These Are Nigeria's Top 5 Richest Industrialists as Dangote, Abdul Samad Rabiu Get Strong Competition

These Are Nigeria's Top 5 Richest Industrialists as Dangote, Abdul Samad Rabiu Get Strong Competition

  • The over N1 trillion investments in the Nigerian Exchange Group are dominated mainly by industrialists
  • Leading the pack is the Chairman of the Dangote Group, Aliko Dangote, with about $7.3 billion
  • He is followed closely by Abdul Samad Rabiu’s BUA Group with a $7.1 billion investment in the Exchange

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Nigeria’s industrial landscape has transformed since the 1980s, led by industrial heavyweights bred on Nigerian soil.

These industrialists who dominate the Nigerian Exchange have created excellent firms and conglomerates which employ millions of Nigerians.

Industrialists, Damote, Abdul Samad Rabiu
Aliko Dangote, Abdul Samad Rabiu, Fidelis Ayebae and John Coumantaros Credit: Bloomberg/Contributor
Source: Getty Images

Dangote leads the pack

On top of the list is Nigeria and Africa’s richest man, Aliko Dangote, the Chairman of the Dangote Group.

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Dangote is followed closely by BUA Group Chairman Abdul Samad Rabiu.

According to reports, their contributions have helped to boost Nigeria’s Gross Domestic Product (GDP), driving the Nigerian equity market to hilts.

Many of their companies are listed on the Nigerian Exchange, allowing the public to share their success.

Aliko Dangote: Holdings on the NGX: $7.3 billion

Largest Holdings: Dangote Cement, Dangote Sugar, NASCON, Jaiz Bank, UBA

Dangote’s listed companies dominate the Nigerian Exchange. He owns 86.81% of Dangote Cement, the largest cement company in Africa and the market leader on the Nigerian Exchange.

The 66-year-old Kano-born industrialist also owns a 72.7% stake in Dangote Sugar and a 66.5% stake in NASCON Allied Plc, which has entrenched him as one of the leaders on the Nigerian Exchange.

The billionaire businessman also owns a 7.23% stake in the Islamic banking giant Jaiz Bank.

He commands a substantial shareholding in United Bank for Africa (UBA) with 301, 971 608 shares.

Abdul Samad Rabiu: Holdings on the NGX: $7.1 billion

Largest Holdings: BUA Sugar, BUA Cement

The Chairman of BUA Group, Abdul Samad Rabiu, trails behind Dangote with a $7.1 billion investment on the Nigerian Exchange.

Rabiu’s 96.29% stake in BUA Cement makes him a strong competitor on the Exchange.

He also holds a significant 92.6% stake in BUA Foods, the consumer goods giant, contributing to his $7.1 billion on the Nigerian Exchange.

John Coumantaros

Holdings on the NGX: $99.5 million

Largest Holdings: Flour Mills of Nigeria

A Greek millionaire businessman, Coumantaros owns about 63.3% equity in Flour Mills Nigeria Plc via his company, Excelsior Shipping Company Limited.

His stake is currently valued at N76.6 billion on the Nigerian industrial terrain.

Fidelis Ayebae

Holdings on the NGX: $13.83 million

Largest Holdings: Fidson Healthcare Plc

Ayebae established Fidson in 1995 and has transformed it into a healthcare giant in Nigeria and the leading medicine producer in the country.

The company is one of Nigeria's only three leading healthcare product manufacturers, presently valued at N10.63 billion.

Samuel Bolarinde

Holdings on the NGX: $4.4 million

Largest Holdings: Vitafoam Nigeria Plc

Bolarinde’s investments on the Nigerian Exchange have etched his name as one of the wealthiest industrialists in Africa’s largest economy.

He owns stakes in Wema Bank, Nigerian Breweries, and his most significant investment is in Vitafoam, where he commands a substantial shareholding valued at N3.4 billion.

Dangote loses top spot to Abdul Samad Rabiu as richest investor in Nigerian Stock Exchange earlier reported that BUA Group Chairman Abdul Samad Rabiu has overtaken Aliko Dangote, Chairman of Dangote Group, as Nigeria's richest investor.

Rabiu's holdings in his publicly quoted companies on the Nigerian Stock Exchange are valued at about $6.01 billion, earning him the tag of Nigeria's largest investor.

Dangote now trails Rabiu in the second position on the exchange.


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