Nigeria’s equities market closed 2025 on one of its strongest notes in nearly two decades, with the NGX All-Share Index delivering a 51.19% year-to-date gain, its best performance in 18 years.
The benchmark index ended the year at 155,613.03 points or a 51.19% gain, supported by strong rallies in selected banking, cement, and food stocks that significantly outperformed the broader market.
However, beneath the headline index performance, market outcomes were sharply uneven.
While a handful of stocks recorded extraordinary gains, others suffered steep declines, creating stark winners and losers among Nigeria’s wealthiest investors.
These divergent price movements translated directly into shifts in the paper fortunes of the country’s leading billionaires.
In total, the six Nigerian billionaires tracked in this analysis collectively added an estimated N11.36 trillion to their paper wealth in 2025, after accounting for both gains and losses across their listed equity holdings.
The bulk of this value creation came from a narrow group of stocks, underscoring how concentrated the rally truly was.
Nigerian billionaires with the highest share price gains and losses in 2025
Gain: N57.38 billion
Tony Elumelu, chairman of Heirs Holdings, recorded solid gains in 2025, supported by price appreciation in United Bank for Africa (UBA) Plc and Transnational Corporation Plc (Transcorp).
UBA’s share price rose from N34.00 to N41.65, while Transcorp advanced from N43.00 to N45.40.
UBA holdings
- 1.50 billion direct shares: N11.49 billion gain
- 5.22 billion indirect shares via HH Capital Limited: N39.93 billion gain
Transcorp holdings
- 68.28 million direct shares: N436.97 million gain
- 68.39 million shares via Heirs Holdings: N129.72 million gain
- 2.99 billion indirect shares via HH Capital Limited : N5.69 billion gain
In total, Elumelu’s listed holdings delivered an estimated N57.38 billion increase in value.
