Since the 1980s, Nigeria’s industrial environment has seen a breathtaking shift, thanks to the creative creativity of its domestic entrepreneurs and astute merchants. At the head of this revolution are exceptional industrialists who are ruling the Nigerian Exchange and propelling the country’s economy to unprecedented heights.
This elite group is led by Nigerian billionaire Aliko Dangote, the trailblazing founder of Dangote Group, Africa’s most diverse manufacturing company. Along with Dangote, Abdul Samad Rabiu, a fellow Nigerian billionaire and the dynamic chairman of BUA Group, which is powering one of Africa’s fastest-growing manufacturing conglomerates, is a driving force. They have reinvented Nigeria’s industrial landscape, creating a climate conducive to economic growth.
Their contributions have helped to cement Nigeria’s status as Africa’s largest economy, with a GDP of $477 billion, and have fueled the rise of the Nigerian equity market. Many of these pioneering enterprises are now publicly traded, allowing the general public to participate in the extraordinary financial success of these commercial conglomerates.
Beyond their boardrooms, these prominent businessmen serve as change agents, ushering in a new era of economic growth and development for the entire country. Nigeria’s economic revolution can be attributed to these trailblazers, who continue to usher in progress, wealth, and optimism for Nigerians.
Here are the five wealthiest industrialists on the Nigerian Exchange, each of them has made significant contributions to the Nigerian economy, revolutionizing numerous industries and leaving an everlasting impact on the country’s commercial scene. They continue to inspire and lead the push for economic growth and prosperity in Nigeria as trailblazers, visionaries, and important figures:
1. Aliko Dangote
Market value of holdings on the NGX: $7.3 billion
Holdings: Dangote Cement, Dangote Sugar, NASCON, Jaiz Bank, UBA
Aliko Dangote, a trailblazing billionaire, is a force to be reckoned with in Nigeria’s industrial scene. His power in the construction and infrastructure sectors knows no bounds as the owner of a whopping 86.81 percent of Dangote Cement, Africa’s largest cement manufacturer and a crown jewel on the Nigerian Exchange.
Dangote’s empire grows even further with his dominant 72.7 percent share in Dangote Sugar and a hefty 66.5 percent stake in NASCON Allied Plc, solidifying his control in the food processing business.
In addition, he is a significant shareholder in Jaiz Bank, with a 7.23 percent stake, establishing his imprint in the financial sector. To broaden his financial portfolio, Dangote owns 301,971,608 shares in United Bank for Africa (UBA), cementing his position as a visionary and powerful force in Nigeria’s economic scene.
2. Abdul Samad Rabiu
Market value of holdings on the NGX: $7.1 billion
Holdings: BUA Sugar, BUA Cement
Abdul Samad Rabiu, a visionary entrepreneur, owns the Nigerian Exchange’s second most valuable portfolio. He formed BUA Group in 1988 and has demonstrated great leadership in developing a massive conglomerate with broad holdings in cement, foods, infrastructure, and other industries. BUA Cement Plc, a leading cement business in which Rabiu controls an astonishing 96.29 percent share, is at the center of Rabiu’s empire.
This holding has solidified his position as a powerful force in the cement business, as his stake is now valued at a staggering $4.2 billion. But it isn’t all. Rabiu’s entrepreneurial prowess extends to BUA Foods Plc, in which he owns a whopping 92.6 percent. This prospering venture, which is currently valued at $2.9 billion, has added to his impressive $7.1 billion total assets on the Nigerian Exchange.
3. John Coumantaros
Market value of holdings on the NGX: $99.5 million
Holdings: Flour Mills of Nigeria
Coumantaros, a multimillionaire Greek businessman, has established himself as a prominent player in Nigeria’s expanding industrial sector. Coumantaros, the visionary chairman of Flour Mills of Nigeria Plc, owns an astonishing 63.3 percent of this premier consumer goods industry through his enterprise, Excelsior Shipping industry Limited. His extraordinary share is currently valued at N76.6 billion ($99.5 million), demonstrating his tremendous impact in the Nigerian industrial environment.
4. Fidelis Ayebae
Market value of Holdings on the NGX: $13.83 million
Holdings: Fidson Healthcare Plc
Fidson Healthcare Plc has reached new heights in the Nigerian pharmaceutical business thanks to Ayebae’s imaginative leadership. Ayebae started the company in 1995 as CEO and Managing Director, developing it from a local pharmaceutical products distributor to a prominent pharmaceutical manufacturing company.
Fidson Healthcare is one of just three pharmaceutical firms that are publicly traded on the Nigerian Stock Exchange. Ayebae’s 33.1 percent interest in Fidson Healthcare, which is currently valued at N10.63 billion ($13.83 million), solidifies his position as one of the most powerful investors on the Nigerian Exchange.
5. Samuel Bolarinde
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Market value of Holdings on the NGX: $4.4 million
Holdings: Vitafoam Nigeria Plc
Bolarinde, a Nigerian industrialist, has carved out a niche for himself in the economic world. He brings a wealth of experience and expertise to the table, having served on the boards of several Nigerian corporations, including Wema Bank Plc and Nigerian Breweries Plc.
Bolarinde’s most major investment is in Vitafoam Nigeria Plc, in which he owns 13.03 percent. Vitafoam, Nigeria’s major manufacturer of rigid and flexible foam products, is critical to the country’s industrial progress. Bolarinde’s stake in Vitafoam is currently worth at N3.4 billion ($4.4 million), demonstrating his intelligent investment decisions and contributions to Nigeria’s flourishing industry.
