Nigeria's stock market experienced a remarkable boom in 2025, significantly boosting the fortunes of the country's wealthiest individuals. According to comprehensive data analysis from share price movements on the Nigerian Exchange (NGX), the top four billionaires collectively added approximately N11.21 trillion to their paper wealth during this period.
Abdul Samad Rabiu Emerges as Top Gainer
Abdul Samad Rabiu, the visionary founder of BUA Group, recorded the most substantial increase in listed stocks wealth throughout 2025. His estimated gains reached an impressive N9.23 trillion, making him the single biggest beneficiary of the year's market rally.
Driving Forces Behind Rabiu's Wealth Surge
The dramatic increase was primarily fueled by exceptional performances from two key companies within his portfolio. BUA Cement Plc witnessed a substantial share price increase of 91.94%, contributing approximately N2.83 trillion to Rabiu's overall gains. Meanwhile, BUA Foods Plc experienced an even more remarkable surge of 92.51%, adding roughly N6.40 trillion to his wealth accumulation.
According to the latest estimates from Forbes, Rabiu's current net worth stands at approximately $10 billion, solidifying his position as Nigeria's second-wealthiest individual.
Aliko Dangote Maintains Wealth Leadership
Africa's richest man, Aliko Dangote, achieved one of the largest single-year increases in paper wealth in the history of the Nigerian Exchange. His gains totaled approximately N1.93 trillion during 2025, further extending his financial dominance.
Key Contributors to Dangote's Growth
The majority of Dangote's wealth increase originated from Dangote Cement Plc, whose shares climbed significantly from N478.80 to N609.00. This movement contributed around N1.90 trillion to his overall gains. Additional wealth of about N17.96 billion came from Dangote Sugar Refinery Plc, demonstrating the diversified strength of his industrial holdings.
Forbes currently estimates Dangote's net worth at $26.2 billion, maintaining his status as Nigeria's richest man and Africa's wealthiest individual.
Moderate Gains for Other Billionaires
Femi Otedola concluded 2025 with a net gain of approximately N67.45 billion from his listed holdings. While his indirect stake in Geregu Power Plc experienced a slight decline, resulting in a N16.59 billion loss, this was more than compensated by a strong rally in First HoldCo Plc. Shares of First HoldCo surged from N28.05 to N47.90, generating an estimated N84.04 billion gain for Otedola.
Otedola's current net worth is estimated at $1.6 billion, positioning him as Nigeria's fourth richest individual.
Mike Adenuga Records Notable Decline
Among Nigeria's billionaire quartet, only Mike Adenuga, the founder of Globacom, recorded a decline in listed equity value during 2025. He experienced an estimated loss of N120.65 billion, according to Nairametrics reports.
Primary Factor in Adenuga's Wealth Reduction
The decline was entirely driven by weakness in Conoil Plc, whose share price fell dramatically by 51.65% throughout the year. Starting at N387.20 and closing at N187.20 by year-end, this significant drop eroded approximately N20.65 billion in paper wealth from Adenuga's indirect holding through Conpetro Limited alone.
Despite this setback, Forbes estimates Adenuga's current net worth remains substantial at around $6.4 billion, maintaining his position as Nigeria's third richest man.
Broader Market Context
The 2025 stock market performance created unprecedented wealth generation opportunities for Nigeria's business elite. The combined market value of Nigeria's ten largest publicly listed companies reached N64.98 trillion during this period, driven by strong gains across multiple sectors including consumer goods, telecommunications, banking, and industrial enterprises.
BUA Foods Plc emerged as the market leader with a capitalization of N14.38 trillion, followed by MTN Nigeria Plc with N10.73 trillion and Dangote Cement Plc completing the top three most valuable companies. This market environment provided the perfect conditions for substantial wealth accumulation among Nigeria's most prominent business figures.
