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'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.