The Nigerian Exchange (NGX) hosts some of the country’s most influential companies, many led by CEOs who do more than oversee operations.
A select group of these executives also stands out as major shareholders, combining managerial authority with significant personal stakes.
Large shareholding by a CEO is often seen as a signal of confidence in a company’s long-term prospects.
It aligns the interests of management with those of other shareholders, since the fortunes of both rise and fall together.
In markets like Nigeria’s, where corporate governance and investor trust are constant talking points, such ownership structures provide added reassurance about accountability and decision-making.
At the same time, the size of their stakes not only reflects financial strength but also hints at the level of control they wield in steering company policies, strategies, and growth paths. This makes their positions unique when compared to executives whose personal financial exposure is limited.
Nairametrics has compiled this report using the latest disclosures by companies on directors’ shareholdings. Where available, figures are drawn from Q2 2025 filings; otherwise, data from FY 2024 reports were referenced.
Collectively, the top ten CEOs on the NGX hold over 5.23 billion shares in their respective companies, spanning the financial services, insurance, and conglomerate sectors.
Here are the top ten CEOs of NGX-listed companies with the largest shareholdings in their companies.
Mr. Oliver Alawuba is the Group Managing Director and CEO of United Bank for Africa (UBA) Plc. A seasoned banker with over 25 years of experience, he brings a broad range of expertise across corporate and institutional banking, consumer and retail banking, public sector banking, project management, and overall bank governance.
Alawuba directly holds 111 million shares. This represents 0.32% of UBA’s total 34.19 billion shares.
- He began his banking career in 1997 as a pioneer staff member of Standard Trust Bank (STB) before its merger with UBA, quickly rising through the ranks with a reputation for excellence and results-driven leadership.
- At UBA, he has served in multiple senior roles, including Country CEO and Regional CEO (Rest of Africa), Executive Director, East Bank (Nigeria), and later Group Deputy Managing Director/CEO, where he oversaw Nigeria and 19 African subsidiaries.
Alawuba holds B.Sc. and M.Sc. degrees in Food Science and Technology as well as an MBA in Banking and Finance. He is an alumnus of the INSEAD Business School (France) and the London Business School, where he completed the AMP and SEP programmes. He is also a Fellow of the Nigerian Institute of Management (NIM) and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN).
At the closing share price of N48.65 on August 29, 2025, his stake is valued at about N5.4 billion.
These are mostly financial organizations. Is it wiser to buy shares of a company where the CEO has a larger stake, or one where the CEO has a smaller stake?