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Nigeria’s stock market rally in 2025 sharply lifted the fortunes of the country’s wealthiest business owners, with BUA Group founder Abdul Samad Rabiu emerging as the biggest winner from listed equities.
Data drawn from share price movements on the Nigerian Exchange show that the country’s four richest men added a combined N11.21 trillion to their paper wealth during the year. The bulk of that increase came from Rabiu and Africa’s richest man, Aliko Dangote, underscoring how heavily market gains were concentrated at the very top.
Rabiu recorded the single largest increase in wealth from listed shares, with an estimated gain of N9.23 trillion. The jump was driven by strong rallies in BUA Cement Plc and BUA Foods Plc, the two publicly traded pillars of his industrial empire.
Shares of BUA Cement rose 91.94 percent in 2025, adding roughly N2.83 trillion to Rabiu’s holdings. BUA Foods climbed even higher, gaining 92.51 percent and contributing about N6.40 trillion. The twin surges made Rabiu the clear standout beneficiary of the year’s market momentum. Forbes now estimates his net worth at about $10 billion.
Dangote, long the dominant figure in Nigerian business, also recorded one of the largest single year increases in market value ever seen on the exchange. His listed holdings added approximately N1.93 trillion in 2025, largely on the back of Dangote Cement Plc.
Dangote Cement shares rose from N478.80 to N609.00 over the year, accounting for around N1.90 trillion of the gain. Dangote Sugar Refinery Plc contributed an additional N17.96 billion. According to Forbes, Dangote’s net worth currently stands at $26.2 billion, reflecting his continued dominance in cement, sugar and other key industries.
Femi Otedola finished the year with a net gain of about N67.45 billion from his publicly listed investments. His power company, Geregu Power Plc, slipped slightly in price, resulting in a paper loss of N16.59 billion on his indirect stake. That decline, however, was more than offset by a strong rally in First HoldCo Plc.
Shares of First HoldCo climbed from N28.05 to N47.90, generating an estimated gain of N84.04 billion. Otedola’s net worth is now estimated at $1.6 billion, placing him as Nigeria’s fourth richest individual.
Mike Adenuga was the only member of the billionaire quartet to post a loss from listed equities in 2025. The Globacom founder saw an estimated N120.65 billion wiped off his market value, driven entirely by a steep fall in Conoil Plc shares.
Conoil stock declined 51.65 percent during the year, dropping from N387.20 to N187.20. Adenuga holds his stake through Conpetro Limited, which owns 103.26 million shares. The value of that holding fell from about N39.98 billion to N19.33 billion. Despite the setback, Forbes estimates Adenuga’s net worth at $6.4 billion, keeping him as Nigeria’s third richest man.
