Six Nigerian Firms Enter FTSE Russell Frontier Index

Six Nigerian companies have joined the FTSE Russell frontier index series, marking Nigeria's return to the global frontier-market map. This inclusion is expected to attract investment funds that track the index, potentially increasing demand for Nigerian equities.

Aliko Dangote holds an 87.45% stake in Dangote Cement, which is the largest corporate presence on the list. Forbes ranked him as Africa’s richest person on September 1, with a fortune of $31.4 billion.

Femi Otedola, who owns about 27.6% of First HoldCo, the parent company of FirstBank, serves as its chairman. His stake was valued at approximately ₦1.97 trillion ($1.42 billion) as of September 1.

Rasheed Sarumi controls Presco through Oak and Saffron, with an effective interest of about 53.1%. Victor Odili, a major shareholder in MTN Nigeria, holds a 5.08% interest valued at about $657 million.

Jim Ovia, founder of Zenith Bank, holds over 5.8 billion shares and remains the bank’s chairman.