Nigeria’s equities market ended August on a cautious note, holding onto a slim 0.31% gain despite heavy selloffs that erased much of the month’s earlier advance.
The All-Share Index opened at 139,863.5 points and briefly surged past the 146,000-mark mid-month, buoyed by momentum from July’s rally. But the gains proved fleeting.
A reversal in oil and gas stocks, combined with weakness in cement majors, dragged the benchmark down more than 3,500 points in the third week. The slide deepened with another 708-point drop in the final week, paring back almost all of August’s progress.
The index eventually closed at 140,295.5 points, just 432 points above where it began. While the headline gain looked modest, the underlying shifts were stark: some of Nigeria’s wealthiest investors booked billions in paper profits, while others absorbed steep markdowns in their banking and energy holdings.
Against this backdrop, fortunes tied to cement, consumer goods, energy, and finance experienced mixed reactions in terms of share price gains as well as losses.
In this article, we look at Nigerian billionaires with the highest share gains/losses in August 2025.
Loss: -N2.42 billion
Mike Adenuga, the billionaire founder of Globacom, saw the value of his stake in Conoil Plc shrink last month after the company’s share price fell sharply on the Nigerian Exchange.
Conoil’s stock opened in August at N234 per share and closed at N211, representing a 10 per cent decline.
Adenuga holds his interest in Conoil indirectly through Conpetro Limited, which owns 103,259,720 shares. At the start of the month, that stake was worth about N24.2 billion. By the end of August, its value had dropped to roughly N21.8 billion.
That swing wiped out an estimated N2.42 billion from Adenuga’s paper wealth in just four weeks, showing how volatility in Nigeria’s downstream oil sector continues to erode investor confidence.
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