Despite ongoing macroeconomic reforms, including the devaluation of the Nigerian naira, the country’s equity market and investment landscape continue to evolve, with a notable surge in strategic acquisitions and increased foreign investor participation.
The impact of these developments has propelled the Nigerian Exchange to historic heights, with the NGX all-share index surpassing 60,000 index points for the first time since 2008.
The total share market capitalization on the Nigerian Exchange has experienced a remarkable 17.28 percent surge since the beginning of the year, reaching a historic N32.7 trillion ($43.1 billion) at the time of this report.
This surge has resulted in several Nigerian billionaires and businessmen, including renowned figures such as Aliko Dangote, Femi Otedola, Abdul Samad Rabiu, and Mike Adenuga, witnessing an impressive increase in their fortunes during the same period.
Barring the recent devaluation of the naira, these prominent individuals would have remained in top positions on the Forbes richest list. However, due to the country’s attractive growth opportunities, Nigerian billionaires and leading businessmen with stakes in publicly listed companies are expected to regain their dominance among Africa’s wealthiest.
Given the staggering surge in the shares of various companies on the Nigerian Exchange, there is a growing interest in assessing the ranking of Nigerian billionaires and businessmen based on the valuation of their stakes in the locally listed firms.
In response, Billionaires.Africa has compiled a comprehensive ranking of the wealthiest investors on the Nigerian Stock Exchange (NGX). The data utilized for this analysis has been sourced from reliable providers such as S&P Global Market Intelligence, alongside publicly available documents and disclosures.
It is pertinent to note that Billionaires.Africa‘s focus lies on individual ownership rather than multi-generational family fortunes. In instances where the distribution of ownership among siblings or couples is unclear, the fortune is attributed to the most prominent and visible member of the family.
Below is a list of the top 25 individuals currently 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 June 26, with valuations converted to U.S. dollars at the prevailing exchange rates:
1. Abdul Samad Rabiu
Net worth on the NGX: $6.01 billion
Holdings: BUA Sugar, BUA Cement
Nigerian billionaire Abdul Samad owns the most valuable portfolio on the Nigerian Exchange. Abdul Samad Rabiu, who founded BUA Group in 1988, owns 96.29 percent of his flagship company, BUA Cement Plc, in his name and through his wholly-owned BUA International. His stake in the company is now valued at $ 3.008 billion. He also owns a 92.6-percent stake in BUA Foods Plc, currently worth $ 3 billion, bringing the total value of his holdings to $6.01 billion.
2. Aliko Dangote
Net worth on the NGX: $5.8 billion
Holdings: Dangote Cement, Dangote Sugar, NASCON, Jaiz Bank, United Bank for Africa
Nigerian billionaire Aliko Dangote owns 86.81 percent of Dangote Cement, Africa’s biggest cement company, and the second-largest company on the Nigerian Stock Exchange. His other holdings on the NGX include a 72.7-percent stake in Dangote Sugar, 66.5 percent in NASCON Allied PLC, and 7.23-percent in Jaiz Bank. Dangote also owns 301,971,608 shares in United Bank for Africa.
3. Femi Otedola
Net worth on the NGX: $851 million
Holdings: Geregu Power Plc, FBN Holdings
Femi Otedola is the beneficial owner of 82 percent of Geregu Power Plc, an electricity generating company. His Geregu PLC stake is currently valued at $806.6 million. He also owns 5.56 percent of FBN Holdings, a leading financial services group.
4. Shravin Bharti Mittal
Net worth on the NGX: $481.9 million
Holdings: Airtel Africa PLC
Shravan Bharti Mittal, the son of Indian billionaire Sunil Bharti Mittal, owns a
7.7% stake in Airtel Africa. The shares are worth more than $481.9 million.
Source: billionaires.africa