Dangote, Rabiu, Otedola add $1.7bn in three days as NGX rally lifts fortunes

Aliko Dangote, Abdul Samad Rabiu and Femi Otedola added a combined $1.7 billion to their fortunes between Tuesday and Friday as share prices on the Nigerian Exchange Limited (NGX) recovered. Forbes' real-time billionaire tracker put their combined wealth at $73.1 billion on Friday, up from $71.4 billion on Tuesday.

Dangote recorded the largest gain, adding $1 billion. Rabiu's fortune rose by $600 million and Otedola's by $100 million over the same period. The NGX market capitalisation climbed to N160.5 trillion on Friday, its highest level in seven days.

Dangote Cement, First HoldCo lead rally

Dangote Cement shares rose 10% to N1,111, lifting its market capitalisation to N18.5 trillion. Dangote Sugar gained 0.45% to N67.

Otedola benefited from First HoldCo's 10% share price increase to N144.10, which took its market capitalisation to N6.55 trillion. The bank also reported a 65% rise in nine-month profit after tax to N450.87 billion.

Rabiu's BUA Foods and BUA Cement shares remained unchanged at N760.60 and N297, respectively. Yet Forbes' tracker recorded a $600 million increase in his estimated net worth.

Wealth gains over two years

Dangote's estimated fortune increased from $13.4 billion in 2024 to $51.7 billion by September 2026. Rabiu's wealth rose from $5.2 billion to $12.5 billion over the same period. Otedola's increased from $1.4 billion to approximately $2 billion.

Nigeria's four billionaires were collectively worth $26.7 billion in 2024. Their combined wealth rose to $43.1 billion in 2025 and reached $73.2 billion by September 2026, a gain of approximately $46.5 billion, or 174%, in less than two years.

Earlier, 17 wealthy investors, including Aliko Dangote, Femi Otedola and Tony Elumelu, controlled NGX shares valued at $100 million or more each as of September 11, 2026. A review by Billionaires.Africa, based on company shareholder registers and closing share prices, valued their combined NGX holdings at about $37.7 billion.

The wealth is heavily concentrated at the top. BUA Group founder Abdulsamad Rabiu and Africa's richest man, Aliko Dangote, alone account for roughly three-quarters of the combined value.

What it means for the market

Other NGX updates referenced a session where investors traded 2.024 billion shares as market value fell, and another where the market gained N1.47 trillion as Dangote Cement and First HoldCo led a rebound. For Africa's richest man and other large holders, the rally has translated into sharp paper gains. For the broader market, the concentration means the performance of a few large stocks continues to shape overall capitalization and investor sentiment.