Nigeria’s stock market boom in 2025 helpd increased the net worth of Nigeria’s richest men in 2025, with Abdul Samad Rabiu and Aliko Dangote accounting for nearly all the wealth created from listed stocks.
Data compiled from share price movements on the Nigerian Exchange (NGX) show that Nigeria’s top four richest men Aliko Dangote, Abdul Samad Rabiu, Mike Adenuga and Femi Otedola collectively added about N11.21 trillion to their wealth.
Rabiu leads with N9.23 trillion gain
Abdul Samad Rabiu, founder of BUA Group, recorded the largest increase in listed stocks wealth during the year, gaining an estimated N9.23 trillion.
The surge was powered by sharp rallies in BUA Cement Plc and BUA Foods Plc, whose shares rose 91.94% and 92.51%, respectively. BUA Cement contributed about N2.83 trillion to Rabiu’s gains, while BUA Foods added roughly N6.40 trillion, making him the single biggest beneficiary of the 2025 market rally. According to Forbes’ latest estimates, Rabiu’s current net worth stands at about $10 billion.
Dangote adds N1.93 trillion
Africa’s richest man, Aliko Dangote, recorded one of the largest single-year increases in paper wealth in NGX history, with gains of approximately N1.93 trillion.
The increase was driven mainly by Dangote Cement Plc, whose shares climbed from N478.80 to N609.00, contributing around N1.90 trillion. Additional gains of about N17.96 billion came from Dangote Sugar Refinery Plc.
Dangote’s estimated net worth currently stands at $26.2 billion, according to Forbes, reflecting his dominance in cement and sugar.
Femi Otedola ended the year with a net gain of about N67.45 billion from his listed holdings. While Geregu Power Plc shares slipped slightly from N1,150 to N1,141.50, resulting in a N16.59 billion loss on his indirect stake, the decline was more than offset by a rally in First HoldCo Plc.
Shares of the First HoldCo Plc surged from N28.05 to N47.90, generating an estimated N84.04 billion gain. Otedola’s current net worth is estimated at $1.6 billion the fourth richest in Nigeria.
Adenuga records steepest loss Among the billionaires only Mike Adenuga, founder of Globacom, recorded a decline in listed equity value in 2025, losing an estimated N120.65 billion, Nairametrics reports.
The drop was driven entirely by weakness in Conoil Plc, whose share price fell 51.65%, from N387.20 at the start of the year to N187.20 by year-end.
Adenuga holds his Conoil stake indirectly through Conpetro Limited, which owns 103.26 million shares.
The stake’s value declined from about N39.98 billion to N19.33 billion, eroding roughly N20.65 billion in paper wealth from that holding alone.
Forbes estimates Adenuga’s current net worth at around $6.4 billion, he remains the 3rd richest man in Nigeria.
