Despite women desire for greater economic participation in the nation, they have faced considerable challenges due to a shortage of capital. This difficulty might be reduced in part by increased participation in the securities market, which would facilitate the production of wealth and company capital.
Only a few Nigerian women have amassed substantial riches on the Nigerian Stock Exchange. HowNG presents the top seven persons who now hold the highest stock ownership interests on the Nigerian Exchange, ranked by the valuation of their shares as of the close of trade on August 25, with valuations converted to US dollars at the current exchange rates:
1. Awele Elumelu
Net worth on the NGX: $15.5 million
Holdings: Transcorp
Awele Elumelu is the Nigerian Stock Exchange’s richest female investor. Elumelu, 59, is the founder and CEO of Avon Medical Practice, a growing network of full-service clinics and onsite facilities with corporate institutions, as well as the chairman of Avon Healthcare Limited, a significant health insurance company in Nigeria.
Awele Elumelu is also the wife of Tony Elumelu, the chairman of Transcorp Plc, a publicly traded Nigerian conglomerate in which he is the largest stakeholder.
After Nigerian media speculated that billionaire businessman Femi Otedola was attempting a hostile takeover of Transcorp after Otedola began gobbling up the company’s shares, Awele Elumelu began buying up large tranches of Transcorp shares in May 2023 to consolidate her family’s hold on the company.
She bought 2,070,794,804 Transcorp shares, giving her a 5.1 percent interest in the corporation. Her shares are currently worth NGN 12 billion ($15,550,935).
2. Abolanle Matel Okoh
Net worth on the NGX: $3.75 million
Holdings: Wema Bank Plc
Abolanle Matel Okoh is the daughter of Kessington Adebutu, the founder of Premier Lotto and the largest stakeholder in Wema Bank in Nigeria. Adebutu owns 28.09 percent of Wema Bank through his company, Neemtree Investments. Okoh, on the other hand, holds 583,333,333 shares in Wema Bank, which are currently valued NGN 2.9 billion ($3.75 million).
3. Ifeoma Esiri
Net worth on the NGX: $3.63 million
Holdings: Stanbic IBTC Holdings
Ifeoma Esiri, a lawyer, owns 43,497,009 shares in Stanbic IBTC Holdings, a financial services company. Her stake is valued at NGN 2.8 billion ($3.63 million).
4. Adaora Umeoji
Net worth on the NGX: $2.9 million
Holdings: Zenith Bank Plc
Adaora Umeoji was the former Deputy Managing Director of Zenith Bank Plc, the Nigerian financial services group with the second-largest market capitalisation. She has 68,873,169 shares in the bank, which are presently valued at NGN 2.22 billion ($2,920,470).
5. Olufunmilola Ayebae
Net worth on the NGX: $956,916
Holdings: Fidson Healthcare PLC
Olufunmilola Ayebae is a director of Fidson Healthcare Plc, one of Nigeria’s top pharmaceutical manufacturing companies and one of only three pharmaceutical companies listed on the Nigerian Stock Exchange. She is the wife of the company’s founder, Fidelis Ayebae. She owns 74,629,500 shares worth NGN 739 million ($956,916) in the corporation.
6. Joy Teluwo
Net worth on the NGX: $784,000
Holdings: NEM Insurance
Joy Teluwo is the managing director and CEO of Jotel Trade Park Limited, as well as a licensed nurse. She holds 106,990,287 NEM Insurance shares worth N605,565,024 ($784,065).
7. Nneka Onyeali-Ikpe
Net worth on the N.G.X: $631,211
Holdings: Fidelity Bank Plc
Nneka Onyeali-Ikpe is the first female CEO of Fidelity Bank Plc. She owns 69,644,260 shares in the bank worth NGN 487.5 million ($631,211).
