7 Richest People on the Nigerian Stock Exchange
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African CEOs - June 30, 2023

7 Richest People on the Nigerian Stock Exchange

The Nigerian Stock Exchange (NSE) serves as a thriving hub of financial activity, attracting investors from all walks of life. 

Amongst these investors are industry titans and entrepreneurs who have accumulated substantial wealth and emerged as the wealthiest players. 

Join us as we uncover the identities of some of the richest people on the Nigerian Stock Exchange, showcasing their remarkable success and influence within the country’s business landscape. 

Abdul Samad Rabiu 

Abdul Samad Rabiu, Founder and CEO of BUA Group owns the most valuable portfolio on the Nigerian Stock Exchange. Rabiu holds 96.29 per cent of BUA Cement Plc and a 92.6 per cent stake in BUA Foods Plc. The total value of his stake in both companies currently stands at $6.01 billion.

After inheriting land from his father, Rabiu started his business by importing iron, steel and chemicals. He merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, in 2020.

Aliko Dangote

Another rich man on the Nigerian Stock Exchange is Aliko Dangote. The Nigerian billionaire who leads Dangote Group, one of the largest conglomerates in West Africa, owns 86.81 per cent of Dangote Cement, 72.7-per cent of Dangote Sugar, 66.5 per cent of NASCON Allied PLC, and 7.23-per cent of Jaiz Bank.

The wealthy businessman also owns 301,971,608 shares in United Bank for Africa. Dangote’s recently launched $19 billion dollar refinery could boost his wealth when listed on the exchange. His networth on the exchange is $5.58 billion.

Femi Otedola

Nigerian Business Mogul, Femi Otedola, Chairman of Geregu Power Plc, also has a strong holding on the Nigerian Stock Exchange. With an exchange networth of $851 million, Otedola owns a majority stake of 82 per cent in Geregu. He also owns a 5.56 per cent in FBN Holdings, a leading financial services group.

Otedola’s portfolio could have been greater than this, if his offer to buy, Nigerian conglomerate, Transcorp Corporation Plc, for N250 billion, was accepted. 

Shravin Bharti Mittal

Founder and CEO of Unbound, Shravin Bharti Mittal is one of the richest men on the Nigerian stock exchange. Shravin who manages Bharti Global Ltd (the Bharti family investment arm), owns a 7.7% stake in Airtel Africa. His shares are worth more than $481.9 million.

Recall that data from the Nigerian Exchange revealed that Airtel Africa led the list of most valuable quoted companies in Nigeria in the first quarter of 2023.

Jim Ovia

As founder and Chairman of Zenith Bank Plc, Jim Ovia owns a 16.17 per cent stake in the bank. With an exchange networth of $225.7 million, Ovia is the largest individual shareholder in the bank.

According to market capitalization, Zenith Bank stands as Nigeria’s largest commercial bank. Ovia holds 1,523,928,375 units of shares via Institutional Investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registars Ltd,  and Quantum Zenith Securities Ltd.

Samuel Dossou-Aworet 

Former Chairman of the Board of Governors of the Organization of the Petroleum Exporting Countries (OPEC), Samuel Dossou-Aworet holds a 13.77 per cent shareholding in Seplat Petroleum.

The Gabonese oil mogul’s exchange networth stands at $148.3 million which ranks him among the richest people on the Nigerian stock exchange. Seplat Petroleum is an oil exploration and production company listed on the Nigerian Stock Exchange. 

Tony Elumelu

Tony Elumelu, Chairman of Heirs Holdings, a family-owned investment company owns 7.19 per cent of United Bank of Africa (UBA). He purchased his stake through Heirs Holdings Limited, Heirs Alliance Limited, and HH Capital.

With an exchange net worth of $131.2 million, Elumelu owns 30.16 per cent of Transcorp Group, one of Nigeria’s leading conglomerates with investments in the Hospitality, Power, and Oil & Gas sectors.

The Nigerian entrepreneur also owns a 25.95-per cent stake in Africa Prudential, an organisation that offers innovative solutions to help businesses thrive in today’s digital landscape. Moreso, Elumelu also owns 26 per cent of United Capital, a foremost investment bank and pan-African financial services group.

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