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Nigeria’s equity market carried real heat into 2026. The Nigerian Exchange ended 2025 with one of its strongest runs in years, as investors rotated hard into listed bellwethers in cement, banking, energy and consumer goods. The NGX said the market delivered a 51.19% full year rally in 2025, a performance that pushed equity market value higher and rebuilt paper wealth for the shareholders who control the biggest blocks.
That rally matters because the NGX is still a market where ownership is concentrated. A small circle of founders, controlling families and strategic investors sit on large, sticky stakes. When prices move, their wealth moves with them, often by billions of dollars in a single year.
The ranking below tracks the value of disclosed equity stakes in NGX listed companies, using the share counts and stake percentages supplied for this story and applying late January 2026 closing prices. Dollar values are converted at N1,460 to $1. Figures reflect listed holdings only, not private companies, real estate, cash, or offshore assets.
(1) Abdulsamad Rabiu
Portfolio value: $13.3 billion
Holdings: Majority stake in BUA Foods; large stake in BUA Cement
Abdulsamad Rabiu is the founder and controlling shareholder of BUA Group, one of Nigeria’s major industrial conglomerates. BUA Foods is a packaged foods and agro-processing company, while BUA Cement is a large cement manufacturer supplying Nigeria’s construction and infrastructure market.
(2) Aliko Dangote
Portfolio value: $6.9 billion
Holdings: Majority stake in Dangote Cement; majority stake in Dangote Sugar; majority stake in NASCON; stake in Jaiz Bank
Aliko Dangote is Nigeria’s most prominent industrialist and the founder of the Dangote Group. Dangote Cement is Africa’s largest cement producer by capacity, Dangote Sugar is a major sugar refiner and distributor, NASCON produces salt and seasonings, and Jaiz Bank is a non-interest (Islamic) bank.
(3) Abdulaziz Yari
Portfolio value: $1.5 billion
Holdings: 77% stake in Geregu Power
Abdulaziz Yari is a Nigerian politician turned investor who has become one of the most visible owners in the power sector through Geregu Power after acquiring a controlling stake in December 2025 from Femi Otedola. Geregu is a power-generation company operating a gas-fired plant that sells electricity into Nigeria’s grid. His shares are held by proxies, including his son.
(4) Tony Elumelu
Portfolio value: $857.0 million
Holdings: Stake in Seplat Energy; stake in UBA; 30.17% stake in Transcorp
Tony Elumelu is a Nigerian banker and investor best known for leading Transcorp and his influence at United Bank for Africa. Transcorp is a conglomerate with interests in power and hospitality, UBA is a major pan-African bank, and Seplat Energy is an oil and gas producer with upstream and midstream assets.
(5) Rasheed Sarumi
Portfolio value: $582.6 million
Holdings: Stake in Presco
Rasheed Sarumi is an agribusiness investor associated with Presco, one of Nigeria’s leading palm oil producers. Presco operates oil palm plantations and mills, producing crude palm oil and related products for consumer and industrial use.
(6) Victor Odili
Portfolio value: $417.3 million
Holdings: 5.08% stake in MTN Nigeria
Victor Odili is a Nigerian businessman whose name is closely tied to one of the largest private share blocks in MTN Nigeria. MTN Nigeria is the country’s largest listed telecoms operator, providing mobile voice, data and digital services, including fintech products.
(7) Samuel Dossou-Aworet
Portfolio value: $371.8 million
Holdings: 13.5% stake in Seplat Energy
Samuel Dossou-Aworet is a veteran oil and gas dealmaker and a major shareholder in Seplat Energy. Seplat is a Nigerian-focused energy company producing oil and gas and investing in midstream infrastructure to support domestic supply.
(8) Femi Otedola
Portfolio value: $359.8 million
Holdings: Stake in First HoldCo; stake in Geregu Power
Femi Otedola is a Nigerian investor known for high-profile positions in listed companies. First HoldCo is the holding company for First Bank of Nigeria and related financial services, while Geregu Power is a listed power-generation company supplying electricity to the national grid.
(9) Isiyaku Rabiu (Jnr.)
Portfolio value: $259.2 million
Holdings: 2.63% stake in BUA Foods
Isiyaku Rabiu Jnr. is part of the Rabiu family ownership structure and a notable shareholder in BUA Foods. The company sells staples and packaged food products and sits within the broader BUA industrial ecosystem.
(10) Jim Ovia
Portfolio value: $248.4 million
Holdings: Stake in Zenith Bank
Jim Ovia is the founder of Zenith Bank and a landmark figure in Nigerian banking. Zenith is one of Nigeria’s largest and most liquid listed lenders, with earnings driven by corporate banking, retail growth and treasury operations.
(11) Augustine Avuru
Portfolio value: $229.3 million
Holdings: 8.337% stake in Seplat Energy
Augustine Avuru is a Nigerian oil and gas executive and entrepreneur with a long career in upstream development. His listed exposure is through Seplat Energy, a major independent producer focused on Nigeria’s onshore and shallow-water fields.
(12) Wale Tinubu
Portfolio value: $131.7 million
Holdings: Indirect 38.25% stake in Oando
Wale Tinubu is the chief executive of Oando and a central figure in one of Nigeria’s most closely watched energy companies. Oando operates across upstream oil and gas, trading and related energy services.
(13) Ladi Jadesimi
Portfolio value: $124.1 million
Holdings: Stake in Aradel; stake in FCMB Group
Ladi Jadesimi is a Nigerian energy investor best known for his involvement in upstream and services businesses. Aradel is an energy company with Nigerian oil and gas exposure, while FCMB Group is a listed banking group with retail and corporate operations.
