Nigeria’s equities market wrapped up 2025 on an exceptionally strong footing, recording one of its most impressive performances in nearly two decades. The Nigerian Exchange (NGX) All-Share Index surged by 51.19% year-to-date, reflecting renewed investor confidence, strong corporate earnings, and sustained interest in large-cap stocks.

This historic rally significantly reshaped the fortunes of Nigeria’s wealthiest individuals, particularly those with substantial holdings in publicly listed companies. While some billionaires saw their net worth skyrocket on the back of soaring share prices, others experienced notable declines despite the broader market optimism.

Below is a breakdown of Nigerian billionaires with the highest share price gains and losses in 2025.

Biggest Winners in Nigeria’s Equities Market

• Abdul Samad Rabiu – Founder, BUA Group

Abdul Samad Rabiu emerged as the biggest beneficiary of the 2025 stock market rally. His wealth rose by an estimated ₦9.23 trillion, largely driven by strong performances in BUA Cement and other listed BUA entities. Increased demand in the construction and infrastructure sectors played a major role in boosting investor confidence in his companies.

• Aliko Dangote – CEO, Dangote Industries

Africa’s richest man also enjoyed a remarkable year on the Nigerian Exchange. Aliko Dangote recorded an estimated ₦1.93 trillion increase in share value, supported by gains in Dangote Cement and market anticipation around the Dangote Refinery’s broader economic impact.

• Jim Ovia – Founder, Zenith Bank Plc

Banking stocks had a strong showing in 2025, and Jim Ovia benefited handsomely. His holdings in Zenith Bank delivered an estimated ₦94.53 billion gain, reflecting the bank’s solid financials, dividend strength, and consistent investor appeal.

• Femi Otedola – Founder, Zenon Petroleum

Femi Otedola’s return to the capital market spotlight continued in 2025. With strategic investments in listed companies, his estimated gains stood at ₦67.45 billion, underscoring renewed market trust in his long-term investment strategy.

• Tony Elumelu – Chairman, Heirs Holdings

Tony Elumelu recorded an estimated ₦57.38 billion increase in share value. His exposure to financial services and energy-related investments contributed to his positive performance amid the market rally.

Notable Loss

• Mike Adenuga – Founder, Globacom

Despite the overall bullish market, Mike Adenuga experienced an estimated ₦20.65 billion decline in share value in 2025. The loss highlights how market-wide growth does not always translate equally across all sectors or portfolios.

What This Means for Nigeria’s Capital Market

The contrasting outcomes among Nigeria’s top billionaires underline an important lesson: while a rising market creates opportunities, individual company performance, sector dynamics, and investor sentiment ultimately determine gains or losses. The NGX’s stellar performance in 2025 has reinforced the stock market’s role as a powerful wealth-creation platform but also a space where strategic positioning matters.

As Nigeria heads into a new market cycle in 2026, investors will be watching closely to see whether this momentum can be sustained in the coming year.

Source: Naira Metrics