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Gallery — Africa's richest people — African Billionaires — Billionaires Africa

Billionaires.Africa Ranking: The 20 Richest Investors On the Nigerian Stock Exchange (NGX)

The top 20 investors on the Nigerian Stock Exchange have amassed staggering wealth through equity stakes in their own and other companies.

,   and  Editorial Team
4 min read

Table of Contents

#1 Aliko Dangote Equity stake: $8.29 billion Africa’s wealthiest man, Aliko Dangote, holds both direct and indirect stakes in Dangote Cement Plc, Dangote Sugar Refinery, Nascon Allied Plc and Jaiz Bank. The total market value of his stakes is $8.29 billion (N3.46 trillion).
#2 Abdul Samad Rabiu Equity stake: $3.41 billion Abdul Samad Rabiu, who founded BUA Group in 1988, owns 92 percent of his flagship company, BUA Cement Plc. His stake in the company is now valued at $3.41 billion (N1.42 trillion).
#3 Isiaku Rabiu Equity stake: $360.56 million Father to Nigerian billionaire industrialist Abdul Samad Rabiu, who is the number-two investor featured on this list, Isiaku Rabiu holds a direct stake of 2,072,085,309 ordinary shares in Nigeria’s second-largest cement manufacturer, BUA Cement Plc. His stake is valued at $360.56 million (N150.23 billion).
#4 Victor Odili Equity stake: $322.05 million Victor Odili is a Nigerian shipping mogul and multimillionaire. He holds a substantial stake of 3.96 percent (806,886,900 ordinary shares) in Nigeria’s leading telecom company, MTN Nigeria. His equity stake in the telecom giant is valued at $322.05 million (N134.19 billion)
#5 Jim Ovia Equity stake: $296.25 million Jim Ovia, the founder of Nigeria’s top tier-1 bank, Zenith Bank Plc, holds 5,072,104,311 ordinary shares in Zenith through both direct and indirect holdings. His stake in the multinational financial service provider is valued at $296.25 million (N123.44 billion).
#6 Shravin Bharti Mittal Equity stake: $203.75 million Shravin Bharti Mittal, the son of Sunil Bharti Mittal, who founded Bharti Airtel, the parent company of Airtel Africa, holds an indirect stake of 127,147,531 ordinary shares in the pan-African telecom company. His indirect stake in Airtel Africa is worth $203.75 million (N84.90 billion), putting him in the sixth position among the top 20 investors on the Nigerian Stock Exchange.
#7 John Coumantaros Equity stake: $188.37 million John Coumantaros is a Greek businessman and the chairman of Nigeria’s food and agro-allied company Flour Mills of Nigeria Plc. The multimillionaire, who inherited 79 percent of the total issued shares of Flour Mills from his father George Coumantaros, has been in charge of running the business since his father passed away in 2016. His direct equity stake of 2,597,314,890 ordinary shares in Flour Mills is valued at $188.37 million (N78.49 billion).
#8 Douraid Zaghouani Equity stake: $136.26 million Douraid Zaghouani is a non-executive director in Dangote Cement Plc. The renowned civil engineer, who is also a senior executive at Dangote Industries Limited, holds an indirect stake of 243,540,000 ordinary shares in the cement behemoth. His stake in the company is valued at $136.26 million (N56.78 billion), putting him in the eighth spot on the list.
#9 Pascal Dozie Equity stake: $135.87 million Pascal Dozie is a Nigerian entrepreneur and businessman who founded Diamond Bank Plc. The multimillionaire businessman holds an indirect stake in MTN Nigeria Plc, amounting to 340,409,900 ordinary shares. His stake in MTN is valued at $135.87 million (N56.61 billion).
#10 Sani Bello Equity stake: $105.08 million Sani Bello, the founder of Amni International Petroleum Development Co., an oil exploration company with a 50-percent interest in the Okoro Setu Field, ranks number ten on the list. His indirect stake in MTN Nigeria Plc amounts to 265,092,150 ordinary shares and is valued at $105.08 million (N44.09 billion)
#11 Austin Avuru Company: Seplat Petroleum Plc Equity stake: $102.38 million
#12 Babatunde Folawiyo Company: MTN Nigeria Plc Equity stake: $87.33 million
#13 Gbenga Oyebode Company: MTN Nigeria Plc, Okomu Oil Plc Equity stake: $83.71 million
#14 Viswanathan Shankar Company: Dangote Cement Plc Equity stake: $71.93 million
#15 Ahmad Dasuki Company: MTN Nigeria Plc Equity stake: $65.89 million
#16 A.B.C. Orjiako Company: Seplat Petroleum Plc Equity stake: $64.43 million
#17 Tony Elumelu Company: United Bank for Africa, Transcorp Plc Equity stake: $44.42 million
#18 Abdulwasiu Sowami Company: Ardova Plc Equity stake: $36.11 million
#19 Herbert Wigwe Company: Access Bank Plc Equity stake: $31.77 million
#20 Wole Oshin Company: Custodian Investment Plc Equity stake: $22.98 million

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