(14) Mike Adenuga
Portfolio value: $99.7 million
Holdings: 25.37% stake in Julius Berger; 15.83% stake in Sterling Financial Holdings; stake in Conoil
Mike Adenuga is a Nigerian telecoms and energy magnate with listed positions spanning construction, banking and downstream fuels. Julius Berger is Nigeria’s best-known construction and engineering firm, Sterling Financial Holdings is a banking group, and Conoil is a downstream petroleum marketer.
(15) Kessington Adebutu
Portfolio value: $93.9 million
Holdings: Stake in Wema Bank
Kessington Adebutu is a Nigerian businessman best known for gaming and hospitality ventures and for being a major shareholder in Wema Bank. Wema is a mid-tier commercial bank with a growing digital banking presence.
(16) Samir Udani
Portfolio value: $92.1 million
Holdings: Stake in Mecure Industries
Samir Udani is a core shareholder in Mecure Industries, a company where ownership concentration is a defining feature. Mecure operates as an industrial and services-oriented business on the NGX.
(17) Arjun Udani
Portfolio value: $90.7 million
Holdings: Stake in Mecure Industries
Arjun Udani is another major shareholder in Mecure Industries and part of the same controlling investor circle. Mecure is a tightly held listed company with operations linked to industrial and services activity.
(18) Aigboje Aig-Imoukhuede
Portfolio value: $78.1 million
Holdings: Stake in Access Corporation
Aigboje Aig-Imoukhuede is the co-founder figure behind Access Bank’s expansion into a major African banking group. Access Corporation is the holding company for Access Bank and other financial services businesses.
(19) Muhammadu Indimi
Portfolio value: $74.4 million
Holdings: 29.36% stake in Jaiz Bank
Muhammadu Indimi is a Nigerian energy entrepreneur and a major investor in Jaiz Bank. Jaiz is Nigeria’s best-known non-interest bank, offering Sharia-compliant retail and corporate banking products.
(20) Taiwo Afolabi
Portfolio value: $72.5 million
Holdings: 60.76% stake in Skyway Aviation Handling Company
Taiwo Afolabi is a Nigerian logistics and ports investor with a controlling stake in SAHCO. SAHCO provides ground handling services to airlines, including passenger, baggage, cargo and ramp operations.
(21) Omamofe Boyo
Portfolio value: $65.8 million
Holdings: Indirect 19.1% stake in Oando
Omamofe Boyo is a long-time shareholder in Oando and a notable insider name around the company. Oando is an energy group with upstream operations and a history of high-profile corporate activity.
(22) Dantata Aminu Alhassan
Portfolio value: $49.2 million
Holdings: Stake in Jaiz Bank
Dantata Aminu Alhassan is a major shareholder linked to the Dantata business network. His listed exposure is through Jaiz Bank, Nigeria’s flagship non-interest bank.
(23) Wole Oshin
Portfolio value: $48.5 million
Holdings: Stake in Custodian Investment
Wole Oshin is the founder and chief executive of Custodian Investment, a Nigerian financial-services group. Custodian operates in insurance, pensions and asset management through subsidiaries serving corporate and retail clients.
(24) Seinde Fadeni
Portfolio value: $41.7 million
Holdings: Stake in NAHCO
Seinde Fadeni is the chairman of NAHCO and a businessman with a background in services and energy-related ventures. NAHCO provides aviation cargo and ground handling services, a business tied to airline traffic and trade flows.
(25) Gbenga Oyebode
Portfolio value: $34.4 million
Holdings: Stake in Okomu Oil Palm
Gbenga Oyebode is a Nigerian corporate lawyer and boardroom figure known for his roles across finance and technology. His listed holding is in Okomu Oil Palm, a plantation company producing palm oil and rubber.
(26) Olakunle Ade-Ojo
Portfolio value: $33.4 million
Holdings: Stake in Custodian Investment; 0.7023% stake in Ecobank Transnational
Olakunle Ade-Ojo is a Nigerian investor with positions in financial services. Custodian is an insurance and pensions-led group, while Ecobank Transnational is the holding company for the pan-African Ecobank banking network.
(27) Kayode Ogunsua and family
Portfolio value: $26.3 million
Holdings: 8.37% stake in FCMB Group
Kayode Ogunsua and family are significant shareholders in FCMB Group. FCMB is a listed banking group offering retail, business and corporate banking services, and remains one of the NGX’s longer-standing financial names.
(28) Ernest Azudialu
Portfolio value: $25.7 million
Holdings: 12.89% stake in Julius Berger via Watertown Energy
Ernest Azudialu is a strategic investor behind Watertown Energy and a key shareholder in Julius Berger. Julius Berger is Nigeria’s top construction and engineering company, closely linked to major public and private infrastructure projects.
(29) Umaru Abdul Mutallab
Portfolio value: $25.4 million
Holdings: Stake in Jaiz Bank
Umaru Abdul Mutallab is a veteran Nigerian corporate leader and investor. His listed exposure is through Jaiz Bank, the country’s best-known non-interest bank serving retail and corporate customers.
(30) Theophilus Danjuma
Portfolio value: $16.6 million
Holdings: Stake in Industrial and Medical Gases; stake in May & Baker
Theophilus Danjuma is a retired Nigerian general and prominent businessman with interests spanning energy and other sectors. Industrial and Medical Gases supplies oxygen and industrial gases, while May & Baker is a pharmaceutical company producing and distributing medicines in Nigeria.
