Nigeria’s equities market closed 2025 on one in every of its strongest notes in practically two many years, with the NGX All-Share Index delivering a 51.19% year-to-date achieve, its greatest efficiency in 18 years.
The benchmark index ended the 12 months at 155,613.03 factors or a 51.19% achieve, supported by robust rallies in chosen banking, cement, and meals shares that considerably outperformed the broader market.
Nonetheless, beneath the headline index efficiency, market outcomes have been sharply uneven.
Whereas a handful of shares recorded extraordinary beneficial properties, others suffered steep declines, creating stark winners and losers amongst Nigeria’s wealthiest buyers.
These divergent worth actions translated instantly into shifts within the paper fortunes of the nation’s main billionaires.
In complete, the six Nigerian billionaires tracked on this evaluation collectively added an estimated N11.36 trillion to their paper wealth in 2025, after accounting for each beneficial properties and losses throughout their listed fairness holdings.
The majority of this worth creation got here from a slim group of shares, underscoring how concentrated the rally actually was.
Nigerian billionaires with the very best share worth beneficial properties and losses in 2025
Loss: –N20.65 billion
Mike Adenuga, founding father of Globacom, recorded the steepest decline within the worth of his listed fairness holdings in 2025, pushed completely by weak spot in Conoil Plc shares.
Conoil’s share worth fell sharply from N387.20 firstly of the 12 months to N187.20 by year-end, representing a 51.65% decline.
Adenuga holds his Conoil stake not directly by Conpetro Restricted, which owns 103.26 million shares. The stake was valued at roughly N39.98 billion firstly of the 12 months however declined to about N19.33 billion by December, leading to an estimated N20.65 billion erosion in his paper wealth.
