Top Female Shareholders in Nigeria’s Stock Market This Quarter

As Nigeria’s stock market wrapped up the first quarter of 2025 on a strong note, the spotlight wasn’t just on bullish trends and soaring indices, it’s on female shareholders, that is, women reshaping the investment landscape. 

These women aren’t just holding boardroom seats; they’re holding billions in equity, making bold moves across industries like banking, healthcare, insurance, and manufacturing.

With the All-Share Index climbing to 105,660.64 and market capitalization rising to over N66.2 trillion, Q1 has rewarded those who bet big and stayed strategic especially these remarkable women. Here are the top female shareholders on the Nigerian Stock Exchange as of Q1 2025:

Abolanle Matel-Okoh – Wema Bank Plc (N75.22 billion)

A major player in Nigeria’s financial sector, Abolanle Matel-Okoh is a Non-Executive Director at Wema Bank and daughter of the prominent businessman Sir Kessington Adebutu, her influence in the banking world runs deep.

She owns more than 7 billion shares in Wema Bank, about 32.8% of the bank’s total equity split between direct and indirect holdings. With Wema’s share price at N10.70 at the close of March, her stake is now worth over N75 billion.

That’s not all, the bank declared a N1.00 dividend per share, meaning Matel-Okoh is poised to receive N7.03 billion in dividends alone.

Despite her immense wealth and position, she’s kept a relatively low public profile, opting to influence Wema Bank’s strategic direction quietly while also running Havilah Ventures, her investment firm.

Awele Vivian Elumelu – Transcorp Plc (N22.99 billion)

Dr. Awele Vivian Elumelu is not only a seasoned healthcare executive but also a savvy investor. While she chairs Avon Healthcare, she also owns 517.7 million shares in Transcorp Plc amounting to about 5.09% of the company.

With Transcorp’s share price closing at N44.40 on March 28, her holding is now valued at just under N23 billion.

This quarter, she’ll also earn over N517 million in dividends, thanks to a healthy payout of N1.00 per share.

Transcorp’s stellar performance in the past year, with pre-tax profits of N136.6 billion, has made it one of the market’s standout stocks. Her investment journey reflects both vision and patience  especially in a company where her husband, Tony Elumelu, serves as chairman.

Joy Teluwo – NEM Insurance Plc (N4.33 billion)

A seasoned executive and Non-Executive Director at NEM Insurance Plc, Joy Teluwo holds more than 320 million shares in the insurance giant,  most of them indirectly giving her a 6.39% stake.

As of the end of Q1, with NEM’s share price at N13.50, her holding is worth approximately N4.33 billion. Her dividend for the quarter? A healthy N320.45 million.

Teluwo’s background spans risk management and entrepreneurship, including leadership roles at Jotel Trade Park Limited and Vigilant Oil & Gas. With NEM Insurance reporting a sharp jump in profits and total assets, her investment continues to grow steadily.

Adaora Umeoji – Zenith Bank Plc (N4.32 billion)

Adaora Umeoji made history as the first female Group Managing Director and CEO of Zenith Bank Plc,  one of Nigeria’s most formidable financial institutions.

She holds a combined 91.9 million shares in the bank, both directly and indirectly. At a share price of N47, her investment is valued at around N4.32 billion.

Zenith Bank declared a N5.00 per share dividend for 2024, placing her in line for a N459.5 million payout. With her leadership and wealth, Umeoji is not just running the show, she’s profiting from it, too.

Olufunmilola Ayebae – Fidson Healthcare Plc (N1.35 billion)

As a force in Nigeria’s pharmaceutical sector, Olufunmilola Ayebae is a Non-Executive Director at Fidson Healthcare Plc, she owns 74.6 million shares, making her the second-largest individual shareholder in the company.

At the Q1 share price of N18.05, her equity stake stands at roughly N1.35 billion. Her confidence in Fidson isn’t misplaced, the firm recorded a 27.31% jump in profit and is investing heavily in expansion, including a $100 million plant at the Lekki Free Trade Zone. Her role as CEO of Townhouse Ltd. only adds to her corporate footprint.

Nneka Onyeali-Ikpe – Fidelity Bank Plc (N1.8 billion)

Nneka Onyeali-Ikpe, the dynamic MD/CEO of Fidelity Bank Plc, rounds off the list. Her 94.6 million shares in the bank are currently valued at around N1.8 billion, based on the Q1 share price of N19.00.

She’s also looking at a dividend windfall of nearly N198.7 million, thanks to the bank’s N2.10 per share dividend declaration.

Fidelity Bank posted an impressive 210% growth in pre-tax profit, showing that under her leadership, the bank is not just growing, it’s thriving.