Rabiu, Dangote Control Three-Quarters of $37.7bn NGX Wealth Held by 17 Nigerians
By Aboki Forex —
Seventeen Nigerian investors each held NGX-listed shares worth at least $100 million as of September 11, 2026. Their combined holdings were valued at about $37.7 billion, according to a review by Billionaires.Africa based on company shareholder registers and closing share prices.
The wealth is heavily concentrated. BUA Group founder Abdulsamad Rabiu and Africa's richest man, Aliko Dangote, alone account for roughly three-quarters of the total. Six investors hold listed stakes worth more than $1 billion each, while the remaining 11 hold between $106 million and $1 billion.
Rabiu leads, Dangote follows
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 sits second with NGX investments worth about $12.1 billion spread across Dangote Cement, Dangote Sugar Refinery, NASCON Allied Industries and Jaiz Bank. His Dangote Cement stake alone was valued at approximately $11.44 billion, about 94% of his listed holdings. Dangote Petroleum Refinery is excluded because the business was privately held at the valuation date.
The rest of the top ten
Tony Elumelu ranks third with $1.39 billion. His biggest listed investment is Seplat Energy, where 120.4 million shares were valued at about $1.03 billion. He also holds interests in UBA, Transcorp, United Capital and Africa Prudential.
Femi Otedola follows with $1.27 billion, with his entire listed position concentrated in First HoldCo, the parent company 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 governor Abdulaziz Yari and his family held a $1.20 billion stake in Geregu Power.
Rasheed Sarumi ranks seventh with a $956 million Presco stake. 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 holds $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 worth about $198 million across Julius Berger Nigeria, Sterling Financial Holdings and Conoil. His position reflects the ranking's focus on NGX-listed assets only. 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 shift
The valuations cover listed shareholdings only. They exclude debts, pledged shares and privately held businesses, so they are not a measure of total net worth. The ranking is also a snapshot of NGX prices on September 11. Share price moves and the naira-dollar exchange rate could reshape the order without any of the investors buying or selling a single share.