The value of stock market holdings for Nigeria billionaires who own significant shares in their companies have hit N16.62 trillion, according to MoneyCentral calculations.
Of course the growing wealth of Nigeria billionaires Aliko Dangote, Abdul Samad Rabiu and Femi Otedola, have been underpinned by an unbridled rally in the equity market since June 2023 that spilled into this year.
The NGXASI index has gained 20.45 percent (as at Jan 17th), while Dangote Cement has a positive year-to-date (YTD) gain of (+41.45 percent); Dangote Sugar, (28.60 percent); FBN Holdings Plc, (+17.41 percent); Geregu Power, (+17.72 percent), BUA Foods Plc, (+24.10 percent), and BUA Cement Plc, (+27.73 percent).
The value of stock market holdings of Africa’s richest man Aliko Dangote in Dangote Cement Plc and Dangote Sugar Plc where he owns 23.42 billion shares has hit N7.34 trillion.
Abdul Samad Rabiu, a billionaire philanthropist and Chairman BUA Group, shareholdings in BUA Foods and BUA Cement are valued at N8.11 trillion, where he owns 49.92 billion worth of ordinary shares.
Femi Otedola, a billionaire, Chairman of Geregu Power and activist investor, value of stakes in First Bank Holdings Plc and Geregu Power Plc hit N1.17 trillion, entities he has combined controlling interest of 4.38 billion shares.
These billionaire owners of bellwether firms may continue to maximise their wealth if the rally in the stock market continues as there are indications that the listing of Dangote Refinery will allure foreign investors and trigger another round of rally in the equity market.
