Nigerian billionaires gained N11.36 trillion from stocks in 2025 – see list 

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Nigeria’s equities market closed 2025 on one of its strongest notes in nearly two decades, with the NGX All-Share Index delivering a 51.19% year-to-date gain, its best performance in 18 years.

The benchmark index ended the year at 155,613.03 points or a 51.19% gain, supported by strong rallies in selected banking, cement, and food stocks that significantly outperformed the broader market.

However, beneath the headline index performance, market outcomes were sharply uneven.

While a handful of stocks recorded extraordinary gains, others suffered steep declines, creating stark winners and losers among Nigeria’s wealthiest investors.

These divergent price movements translated directly into shifts in the paper fortunes of the country’s leading billionaires.

In total, the six Nigerian billionaires tracked in this analysis collectively added an estimated N11.36 trillion to their paper wealth in 2025, after accounting for both gains and losses across their listed equity holdings.

The bulk of this value creation came from a narrow group of stocks, underscoring how concentrated the rally truly was.

Nigerian billionaires with the highest share price gains and losses in 2025 

Mike Adenuga

Loss: –N20.65 billion 

Mike Adenuga, founder of Globacom, recorded the steepest decline in the value of his listed equity holdings in 2025, driven entirely by weakness in Conoil Plc shares.

Conoil’s share price fell sharply from N387.20 at the start of the year to N187.20 by year-end, representing a 51.65% decline.

Adenuga holds his Conoil stake indirectly through Conpetro Limited, which owns 103.26 million shares. The stake was valued at approximately N39.98 billion at the start of the year but declined to about N19.33 billion by December, resulting in an estimated N20.65 billion erosion in his paper wealth.

Tony Elumelu

Gain: N57.38 billion 

Tony Elumelu, chairman of Heirs Holdings, recorded solid gains in 2025, supported by price appreciation in United Bank for Africa (UBA) Plc and Transnational Corporation Plc (Transcorp).

UBA’s share price rose from N34.00 to N41.65, while Transcorp advanced from N43.00 to N45.40.

UBA holdings 

• 1.50 billion direct shares: N11.49 billion gain
• 5.22 billion indirect shares via HH Capital Limited: N39.93 billion gain

Transcorp holdings 

• 68.28 million direct shares: N436.97 million gain
• 68.39 million shares via Heirs Holdings: N129.72 million gain
• 2.99 billion indirect shares via HH Capital Limited : N5.69 billion gain

In total, Elumelu’s listed holdings delivered an estimated N57.38 billion increase in value.

Femi Otedola

Gain: N67.45 billion (estimated) 

Femi Otedola ended 2025 with a modest net gain in his listed equity portfolio, despite price weakness in Geregu Power Plc.

Geregu shares declined marginally from N1,150 to N1,141.50, translating into a N16.59 billion loss on his 1.95 billion indirect shares.

This decline was more than offset by gains in First HoldCo Plc, whose share price surged from N28.05 to N47.90. Otedola’s combined 4.23 billion shares in the bank generated a N84.04 billion capital gain.

Overall, his listed holdings closed the year with a net gain of N67.45 billion.

Jim Ovia

Gain: N94.53 billion 

Jim Ovia, founder and chairman of Zenith Bank Plc, recorded a significant increase in paper wealth in 2025, reflecting a strong rally in the bank’s share price.

Zenith shares rose from N45.50 to N61.80, representing a 35.82% gain.

Based on disclosed direct and indirect interests totaling 5.80 billion shares, the value of Ovia’s Zenith Bank holdings increased from about N263.88 billion to N358.42 billion, resulting in a N94.53 billion gain.

Aliko Dangote

Gain: N1.93 trillion 

Aliko Dangote recorded one of the largest increases in paper wealth in NGX history during 2025, driven by gains in Dangote Cement Plc and Dangote Sugar Refinery Plc.

Dangote Cement shares rose from N478.80 to N609.00, while Dangote Sugar also recorded strong price appreciation.

• Cement holdings contributedapproximatelyN1.90 trillion
• Sugar holdings added aboutN17.96 billion

Altogether, Dangote’s listed portfolio expanded by an estimated N1.93 trillion.

Abdul Samad Rabiu

Gain: N9.23 trillion 

Abdul Samad Rabiu recorded the largest wealth increase among Nigerian billionaires in 2025, powered by exceptional gains in BUA Cement Plc and BUA Foods Plc.

• BUA Cement shares rose 91.94%
• BUA Foods shares surged 92.51%

Combined, Rabiu’s cement holdings contributed approximately N2.83 trillion, while food business holdings added about N6.40 trillion, bringing his total listed wealth increase to roughly N9.23 trillion.

What this tells us about the 2025 market 

Although Nigerian billionaires collectively added N11.36 trillion in paper wealth in 2025, the gains were extraordinarily concentrated.

Two individuals—Rabiu and Dangote—accounted for nearly 98% of total billionaire wealth creation, while the remaining four shared less than N200 billion net.

This reinforces a defining theme of the 2025 rally: stock selection mattered far more than index exposure, and Nigeria’s historic market performance was driven by a small cluster of dominant corporate winners rather than broad-based valuation expansion.

That reality is likely to shape investor behaviour and expectations as the market heads into 2026.