Seventeen Nigerian investors each held shares listed on the Nigerian Exchange worth at least $100 million as of 11 September 2026. Their combined positions were valued at about $37.7 billion, according to a review by Billionaires.Africa based on company shareholder registers and closing prices.
The wealth is highly concentrated. BUA Group founder Abdulsamad Rabiu and Africa’s richest man, Aliko Dangote, alone account for roughly three-quarters of the total. Six of the investors hold listed stakes worth more than $1 billion each, while the remaining 11 sit between $106 million and $1 billion.
Rabiu Leads, Dangote Second
Rabiu tops the ranking with listed holdings of about $16.5 billion. His 16.67 billion BUA Foods shares were worth approximately $9.58 billion, while 33.08 billion BUA Cement shares were valued at $6.95 billion.
Dangote ranks second with NGX investments of about $12.1 billion across Dangote Cement, Dangote Sugar Refinery, NASCON Allied Industries and Jaiz Bank. His Dangote Cement stake alone was valued at roughly $11.44 billion, or about 94 per cent of his listed portfolio. Dangote Petroleum Refinery is excluded because the business was still privately held at the valuation date.
The Rest of the Top Ten
Tony Elumelu is third with $1.39 billion. His largest listed investment is Seplat Energy, where 120.4 million shares were worth about $1.03 billion. He also holds interests in UBA, Transcorp, United Capital and Africa Prudential.
Femi Otedola follows with $1.27 billion, entirely concentrated in First HoldCo, the parent of First Bank of Nigeria. He held about 12.34 billion First HoldCo shares.
Beninese businessman Samuel Dossou-Aworet is fifth with $1.26 billion in Seplat Energy and Aradel Holdings. Former Zamfara State governor Abdulaziz Yari and his family held a $1.20 billion stake in Geregu Power.
Rasheed Sarumi ranks seventh with a $956 million position in Presco. Victor Odili’s MTN Nigeria shares, held through Hermitage Overseas Corporation, were valued at $555 million. Zenith Bank founder Jim Ovia is ninth with about $549 million, while Seplat co-founder Augustine Avuru completes the top ten with $429 million.
From Adebutu to Afolabi
Kesington Adebutu holds $295 million in Wema Bank and Vitafoam. Isiyaku Rabiu Jnr has $272 million in BUA Foods. GTBank co-founder Fola Adeola’s Aradel Holdings stake was valued at $256 million, and Ladi Jadesimi follows with about $247 million, mainly from Aradel Holdings.
Mike Adenuga ranks 15th with listed holdings of about $198 million across Julius Berger Nigeria, Sterling Financial Holdings and Conoil. The ranking covers only NGX-listed assets; Globacom and his upstream oil interests are privately held and were excluded.
Oando chief executive Wale Tinubu is 16th with shares worth approximately $122 million. SIFAX Group founder Taiwo Afolabi closes the list with a $106 million stake in Skyway Aviation Handling Company.
A Snapshot That Can Change
The figures cover listed shareholdings only. They exclude debts, pledged shares and privately held businesses, and therefore do not represent total net worth. The ranking is also a snapshot of NGX prices on 11 September. Movements in share prices and the naira-dollar exchange rate could alter the order without any of the investors buying or selling a single share.
