Nigerian Billionaires Control $37.7bn on NGX

As of September 11, 2026, seventeen wealthy investors, including Femi Otedola and Tony Elumelu, controlled approximately $37.7 billion in shares on the Nigerian Exchange (NGX). A review based on company shareholder registers and closing share prices revealed that the wealth is heavily concentrated, with Abdulsamad Rabiu and Aliko Dangote accounting for about three-quarters of the total value.

Abdulsamad Rabiu ranks first with listed holdings valued at about $16.5 billion, primarily from BUA Foods and BUA Cement. Aliko Dangote follows with investments worth approximately $12.1 billion, mainly in Dangote Cement.

Other notable investors include Tony Elumelu with $1.39 billion in Seplat Energy and Femi Otedola with $1.27 billion in First HoldCo. The valuations reflect market values of listed shareholdings and exclude debts and privately held businesses.

The analysis indicates that six investors have shareholdings exceeding $1 billion, while the remaining eleven hold stakes valued between $106 million and $1 billion.