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Tuesday, 6 April 2021

Billionaire investors in Nigeria you may not know

Billionaire investors in Nigeria you may not know


 As a Nigerian interested in investing or making money, names like Aliko Dangote, Femi Otedola, Mike Adenuga, Tony Elumelu, Jim OviaRabiu Abdulsalam, etc.come to mind as aspirational role models when it comes to net-worth. These men have all made billions of naira investing in companies listed on the Nigerian Stock Exchange either as founders or strategic investors.  

  • However, there are many other ‘lesser-known investors in companies listed on the Nigerian Stock Exchange who are worth billions (in naira).
  • These investors are seasoned and while they may not always be the founders of the companies they are invested in; they own a significant chunk of the business through strategic investment stakes that earn them billions annually in capital appreciation and dividends.  

In line with our wealth-related articles, we bring to you a Nairametrics compilation of top Investors in companies listed on the Nigerian Stock Exchange, with whom you may be unfamiliar.  

  • All the information used for this article is solely based on data available from the audited financial statements of the elite NSE 30 Index of the Nigerian Stock Exchange (NSE), while information on their profiles was sourced from their company websites amongst others.
  • Nairametrics also maintains a record of directors in all quoted companies including their direct and indirect shareholdings dating as far back as 2015.

Gbenga Oyebode – N3.23 billion 

Gbenga Oyebode is one of the founding partners and Chairman, Management Board of Aluko Oyebode law firm. He is also the Chairman at Okomu Oil Plc and a member of the board of directors of several publicly quoted and private companies in Nigeria. This man needs no introduction, especially for corporate historians and anyone experienced with the workings of corporate Nigeria.  

  • According to information on the website of his law firm, Gbenga’s extensive experience includes advising several top-tier Nigerian, international and multinational clients on energy and natural resources, project/infrastructure finance, privatization, and telecommunications.
  • In this article, we will focus on Gbenga’s ownership in Okomu Oil Plc where he owns 35.94 million units of shares directly and another 5.73 million indirectly, thereby having total share ownership of 45.94 million units and 4.37% stake in the agricultural company. 

As of 31st March 2021, his direct stake in the company was worth N3.75 billion at a share price of N90. Aluko Oyebode is worth a whole lot more than this according to our findings.


Olakunle Alake – N1.84 billion

Olakunle Alake was appointed to the Board of Dangote Cement Plc. on 22nd July 2005. He is also the Group Managing Director of Dangote Industries Limited. He was appointed to the Board of Dangote Industries Limited as Executive Director in 2001.

  • He holds a bachelor’s degree in Civil Engineering from Obafemi Awolowo University, lle-Ife, and is a Fellow of the Institute of Chartered Accountants of Nigeria.
  • He joined Dangote Industries Limited in 1990, after six years at Price Waterhouse Coopers. He has held several management positions in Dangote Industries Limited, including Financial Controller and Head of Strategic Services.

Olakunle holds 8 million direct units of shares in Dangote Cement Plc and 7.19 million units of shares in Dangote Sugar Plc, making a total of N1.84 billion in value as of 31st March 2021.

Ifeoma Esiri – N1.77 billion

Ms. Ifeoma L. Esiri is on the Board of Directors at Stanbic IBTC Bank Plc, Stanbic IBTC Holdings Plc, Ashbert Beverages Ltd., Ashbert Oil & Gas Ltd., Ashburt Leisures Ltd., Stanbic IBTC Asset Management Ltd., and Veritas Geophysical Nigeria Ltd.

  • According to information on the website of Stanbic IBTC, she is a Member of the Nigerian Bar Association; the International Bar Association; the Nigeria Economic Summit Group, and the Institute of Directors, Nigeria. She is a Notary Public and Life Member of the Capital Market Solicitors Association.

Ifeoma owns 34.62 million units of shares in Stanbic IBTC Holdings Plc. As of 31st March 2021, her stake in Stanbic IBTC was worth N1.77 billion at a price per share of N51.25.


Dr. Adaora Umeoji – N1.55 billion

Dr. Adaora Umeoji is the Deputy Managing Director of Zenith Bank Plc, with over 20 years of cognate banking and broad executive management experience.

