Nigerian billionaires Aliko Dangote, Tony Elumelu and Wale Tinubu recorded a combined N1.91tn increase in the market value of their investments on the Nigerian Exchange within five trading sessions.
The increase followed a recovery in the equities market, with the value of the three businessmen’s tracked shareholdings rising between November 6 and November 13, 2026, according to an analysis by Nairametrics based on NGX daily equity price lists, company shareholding disclosures and its holdings tracker.
Dangote accounted for the largest portion of the gains, recording an estimated N1.86tn increase in the value of his holdings in Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries.
His investment in Dangote Cement was the biggest contributor, as the company’s share price climbed by 9.61 per cent from N1,341 on November 6 to N1,469.90 on November 13.
Dangote’s combined 14.65 billion shares in the cement manufacturer, held directly and through Dangote Industries Limited, increased in market value from N19.644tn to N21.533tn, representing a gain of approximately N1.888tn.
His holdings in Dangote Sugar Refinery also recorded a marginal increase after the company’s share price appreciated by 0.23 per cent, moving from N65 to N65.15.
The increase added approximately N2.32bn to the value of his combined 15.48 billion shares in the sugar manufacturer, representing 76.44 per cent of the company.
However, losses recorded by NASCON Allied Industries partly offset the gains.
The company’s share price dropped by 8.99 per cent from N183.50 to N167, reducing the value of Dangote Industries Limited’s 1.68 billion shares by N27.73bn.
Despite the decline, Dangote’s combined investments in the three companies ended the review period with a net increase of approximately N1.86tn.
Meanwhile, United Bank for Africa chairman Tony Elumelu recorded the second-largest gain, with his tracked investments appreciating by N32.45bn during the period.
His holdings in Seplat Energy contributed N30.56bn to the increase after the company’s share price rose by 1.51 per cent from N16,000.10 to N16,241.90.
Elumelu’s tracked 126.4 million shares in the energy company increased in value from N2.022tn to N2.053tn.
His 3.14 billion shares in Transcorp also gained approximately N1.88bn following an increase in the stock’s price from N31.70 to N32.30.
However, his 6.31 billion shares in UBA recorded no change in value as the bank’s share price remained at N42 throughout the period.
Similarly, Oando chairman Wale Tinubu recorded an estimated N18.29bn increase in his tracked holdings, following a strong performance by the energy company’s shares.
Oando appreciated by 14.80 per cent, rising from N33.10 on November 6 to N38 on November 13.
The rally increased the market value of Tinubu’s 3.73 billion shares, representing 30.02 per cent of the company, from N123.53bn to N141.82bn.
In contrast, billionaire businessman Femi Otedola and Zenith Bank founder Jim Ovia recorded losses as the share prices of First HoldCo and Zenith Bank declined.
Otedola suffered the largest reduction among the eight investors reviewed, losing approximately N36.15bn in the market value of his tracked 12.05 billion shares in First HoldCo.
The holding’s value fell from N1.325tn to N1.289tn after the company’s share price declined from N110 to N107.
Ovia also recorded an estimated N8.70bn loss as the value of his 5.80 billion Zenith Bank shares dropped from N681.07bn to N672.36bn.
The bank’s share price fell from N117.40 to N115.90, affecting his combined direct and indirect stake of 14.13 per cent.
The performance of the billionaires’ investments coincided with a N2.20tn increase in the overall market capitalisation of the NGX during the review period.
The exchange’s market capitalisation rose by 1.36 per cent, from N161.593tn on November 6 to N163.795tn at the close of trading on November 13.
Other prominent investors also recorded mixed performances during the period.
Access Holdings chairman Aigboje Aig-Imoukhuede gained approximately N500m from his tracked 4.998 billion shares after the stock appreciated from N26.90 to N27, increasing the holding’s value to N134.95bn.
Meanwhile, BUA Group chairman Abdul Samad Rabiu and businessman Mike Adenuga recorded no significant changes in the market value of their tracked investments.
Rabiu’s combined holdings in BUA Cement and BUA Foods remained valued at approximately N22.54tn, with both stocks maintaining their share prices throughout the five trading sessions.
His 33.08 billion BUA Cement shares were valued at N9.86tn, while his 16.67 billion shares in BUA Foods were worth N12.68tn.
Similarly, Adenuga’s 516.4 million shares in Conoil remained valued at N108.44bn as the company’s stock closed at N210 on both November 6 and November 13.
The broader equities market had experienced significant volatility during the week, shedding approximately N3.7tn on Tuesday before recovering following gains recorded on Thursday.
Investors subsequently increased their exposure to stocks across the insurance, oil and gas, industrial goods and commodities sectors, helping the market close the week in positive territory.
The analysis noted that the changes in the billionaires’ wealth reflected movements in the market value of their shareholdings rather than actual investment profits, as the calculations used the same share quantities at the closing prices recorded on the two dates.
