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3 Nigerian Richest Investors Who Join Dangote, Others on NGX

January 16, 2024
in Business
3 Nigerian Richest Investors Who Join Dangote, Others on NGX
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Investors in the Nigerian Exchange (NGX) have been making headlines lately for its outstanding performance in the global market. Last week, it was voted the second-best performing exchange worldwide, thanks to the impressive surge in banking stocks, which drove the all-share index through the roof. 

This exceptional performance has not only attracted attention but has also produced some new wealthy investors in Nigeria, joining the likes of Aliko Dangote, Femi Otedola, and Tony Elumelu on the NGX.

Femi Otedola

Last week, Femi Otedola made a triumphant return to the list of Africa’s wealthiest individuals according to Forbes, all thanks to the remarkable performance of his company, Geregu Power, on the NGX. Geregu Power’s share price surged by an impressive 7.45%, securing its place among companies with market capitalization exceeding N1 trillion. This remarkable feat occurred as investor confidence shifted away from banking stocks toward other sectors.

Tony Elumelu

The banking guru, Tony Elumelu, also found his way into Nigeria’s wealthiest on the NGX. Two of his companies, the United Bank for Africa (UBA) and Transcorp Inc., raced to the N1 trillion mark in market capitalization. UBA’s remarkable performance recently pushed its market capitalization to N1 trillion, putting it in the same league as other top banks like Zenith, First Bank, GTBank, Access Bank, and Stanbic IBTC.

Abdulsamad Rabiu

The chairman of BUA Group, Abdulsamad Rabiu, has emerged as the wealthiest NGX investor, surpassing Aliko Dangote. Rabiu’s portfolio now boasts an impressive valuation of N7.13 trillion on the NGX, representing a substantial 18.31% of the total market capitalization, which currently stands at N38.93 trillion. His holdings in Bua Food (99.8%), valued at N3.64 trillion, and BUA Cement (96.29%), worth N3.49 trillion, have significantly contributed to his newfound wealth.

Dangote’s Position

With this recent development, Aliko Dangote, who holds a portfolio worth N5.5 trillion, is no longer the richest investor on the Nigerian Bourse. Dangote’s substantial holdings include an 86.8% stake in Dangote Cement and significant shares in Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa.

Financial analyst Charles Abuede attributes the surge in BUA’s share prices to investor confidence and the attractiveness of the stock market in recent months. He believes that Rabiu’s position could be sustained unless unforeseen circumstances or distortions disrupt the stocks. Abuede also highlights that the stocks remain attractive and undervalued based on current valuations.

Despite Abdulsamad Rabiu’s ascension to the position of the wealthiest NGX investor, Aliko Dangote still retains his title as the richest man in Nigeria and Africa, according to Bloomberg’s estimates, with a wealth of $16.2 billion. Rabiu’s wealth, estimated at $5.62 billion, demonstrates the growing strength and diversity of Nigeria’s financial market.

In conclusion, the NGX’s recent success has not only propelled Nigeria’s top investors to new heights but has also showcased the potential for wealth creation in the Nigerian market, making it an attractive destination for investors both old and new.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : BusinessElitesAfrica – https://businesselitesafrica.com/2024/01/16/3-nigerian-richest-investors-who-join-dangote-others-on-ngx/

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