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Nigerian Paint Billionaires Have Gained N17.10bn In Eight Months

August 27, 2025
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In the last eight months, the majority shareholders of the three paint manufacturers listed on the Nigerian Exchange Limited (NGX), also known as the stock market, have recorded a combined gain of N17.10 billion.

Prime Business Africa understands that the three majority shareholders are Abi Ayida, the chairman of Berger Paints, Kayode Falowo, chairman of Meyer Paints, and Folasope Aiyesimoju, chairman of Chemical and Allied Products (CAP) Plc.

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Abi Ayida

Abi Ayida

Abi Ayida holds 34.61 million shares in Berger Paints, split into 17.67 million indirect shares held through Jurewa Investments Limited, 16.31 million indirect shares through Alemaje and Company Limited, as well as 625,601 direct shares.

Prime Business Africa gathered that the value of the shares held by the chairman of Berger Paints has appreciated by 60 percent to N1.10 billion as of August 22, from N692.23 million they were worth on January 2, indicating Ayida, who holds a 11.95 percent stake, has gained N415.34 million so far this year.

This followed a 60 percent increase in Berger Paints’ share price, which increased by N12, from N20 to N32, within the period under review, indicating equity traders were bullish on the company’s shares in the last eight months.

Kayode Falowo

Kayode Falowo

Between January and August, PBA gathered that Kayode Falowo, the chairman of Meyer Paints, gained N1.51 billion after the share price of Meyer Paints increased by 98.69 percent within the period.

Meyer Paints’ share price had increased by N8.32 kobo during the period under review, from N8.43 kobo to N16.75 kobo, leading to Falowo’s investment in the company to rise from N1.53 billion to N3.05 billion.

Findings showed that Falowo has 182.10 million shareholding in the paint manufacturer, which is split into 25.68 million direct shares and 156.41 million indirect shares through Greenwich Capital Limited, representing a 34.28 percent controlling stake.

Folasope Aiyesimoju

Folasope Aiyesimoju

Folasope Aiyesimoju, the chairman of Chemical and Allied Products (CAP) Plc, made the list due to his investment firm, Themis Capital Management, being the majority shareholder of UAC Nigeria, which is the substantial investor and parent company of CAP.

UAC Nigeria holds 471.34 million shares, representing a 57.85 percent controlling stake, in CAP, which were valued at N17.91 billion at the beginning of this year, but are now worth N33.08 billion as of August 22, indicating the substantial investor gained N15.17 billion within eight months.

Prime Business Africa notes that the 84.73 percent increase in the value of investment held by UAC Nigeria in CAP was due to the paint company’s share price rising by N32.2 kobo, from N38 to N70.20 kobo year-to-date.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: publisher@primebusiness.africa and editor@primebusiness.africa

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