Major Shareholders Control 46% of Nigeria's NGX Value

A Nairametrics Research analysis reveals that major shareholders in ten of Nigeria's largest listed companies own stakes worth an estimated N73.11 trillion, accounting for 46.18% of the Nigerian Exchange (NGX) market capitalisation. The analysis focused on companies with market capitalisations of at least N5 trillion, identifying HBM Nigeria, First HoldCo, Dangote Cement, MTN Nigeria, BUA Cement, BUA Foods, Airtel Africa, Seplat Energy, Aradel Holdings, and Zenith Bank.

As of July 31, 2026, these companies had a combined market capitalisation of N113.00 trillion, representing 71.37% of the NGX's total market capitalisation of N158.33 trillion. Abdul Samad Rabiu holds 16.67 billion shares in BUA Foods, representing 92.64% of the company, and 18.97 billion shares in BUA Cement, equivalent to 56.03%.

His combined stakes in both companies are valued at approximately N20.09 trillion, which is 12.69% of the entire NGX market capitalisation.