seplat
  • Ambrosie Bryant Orjiako, a co-founder of Seplat, a Nigerian oil and gas exploration and production company, owns a 2.16-percent stake in the company worth $31.46 million.

16. Omamofe Boyo

  • Portfolio value on NGX: $31.46 million
  • Holdings: Oando Plc
  • Omamofe Boyo, the deputy CEO of Oando, owns an indirect 19.1-percent stake in the company valued at $31.46 million.

17. Sayyu Dantata

  • Portfolio value on NGX: $28.16 million
  • Holdings: MRS Africa Holdings
  • Aliko Dangote’s half brother, Sayyu Dantata, owns 60 percent of MRS Africa Holdings Limited, a Nigerian oil marketing company. Dantata is a former chairman of the company. His shareholding is worth $28.16 million.

18. Kessington Adebutu

  • Portfolio value on NGX: $22.79 million
  • Holdings: Wema Bank
  • Nigerian lotto magnate Kessington Adebutu is the beneficial owner of Neemtree Investments, which controls 28.09 percent of Wema Bank. The shares are worth $22.79 million.

19. Theophilus ‘TY’ Danjuma

  • Portfolio value on NGX: $18.94-million
  • Holdings: Industrial and Medical Gases, Notore Industries, May & Baker
  • TY Danjuma owns 8.04 percent in Notore Industries, worth $10.31 million; He also holds a 72-percent stake in Industrial and Medical Gases in Nigeria, worth $3.89 million, and a 43.28-percent stake in May & Baker, worth $4.74 million.

20. Muhammadu Indimi

  • Portfolio value on NGX: $16.34 million
  • Holdings: Jaiz Bank
  • The Nigerian oil tycoon is the largest shareholder in Jaiz Bank, a financial services institution that operates under Islamic banking principles. He owns a 24.06-percent stake worth $16.34 million.

21. Fidelis Ayebae

  • Portfolio value on NGX: $14.98 million
  • Holdings: Fidson Healthcare Plc
  • Fidelis Ayebae founded Fidson Healthcare Plc, a leading pharmaceutical manufacturing company in Nigeria, and one of only three pharma companies listed on the Nigerian Stock Exchange. Ayebae founded the company in 1995 and is the CEO and managing director. He is the company’s largest shareholder. The 33.05-percent stake he owns in the company is worth $14.98 million.

22. Wole Oshin

  • Portfolio value on NGX: $13.75 million
  • Holdings: Custodian Investment Plc
  • Wole Oshin founded Custodian Investment Plc in 1991. The company has active operations in the Nigerian financial services sector, mainly through its insurance subsidiaries and investments in the country’s real estate sector. Oshin owns a 26.81-percent stake in Custodian Insurance worth $13.75 million.

23. Atedo Peterside

  • Portfolio value on NGX: $13.1 million
  • Holdings: Stanbic IBTC Plc
  • Nigerian banker Atedo Peterside owns 1.16 percent of Stanbic IBTC, a Nigerian financial holding firm with subsidiaries in banking, stock brokerage, investment advisory, asset management, investor services, pension management, trustee insurance brokerage, and life insurance. His stake is presently worth $13.1 million.

24. Aminu Alhassan Dantata

  • Portfolio value on NGX: $12.33 million
  • Holdings: Jaiz Bank
  • Aminu Dantata, a revered Nigerian industrialist, owns 17.5 percent of Jaiz Bank, a stake worth $12.33 million.

25. Gbenga Oyebode

  • Portfolio value on NGX: $10.6 million
  • Holdings: Okomu Oil Palm Company
  • Nigerian lawyer and investor Gbenga Oyebode’s 3.77-percent stake in Okomu Oil Palm Company is worth $10.6 million. Okomu cultivates oil palm, processes fresh fruit bunches into crude palm oil for resale, has a rubber plantation, and processes rubber lumps into rubber cake for export.