  • She holds a Bachelor’s degree from the University of Jos, an MBA from the University of Calabar, and a Doctorate degree in Business Administration from Apollos University, Great Falls, Montana, USA.
  • She is the founder of Catholic Bankers Association of Nigeria and is also on the board of Palais Vendome Ltd. and Member of The Chartered Institute of Bankers of Nigeria, Member of Nigerian Institute of Management, Member of The Institute of Credit Administration, Member of Institute of Certified Public Accountants of Nigeria and Member of The Institute of Chartered Mediators & Conciliators.

She owns 68.87 million units of Zenith Bank shares, with a worth of N1.55 billion as of 31st March 2021.


Wole Oshin – N1.58 billion

Wole is the founder and Group Managing Director of the Custodian Investment Group with interests in Life Insurance, General Insurance, Pensions, and Trusteeship business.

He is a graduate of Actuarial Science from the University of Lagos and a Chartered Insurer by Profession, he holds the Doctor of Finance (Honoris Causa) and is a Fellow of the Chartered Insurance Institute of Nigeria, The Risk Managers Society of Nigeria, and the Association of Investment Advisers and Portfolio Managers. He is a past President of Lagos Business School Alumni Association (LBSAA), as well as an alumnus of the Harvard Business School.

Wale Oshin currently owns238.7 million units of Custodian Investment, which is worth about N1.58 billion as of March 31st, 2021 representing a 4.06% stake in the company.

Roger Brown – N1.56 billion


Mr. Brown joined Seplat as Chief Financial Officer in 2013. With a background in finance, he is a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland and also a member of the Association of National Accountants of Nigeria.

Following Mr. Avuru’s retirement, Mr. Brown was appointed CEO and assumed the role on the 1st of August 2020.

Prior to joining Seplat, he held the position of Managing Director of Oil & Gas EMEA for Standard Bank Group and prior to this, Senior Manager in the Corporate Finance department of PricewaterhouseCoopers.

Brown Rogers owns 2.84 million units of shares, representing 0.48% of the total 588.4 million listed shares of Seplat Petroleum. As of 31st March 2021, his stakes in the company was worth N1.56 billion.


Devakumar V. G. Edwin – N1.29 billion

Currently, Devakumar Victor Edwin holds the position of Chairman for Agad Nigeria Ltd. He is also on the board of Dangote Group Ltd., Benue Cement Co. and Dangote Cement Plc (former Chief Executive Officer & Non-Executive Director). Mr. Edwin received a graduate degree from the University of Madras.

He joined Dangote Industries Limited in 1992 and has since held several managerial positions within the Group. He is a Chartered Engineer, holding graduate and master’s degrees in Engineering from the Madras University, India, and holds a postgraduate diploma in Management from IITM, Holland, all obtained in 1978, 1980, and 1986 respectively.

Victor Edwin currently owns 6 million units of Shares of Dangote Cement, which sums of to a worth of N1.29 billion as of 31st March 2021.


Olusegun Agbaje – N1.06 billion

Mr. Olusegun Agabje is the Managing Director and Chief Executive Officer of Guaranty Trust Bank Plc, the most capitalised financial institution on the Nigerian Stock Exchange (NSE). He was recently announced as an independent member of the board of PepsiCo, Inc in 2020.

This icon of the Nigerian banking sector needs to introduction having been on the scene for about 3 decades. However, he is not often associated with his wealth which we estimate to be in the billions. In terms of what we can publicly verify, he currently holds 32.15 million direct shares of GT Bank, which worths a sum of N1.06 billion as of 31st March 2021 at a price per unit of N32.85.


Mr. Ebenezer Onyeagwu – N1.05 billion

Ebenezer Onyeagwu is the CEO/Managing Director of Zenith Bank Plc, with a total direct share of 46.5 million units valued at N1.05 billion as of 31st March 2021.

Mr. Onyeagwu is a graduate in accounting from Auchi Polytechnic (1987), He qualified as a Chartered Accountant (ACA) of the Institute of Chartered Accountants of Nigeria (ICAN) in 1989, almost immediately after graduation. He subsequently became a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), in 2003.

Ebenezer Onyeagwu is on the board of African Finance Corp. Ltd., Zenith Pensions Custodian Ltd., Zenith Bank (Ghana) Ltd., and Zenith Nominees Ltd. and Chief Executive Officer, Director & MD at Zenith Bank Plc.

Prior to joining Zenith Bank Mr. Onyeagwu occupied the position of Branch Manager at Citizens International Bank Ltd.

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