Prime Business Africa
Out of 24 trillion-naira companies in Nigeria, only four are led by women, either as a board chair or chief executive officer (CEO), according to Prime Business Africa’s analysis of companies listed on the Nigerian Exchange (NGX).
The companies led by women, which have a combined market valuation of N7.68 trillion, are Nigerian Breweries, Stanbic IBTC Holdings Plc, Transcorp Hotels, and Wema Bank.
Join our WhatsApp ChannelPrime Business Africa’s analysis showed that three of the companies had a billion-naira value before the women took over, indicating the firms achieved the trillion-naira status under female leadership.
How Trillion-Naira Companies Under Female Leadership Performed
Oluwayemisi Olorunshola/Wema Bank
On June 1, 2023, Wema Bank appointed Oluwayemisi Olorunshola as the chairman of the company; a position that requires her to ensure that executive management or the CEO of the firm meet strategic goals.
- As the highest-ranking member on the company’s board of directors, she has been overseeing Wema Bank’s corporate governance, managing risks, and monitoring performance of the management.
- When Olorunshola was appointed, Wema Bank’s share was priced at N4.10 kobo, while the company was valued at N164.48 billion; however, about three years later, the financial institution’s market valuation has jumped by 563.41 percent.
- Under her, Wema Bank’s share increased by N23.1 kobo to N27.20 kobo as of March 6, 2026, and the company’s market valuation has surged by N926.74 billion to N1.09 trillion.
- Also, the lender achieved a 319.61 percent growth in profit after tax (PAT) in the second half (H2) of 2023 under her, compared to the 16.59 percent recorded in H2 2022.
- However, in 2025, Wema Bank saw its post-tax profit slow to 123.91 percent for the full year (FY) period, compared to the 139.73 percent achieved in the 2024 FY, but surpassed the 105.79 percent recorded in 2023.
Sola David-Borha/Stanbic IBTC Holdings
Sola David-Borha became the chairman of Stanbic IBTC Holdings effective September 26, 2024, when the company’s market valuation was N914.35 billion.
- David-Borha, who has a similar responsibility to Olorunshola, led the company’s rise into the trillion-naira club of the NGX within one and a half years.
- Stanbic IBTC’s market valuation has increased by N1.2 trillion under her leadership to N2.11 trillion, after the company’s share price skyrocketed by 131.30 percent.
- The share was selling at N57.50 kobo when David-Borha took over; however, a year and six months later, the share is priced at N133 — indicating equity traders are willing to pay N75.5 kobo more to buy a share of Stanbic IBTC under her.
- Although in the fourth quarter (Q4) of 2024, which was her first full quarter after becoming chairman, the company’s profit after tax (PAT) declined by 38.68 percent year-on-year, compared to the 19.30 percent increase recorded in Q4 2023.
- However, in her first full year, which is 2025, Stanbic IBTC recorded a 69 percent growth in its bottom line, surpassing the 43.72 percent increase achieved in FY 2024.
Juliet Anammah/Nigerian Breweries
After Juliet Anammah took over as the chairman of Nigerian Breweries on January 1, 2025, the company’s share price surged threefold or 156.25 percent within one year and three months.
- Nigerian Breweries’ share price has skyrocketed to N82 as of March 6, 2026, from N32 it was priced on January 2, 2025.
- The N50 increase in the company’s share price has led to the value of Nigerian Breweries rising from N991,45 billion to N2,54 trillion, representing a N1,54 trillion increase during Anammah’s leadership.
- During her period, Nigerian Breweries returned to profitability after earning N99.1 billion profit after tax in 2025, recovering from the N144,99 billion loss suffered in FY 2024.
- A year before she came in, Nigerian Breweries loss rose by 36.5 percent to N144.33 billion in 2024, up from N105.76 billion, reflecting a swift turnaround of fortunes for the company under Anammah.
- She holds 75,000 shares in Nigerian Breweries, which is valued at N6.15 million.
Uzoamaka Oshogwe/Transcorp Hotels
Transcorp Hotels is the only trillion-naira company led by a female CEO and board chair, with the former position occupied by Uzoamaka Oshogwe and Awele Vivien Elumelu occupying the latter.
- Before the appointment of Oshogwe on January 1, 2025 and Elumelu on January 1, 2026, Transcorp Hotels was already a trillion-naira company.
- However, the company still experienced substantial growth in its market valuation under Oshogwe, as Transcorp Hotels’ valuation rose by N754.87 billion within one year and three months.
- The company’s value increased from N1,18 trillion as of January 2, 2025, to N1,94 trillion as of March 6, 2026, after the price for Transcorp Hotels’ share increased by N73.7 kobo, from N116 to N189.70 kobo during the same period.
- However, under Oshogwe, Transcorp Hotels’ profit after tax has slowed, recording a 46.69 percent growth, compared to the 138.18 percent growth achieved before she took the reins.
- Oshogwe has N2,84 million investment in Transcorp Hotels as of March 6, representing the 15,000 shares she holds.
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