Meet the CFOs of Nigeria’s largest companies by market Cap –May 2026

Nigeria’s stock market has enjoyed an extraordinary run in 2026, with investor wealth surging as listed companies continue to post stronger valuations.

In May, the Nigerian Exchange (NGX) All-Share Index advanced by 3.35%, crossing the 250,000-point mark for the first time to close at 250,385.7 points.

While the gain was significantly slower than April’s 20.36% rally, it nevertheless extended the market’s winning streak to five consecutive months and pushed total market capitalization to a record N160.5 trillion.

The 10 largest companies on the NGX by market capitalization were collectively worth about N113.69 trillion as of May 2026, representing more than 70% of the market’s total capitalization.

Their dominance reflects not only investor confidence in their earnings potential but also their central role in sectors ranging from cement and consumer goods to telecommunications, energy, and banking.

Yet market capitalization is rarely the product of revenue growth alone. Behind every balance sheet expansion, capital raise, dividend policy, acquisition, and investor presentation is a finance chief helping to shape strategic decisions and manage financial risk.

In a period marked by currency volatility, inflationary pressures, shifting interest-rate dynamics, and evolving regulatory expectations, the role of the chief financial officer has become increasingly consequential.

This profile feature spotlights the CFOs of the 10 most valuable companies listed on the NGX as of May 2026, highlighting the finance executives overseeing some of the largest corporate balance sheets in Nigeria and helping navigate a market that continues to reach new highs, even as the pace of gains begins to moderate.

 10. Banji Adeniyi-CFO GTCO (Guaranty Trust Holding Company Plc), Market Capitalization: N5.01 trillion 

Banji Adeniyi is a seasoned finance executive with more than 24 years of experience spanning audit, assurance, advisory, and banking.

• He began his professional career at Coopers & Lybrand before moving to PricewaterhouseCoopers and Arthur Andersen, where he specialized in financial statement audits, assurance, and advisory services across diverse industries.
• He transitioned into banking in 2001, joining Lead Bank as Deputy Manager and Head of Internal Audit before moving to GTBank in 2006 as General Manager and Chief Financial Officer.
• During his time at the bank, he played a pivotal role in several landmark transactions and strategic initiatives, including GTBank’s Eurobond issuances and its transition to International Financial Reporting Standards (IFRS).

An alumnus of the University of Ibadan, Adeniyi is recognized for his strong analytical skills and financial management expertise. He serves within the leadership structure of Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank and one of Nigeria’s most efficient financial institutions.

The group has evolved into a diversified financial services provider with interests spanning banking, pensions, payments, asset management, and wealth management.

In May 2026, GTCO’s market capitalization increased by approximately N73 billion month-on-month, driven by a rise in its share price from N135 at the end of April to N137 by the close of May.

9. Abiodun Durosinmi–CFO Zenith Bank Plc, Market Capitalization: N5.38 trillion 

Abiodun Durosinmi, is the Chief Financial Officerat Zenith bank and was appointed in October 2024 after over two decades within the Zenith Group.

His experience spans financial control, compliance, internal audit, and executive management roles across both Nigeria and Zenith Bank Ghana, giving him broad oversight experience within the Group’s regional operations.

He holds an MSc in Finance from the University of Leicester, a Global MBA from Alliance Manchester Business School, and professional certifications including FCA and FICA.

The bank recorded a modest improvement in market valuation over the period, reflecting a slight upward movement in its share price from N130.50 in April to N131.10 in May.

8. Ke Zhigang- CFO Lafarge Africa Plc (WAPCO) Market Capitalization: N5.51 trillion 

The current Chief Financial Officer of Lafarge Africa Plc is Ke Zhigang, who assumed office on November 1, 2025, following the departure of Puneet Sharma on October 31, 2025.

His appointment marked a strategic leadership transition within the company’s finance function, bringing in over 20 years of international experience in finance and the cement manufacturing industry.

Ke Zhigang began his career in Huaxin Cement Co. Ltd in 2003, where he built a strong foundation in industrial finance and operational management.

Over time, he progressed into senior leadership roles, including serving as Overseas Regional Finance Director from 2018, overseeing cross-border financial operations.

