A remarkable surge in wealth has been recorded among Nigeria’s most prominent business magnates, as the Nigerian stock market continues its impressive upward momentum in 2024. Aliko Dangote, the continent’s wealthiest individual and president of Dangote Group, along with other business moguls like Abdulsamad Rabiu, Femi Otedola, Owen Omogiafo, Jim Ovia, Tony Elumelu, and Herbert Wigwe, collectively witnessed an extraordinary increase of N6.32 trillion in their net worth during the first three weeks of 2024, thanks to a strong bullish trend on the Nigerian Exchange Group (NGX).
Dangote’s Dominance in Cement and Sugar
Aliko Dangote saw his wealth grow significantly, driven by his substantial shareholdings in Dangote Cement and Dangote Sugar Refinery. Over this short period, Dangote’s holdings in Dangote Cement appreciated by N3.16 trillion, while his stake in Dangote Sugar increased by N201.84 billion, bringing his total gain to N3.36 trillion. Dangote Cement’s share price surged by 67.5%, from N319.9 to N535.8, while Dangote Sugar saw its share price rise by 40.35%, from N57 to N80.
Abdulsamad Rabiu’s Gains from BUA Foods and Cement
Abdulsamad Rabiu, the founder of BUA Cement and BUA Foods, also enjoyed a massive boost, adding N2.49 trillion to his wealth. The value of his holdings in BUA Foods grew by N1.71 trillion, and his shares in BUA Cement increased by N776.99 billion. BUA Foods’ share price went up by 24.1%, from N193.4 to N240, and BUA Cement saw its share price rise to N148.5 from N97.
Owen Omogiafo’s Increase from Transcorp Investments
Owen Omogiafo, with her investments in Transcorp Hotels and Transcorp, earned a gain of N232.73 billion. This growth came from the rising market value of her holdings in these two companies, which are listed on the Nigerian Stock Exchange.
Femi Otedola’s Gains from Geregu Power and FBN Holdings
Femi Otedola, known for his ownership of Geregu Power and substantial shareholding in FBN Holdings, saw an increase of N174.99 billion in his net worth. His investments in Geregu Power saw a 17.72% rise in share price, moving from N399 to N469.7, while FBN Holdings increased from N23.65 to N26.6 per share during the same period.
Jim Ovia’s Zenith Bank Investments
Jim Ovia, the founder of Zenith Bank, added N18.4 billion to his wealth, benefiting from the strong performance of the bank’s stock, which rose by 16.4%, from N38.65 to N45.
Herbert Wigwe’s Gains from Access Holdings
Herbert Wigwe, through his holdings in Access Holdings, saw a rise of N12.02 billion. Access Holdings experienced a year-to-date growth of 29.6%, with its share price increasing from N23.15 to N30.
Market Trends and Future Outlook
As of January 19, 2024, the total market capitalization of listed companies on the NGX reached a record N51.73 trillion, reflecting the ongoing bullish sentiment in the market. The All-Share Index closed at 94,538.12 points, marking a 26.43% year-to-date return, positioning Nigeria’s stock market among the best-performing in Africa.
Despite the general optimism, four sub-sectoral indices underperformed in comparison to the broader market. These included the NGX AseM Index, NGX Pension Index, NGX Growth Index, and NGX Sovereign Board Index, with the latter showing a slight decline of 0.68%.
