Richest Nigerian Investors on The Nigerian Exchange, Otedola, Elumelu Join Dangote, Others

Jan 16, 2024 | Entertainment, News


  • New wealthy investors have emerged on the Nigerian Exchange, which saw them join Dangote and others on the list
  • Femi Otedola joined the list of wealthiest investors on Nigerian Exchange as Geregu Power became a N1 trillion company
  • Also, Tony Elumelu became one of Nigeria’s richest on the NGX following the performance of two of his companies

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Last week, the Nigerian Exchange was voted second-best performing worldwide as banking stocks drove the all-share index through the roof.

The recent performance of the NGX has thrown up some top performers and new wealthy investors in Nigeria.

Elumelu, Otedola, Dangote, Rabiu
Aliko Dangote, Femi Otedola and Tony Elumelu
Credit: Bloomberg/Contributor
Source: Getty Images

Nigeria’s NGX surges to the highest

On Monday, January 15, 2023, the all-share index of the Nigerian exchange rose by 1.92%, propelled by Dangote Cement, which saw its share price surge by 7.49%, with a market cap of N430 billion.

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Equities gained about N1.188 trillion as the market cap rose to N46.319 trillion from N45.199 trillion from the figures traded on Friday, 12, 2024.

Here are Nigeria’s richest investors on NGX

Femi Otedola

Last week, Femi Otedola rejoined the list of Africa’s wealthiest on Forbes as the share price of his Geregu Power surged on the NGX.

The company’s shares gained about 7.45% and were ranked among companies with over N1 trillion in mark cap.

Legit.ng reported that Geregu’s power performance came as investors’ confidence shifted from banking stocks.

Tony Elumelu.

The banking guru also joined Nigeria’s wealthiest on the NGX as two of his companies, the United Bank for Africa (UBA) and Transcorp Inc., raced to the N1 trillion mark, respectively.

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UBA’s performance recently surged to N1 trillion as it joined other banks such as Zenith, First Bank, GTBank, Access Bank, and Stanbic IBTC.

Abdul Samad Rabiu

Abdul Samad Rabiu, the chairman of BUA Group, has surpassed Aliko Dangote to become the wealthiest Nigerian Exchange (NGX) investor.

The Bua Group Chairman now boasts a portfolio valued at N7.13 trillion on the NGX

Reports say that Rabiu’s total portfolio comprises 18.31% of the total market capitalization in the NGX N38.93 trillion as of the time of this writing.

BUA Foods sees a 96% rise

Valued at N3.64 trillion, the billionaire’s holding in Bua Food (99.8%) emerges as the biggest on the exchange. His stake in BUA Cement (96.29%), which is worth N3.49 trillion, also contributes significantly to his wealth. With this, Dangote, with an N5.5 trillion portfolio, is no longer the richest on the Nigerian Bourse. Dangote has an 86.8% stake in his cement company, Dangote Cement.

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He also maintains a significant stake in Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa.

Charles Abuede, a financial analyst, noted that the recent surge in the share prices of the BUA flagships or sister companies has added more value to the wealth of Abdulsamad ahead of Dangote.

Experts speak on Dangote, Rabiu’s dominance of the NGX

According to him, this is a show of continued investor confidence in the stock and the attractiveness of the stock market in recent months.

Speaking on the possibility of Rabiu maintaining the position for long, he said the sustenance of the position is possible, barring any unforeseen circumstances or distortion that may trigger a well-off in the stocks. However, he noted that the stocks are still attractive and undervalued based on current valuations.

Notably, Dangote remains the richest man in Nigeria and Africa despite Rabiu being now the richest on the Nigerian bourse. According to Bloomberg’s estimates, Dangote’s wealth currently stands at $16.2 billion, while Bua’s wealth is estimated at $5.62 billion.

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Mike Adenuga’s net worth rises, overtakes Rabiu as second richest man in Nigeria

Hours after donating N1bn to Lagos, Femi Otedola becomes 4th richest man in Nigeria

Legit.ng reported that Nigerian billionaire Femi Otedola has been ranked the 4th richest man in Nigeria amid bullish Nigerian stock performance.

According to the latest update of the Forbes Billionaire Index, Otedola has a net worth of $1.2 billion after making over $6 million on Thursday, January 11, 2024.

His new net worth placed him as the 2,353 richest man in the world.

Source: Legit.ng





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