Nigerian Billionaires Gain N11.36 Trillion in 2025 Stock Market Surge

In 2025, Nigerian billionaires collectively gained N11.36 trillion from stocks, driven by a strong rally in select bank, cement, and food stocks. However, market performance was uneven, with stark winners and losers.

Mike Adenuga, the founder of Globacom, saw a significant decline in paper wealth due to the sharp fall in Conoil Plc (NGX: CONOIL)'s share price. Adenuga's indirect stake in Conoil plummeted from N39.98 billion to N20.65 billion, resulting in an estimated N19.33 billion loss by December.