Nigeria’s equities market closed 2025 on one of its strongest notes in nearly two decades, with the NGX All-Share Index delivering a 51.19% year-to-date gain, its best performance in 18 years.
The benchmark index ended the year at 155,613.03 points or a 51.19% gain, supported by strong rallies in selected banking, cement, and food stocks that significantly outperformed the broader market.
However, beneath the headline index performance, market outcomes were sharply uneven.
While a handful of stocks recorded extraordinary gains, others suffered steep declines, creating stark winners and losers among Nigeria’s wealthiest investors.
These divergent price movements translated directly into shifts in the paper fortunes of the country’s leading billionaires.
In total, the six Nigerian billionaires tracked in this analysis collectively added an estimated N11.36 trillion to their paper wealth in 2025, after accounting for both gains and losses across their listed equity holdings.
The bulk of this value creation came from a narrow group of stocks, underscoring how concentrated the rally truly was.
Loss: –N20.65 billion
Mike Adenuga, founder of Globacom, recorded the steepest decline in the value of his listed equity holdings in 2025, driven entirely by weakness in Conoil Plc shares.
Conoil’s share price fell sharply from N387.20 at the start of the year to N187.20 by year-end, representing a 51.65% decline.
Adenuga holds his Conoil stake indirectly through Conpetro Limited, which owns 103.26 million shares. The stake was valued at approximately N39.98 billion at the start of the year but declined to about N19.33 billion by December, resulting in an estimated N20.65 billion erosion in his paper wealth.
Gain: N57.38 billion
Tony Elumelu, chairman of Heirs Holdings, recorded solid gains in 2025, supported by price appreciation in United Bank for Africa (UBA) Plc and Transnational Corporation Plc (Transcorp).
UBA’s share price rose from N34.00 to N41.65, while Transcorp advanced from N43.00 to N45.40.
In total, Elumelu’s listed holdings delivered an estimated N57.38 billion increase in value.
In total, Elumelu’s listed holdings delivered an estimated N57.38 billion increase in value.
Gain: N67.45 billion (estimated)
Femi Otedola ended 2025 with a modest net gain in his listed equity portfolio, despite price weakness in Geregu Power Plc.
Geregu shares declined marginally from N1,150 to N1,141.50, translating into a N16.59 billion loss on his 1.95 billion indirect shares.
This decline was more than offset by gains in First HoldCo Plc, whose share price surged from N28.05 to N47.90. Otedola’s combined 4.23 billion shares in the bank generated a N84.04 billion capital gain.
Overall, his listed holdings closed the year with a net gain of N67.45 billion.
Gain: N94.53 billion
Jim Ovia, founder and chairman of Zenith Bank Plc, recorded a significant increase in paper wealth in 2025, reflecting a strong rally in the bank’s share price.
Zenith shares rose from N45.50 to N61.80, representing a 35.82% gain.
Based on disclosed direct and indirect interests totaling 5.80 billion shares, the value of Ovia’s Zenith Bank holdings increased from about N263.88 billion to N358.42 billion, resulting in a N94.53 billion gain.
Gain: N1.93 trillion
Aliko Dangote recorded one of the largest increases in paper wealth in NGX history during 2025, driven by gains in Dangote Cement Plc and Dangote Sugar Refinery Plc.
Dangote Cement shares rose from N478.80 to N609.00, while Dangote Sugar also recorded strong price appreciation.
Altogether, Dangote’s listed portfolio expanded by an estimated N1.93 trillion.
Gain: N9.23 trillion
Abdul Samad Rabiu recorded the largest wealth increase among Nigerian billionaires in 2025, powered by exceptional gains in BUA Cement Plc and BUA Foods Plc.
Combined, Rabiu’s cement holdings contributed approximately N2.83 trillion, while food business holdings added about N6.40 trillion, bringing his total listed wealth increase to roughly N9.23 trillion.
Although Nigerian billionaires collectively added N11.36 trillion in paper wealth in 2025, the gains were extraordinarily concentrated.
Two individuals—Rabiu and Dangote—accounted for nearly 98% of total billionaire wealth creation, while the remaining four shared less than N200 billion net.
This reinforces a defining theme of the 2025 rally: stock selection mattered far more than index exposure, and Nigeria’s historic market performance was driven by a small cluster of dominant corporate winners rather than broad-based valuation expansion.
That reality is likely to shape investor behaviour and expectations as the market heads into 2026.