Prime Business Africa
Nigerian billionaires, Aliko Dangote, Mike Adenuga, and Abdul Samad Rabiu earned N11.52 trillion from the Nigerian Exchange (NGX), also known as the stock market, in 2025, according to analysis by Prime Business Africa.
Analysis showed that Rabiu, the founder of BUA Cement and BUA Foods, recorded the highest gain, followed by Dangote, the founder of Dangote Cement, NASCON Allied, and Dangote Sugar, and Adenuga, the owner of Conoil and majority investor of Sterling Financial Holdings Limited.
Join our WhatsApp ChannelThe three businessmen, who are the only Nigerian dollar billionaires on the Forbes ranking, have N29.03 trillion worth of investment in the NGX as of December 31, 2025, compared to the N17.61 trillion they held as of January 2, 2025.
Rabiu’s NGX Investments
Rabiu’s investment in BUA Cement increased from N3.07 trillion to N5.90 trillion between January and December last year, representing a N2.82 trillion gain in 12 months.
Also, the businessman gained N6.40 trillion from his investment in BUA Foods, which increased from N6,91 trillion to N13.32 trillion.
This brings Rabiu’s total gain from the bourse to N9.22 trillion, as his total investment in NGX increased to N19.22 trillion at the end of last year, from the N9.99 trillion he held at the start, representing a 92.33 percent appreciation.
Dangote’s NGX Investments
Analysis showed that Dangote’s total investment in the NGX grew by N2.28 trillion or 31.02 percent, from N7.35 trillion at the start of the first quarter (Q1) to N9.64 trillion at the end of the fourth quarter (Q4).
A breakdown of Dangote’s investments in the bourse showed that his fortune in Dangote Cement increased by N1.90 trillion to N7.01 trillion, from N8.92 trillion during the period under review.
His investment in Jaiz Bank also surged to N13.89 trillion on December 31, 2025, up by N4.33 billion, from the N9.55 billion held on January 2 of last year.
Also, Dangote gained N130.25 billion from his shares in NASCON, which were valued at N50.42 billion at the start of 2025, but closed the same year at N180.67 billion.
His investment in Dangote Sugar added N241.32 billion to the billionaire’s total gain last year, as the value of the shares in the company increased from N285.20 billion to N526.53 billion.
Adenuga’s NGX Investments
Between the first quarter and the fourth quarter, Adenuga lost N90.15 billion from the Nigerian stock market, where his investment in Sterling Financial Holdings Limited decreased by 34.33 percent, from N262.53 billion to N172.38 billion.
Adenuga’s investment in Sterling had handed him N13.10 billion, as it jumped from N62.62 billion to N75.72 billion during the period under review.
However, his total investment dropped due to losses recorded in his investment in Conoil, which declined from N199.91 billion to N96.65 billion, representing a N103.25 billion decrease.
The investment of Femi Otedola was not included, as the chairman of First HoldCo was involved in some share dealings that can not be tied to a timeframe.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