He holds a bachelor’s degree in accounting from Huazhong Agricultural University and an MBA from Huazhong University of Science and Technology, equipping him with both technical financial knowledge and strategic management capability.

Market value declined by approximately N129 billion, as the share price fell from N350 in April to N342 in May.

7. Eleanor Adaralegbe–CFO Seplat Energy Plc, Market Capitalization: N6.89 trillion 

Eleanor Adaralegbe is a senior finance executive with over three decades of experience across the oil and gas industry, with expertise spanning upstream operations, corporate finance, and strategic transactions.

She holds a degree in Mathematics from the University of Nigeria, Nsukka, an MSc in Global Finance from Bayes Business School, and is a graduate of Harvard’s Advanced Management Program. She is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria.

She began her career at Ernst & Young International before taking on senior finance roles at ConocoPhillips, Addax Petroleum, and Devon Energy.

At Devon’s Nigerian subsidiary, she led finance operations, including negotiations for a major gas plant buyback and financial due diligence for a $500 million acquisition listed on the London Stock Exchange. She later served as Vice President of Finance and CFO Designate at Seplat Energy Plc.

6. Adegbola Adesina–CFO/Finance Officer Aradel Holdings Plc, Market Capitalization: N8.40 trillion  

Adegbola Adesina is a senior finance executive and the Chief Financial Officer/Finance Director of Aradel Holdings Plc, an indigenous energy company engaged in oil and gas exploration, production, refining, and energy infrastructure development.

• He holds over 19 years of experience spanning investment banking, financial advisory, audit, project finance, and management accounting across sectors including energy, infrastructure, private equity, banking, and manufacturing.
• He holds an Executive MBA from INSEAD Business School and a First-Class Bachelor’s degree in Accounting from the University of Lagos. He is an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder, reflecting strong technical and global finance credentials.

His career includes extensive involvement in capital markets transactions, where he led and participated in debt and equity fundraising, restructurings, and financing arrangements for infrastructure-based companies on both buy-side and sell-side mandates. In the past eight years, he has held senior finance leadership roles within upstream oil production and gas processing businesses.

He was appointed to the Board of Aradel Holdings in 2021. The company remains one of the fastest-growing energy stocks on the NGX, although between May and April 2026, its market capitalization declined as the share price fell from N2,024 to N1,933.80.

5. Kamal Dua- CFOAirtel Africa Plc, Market Capitalization: N13.74 trillion 

Kamal Dua is the Chief Financial Officer and an Executive Director of Airtel Africa Plc, a leading telecommunications group with operations spanning multiple African markets.

He was appointed CFO on 9 July 2025, having previously served as Deputy Chief Financial Officer since November 2023. In his current role, he also chairs the Finance Committee and participates in the Audit and Risk Committee and Sustainability Committee.

• He has over 20 years of finance leadership experience across telecommunications, FMCG, and manufacturing sectors.
• Prior to joining Airtel Africa, he worked with Bharti Airtel as Group Financial Controller, where he was responsible for financial governance, reporting integrity, automation initiatives, investor relations support, and strategic planning.
• He earlier served as Chief Financial Officer of the mobile business, overseeing finance and supply chain operations.

Kamal began his career at Bacardi Martini (India) as a senior finance executive before moving into senior roles at Tata Teleservices and Idea Cellular. He is a qualified Chartered Management Accountant and has completed executive programmes at the Indian Institute of Management, Calcutta.

He also serves on the boards of Airtel Networks Ltd Nigeria, Airtel Tanzania Plc, and Airtel Networks Zambia Plc, as well as several holding entities within the Airtel Africa group. One of the strongest performers in the period, the company added approximately N2.38 trillion in market value, driven by a sharp rise in share price from N3,021.30 in April to N3,655.70 in May.

4. Chikezie Ajaero–CFO BUA Cement Plc, Market Capitalization: N14.22 trillion

Chikezie Ajaero is a senior finance executive with over 25 years of experience spanning financial reporting, treasury management, financial controls, management accounting, risk management, and operations analysis.

He holds a Higher National Diploma (HND) in Accounting (Distinction) from the Institute of Management and Technology, Enugu, and an MBA in Management from the University of Lagos.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), reflecting deep technical expertise in corporate finance and governance.

He serves within BUA Cement Plc, Nigeria’s second-largest cement producer and a key competitor in the domestic building materials sector.

The company has expanded production capacity significantly in recent years, strengthening its position in a market characterised by high entry barriers, capital intensity, and strong linkage to infrastructure development and construction activity.

BUA Cement operates in a highly cyclical industry driven by demand from housing, commercial real estate, and government infrastructure spending. Its competitive positioning is anchored on scale expansion, logistics efficiency, and cost optimisation, enabling it to challenge dominant players in the sector.

Market capitalisation rose modestly over the period, as the share price increased from N418 in April to N420 in May.

3. Modupe Kadri – CFOMTN Nigeria Communications Plc, Market Capitalization: N17.22 trillion 

Modupe Kadri is the Chief Financial Officer at MTN Nigeria. Kadri’s career began at PricewaterhouseCoopers (PwC), where he trained and qualified as a Chartered Accountant, gaining 11 years of valuable experience.

He then moved to Lafarge Africa PLC, holding pivotal roles such as Financial Controller and Business Development Manager within the West African Portland Cement (WAPCO) PLC subsidiary.

Kadri joined MTN Nigeria in 2007 as General Manager of Financial Operations and quickly advanced through various key positions within the finance division.

In August 2014, he took on the role of Chief Financial Officer at Scancom Plc (MTN Ghana) and was appointed Executive Director in April 2016, a role he held until February 2020. His leadership extends to several directorships, including MTN Ghana (Scancom), MobileMoney Limited, and Hajj Mabrur Ventures Limited (Nigeria).

Kadri holds a Bachelor of Science (Hons) in Economics and a Master of Science in Management, both from the University of Lagos. He is a Fellow of both the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants of Nigeria (ICAN).

Based on market reports its market value declined by almost N2 trillion as the share price fell from N915 in April 2026 to N820 as of May 2026.

2. Michael Ehimah-CFO BUA Foods Plc, Market Capitalization: N17.41 trillion 

Michael Ehimah is a senior finance executive with over 20 years of experience spanning accounting, statutory and financial reporting, process and controls design, and strategic finance.

• He previously served as Finance Director/General Manager – Strategic Finance at BUA Foods Plc, where he played a key role in strengthening financial governance structures and driving strategic finance transformation initiatives.
• His work supported the company’s broader agenda of digitalisation, particularly in enhancing financial reporting systems, improving process automation, and supporting data-driven decision-making across business units.
• He holds a B.Sc. in Accounting and Finance from Edo State University and a Master’s degree from Obafemi Awolowo University, Ile-Ife.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an Associate Member of the Chartered Institute of Taxation of Nigeria (CITN), and the Nigerian Institute of Management (Chartered), reflecting a broad professional and multidisciplinary finance background.

BUA Foods operates as one of Nigeria’s largest consumer staples companies, with a diversified portfolio spanning sugar, flour, pasta, and other essential food products. Market capitalisation remained unchanged as the share price held steady at N967, between April and May, 2026.

1. Dr. Gbenga Fapohunda –Group CFO Dangote Cement Plc, Market Capitalization: N19.91 trillion 

Dr. Fapohunda assumed the substantive role of Group CFO after a successful tenure as Acting Group CFO in 2022.

His substantive appointment was confirmed in March 2025. A seasoned finance executive with over 22 years of experience joined DCP as Regional Chief Finance Officer for Nigeria on 1 March 2021.

• Prior to this, he served as Executive Finance Director for West Africa at Japan Tobacco International (JTI), where he held a board position. His previous roles include Chief Finance Officer at United Parcel Service (UPS) and Chief Finance Officer at British American Tobacco (BAT) Ghana, where he managed financial operations across 12 African countries.

Earlier in his career, Dr. Fapohunda worked within the financial advisory division at PricewaterhouseCoopers (PwC) and held a position in KPMG’s Assurance Team. His academic credentials include an MBA in Finance from London Business School, earned on a full merit-based scholarship, and a Doctorate from Rome Business School.

He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Associate Member of the Chartered Institute of Taxation.