Nigerian billionaires Aliko Dangote, Tony Elumelu and Wale Tinubu recorded a combined gain of approximately N1.91 trillion in the market value of their tracked holdings on the Nigerian Exchange (NGX) over five trading sessions.
The figures are based on Nairametrics’ analysis of NGX daily equity price lists for November 6 and November 13, 2026, alongside company shareholding disclosures and the Nairametrics holdings tracker.
Dangote led the gains with an estimated N1.86 trillion increase across Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries.
The analysis applies the same share count to closing prices on both dates to isolate changes in market value attributable to share-price movements, rather than realised investment profits.
Dangote cement drives N1.86 trillion gain
Aliko Dangote’s tracked holdings recorded the largest increase among the eight investors reviewed, driven primarily by the performance of Dangote Cement.
His combined exposure to the cement company comprised 27,642,637 shares held directly and 14,621,387,610 shares held through Dangote Industries Limited, bringing the total to 14,649,030,247 shares.
- Dangote Cement rose 9.61%, from N1,341 on November 6 to N1,469.90 on November 13, lifting the tracked holding’s value from N19.644 trillion to N21.533 trillion, a gain of N1.888 trillion.
- At Dangote Sugar Refinery, the combined 15,475,876,564 shares held directly and through Dangote Industries Limited represented 76.44% of the company.
- Dangote Sugar gained 0.23%, from N65 to N65.15, adding approximately N2.32 billion to the holding’s value.
- NASCON Allied Industries declined 8.99%, from N183.50 to N167, reducing the value of the 1,680,888,454 shares held through Dangote Industries Limited by N27.73 billion.
The NASCON holding represented 62.20% of the company as of September 30, while the Dangote Sugar shareholding figures were drawn from its September 2026 filing.
The decline in NASCON partially offset the gains recorded by Dangote Cement and Dangote Sugar.
Overall, the three tracked holdings recorded a net increase of approximately N1.86 trillion during the five trading sessions.
Elumelu, Tinubu Gain as Banks Decline
Tony Elumelu recorded the second-largest gain among the investors tracked, with the value of his holdings increasing by approximately N32.45 billion.
Wale Tinubu followed with an N18.29 billion gain, while Femi Otedola and Jim Ovia recorded the largest declines as First HoldCo and Zenith Bank shares weakened.
- Tony Elumelu: Seplat Energy accounted for N30.56 billion of his gain as the stock rose 1.51%, from N16,000.10 to N16,241.90. His tracked 126.4 million shares increased in value from N2.022 trillion to N2.053 trillion. Elumelu’s 3.14 billion Transcorp shares gained N1.88 billion as the stock rose from N31.70 to N32.30. His 6.31 billion UBA shares remained valued at N265.11 billion, with the stock unchanged at N42.
- Wale Tinubu: Oando rose 14.80%, from N33.10 to N38, lifting the value of his tracked 3.73 billion shares, representing 30.02% of the company, from N123.53 billion to N141.82 billion.
- Femi Otedola and Jim Ovia: Otedola’s tracked First HoldCo stake lost N36.15 billion as the stock fell from N110 to N107. Ovia’s Zenith Bank holding declined by N8.70 billion as the share price dropped from N117.40 to N115.90.
Otedola’s tracked 12.05 billion First HoldCo shares declined in value from N1.325 trillion to N1.289 trillion, making him the biggest loser among the eight investors reviewed.
Ovia’s 5.80 billion Zenith Bank shares, comprising direct and indirect holdings representing 14.13% of the bank, fell in value from N681.07 billion to N672.36 billion.
The contrasting movements show how individual stock performance affected the market value of the investors’ holdings during the review period.
NGX capitalisation rises N2.20 trillion
The gains recorded by Dangote, Elumelu and Tinubu came as Nigerian equities recovered from the previous week’s losses.
NGX market capitalisation increased by N2.20 trillion, or 1.36%, from N161.593 trillion on November 6 to N163.795 trillion at the close of trading on November 13.
- Aigboje Aig-Imoukhuede: His tracked 4.998 billion Access Holdings shares gained approximately N500 million as the stock rose from N26.90 to N27, lifting the holding’s value to N134.95 billion.
- Abdul Samad Rabiu: His tracked BUA Cement and BUA Foods holdings remained worth a combined N22.54 trillion, with both companies’ share prices unchanged during the period.
- Mike Adenuga: His tracked 516.4 million Conoil shares remained valued at N108.44 billion, with the stock closing at N210 on both dates.
- Rabiu’s tracked BUA Cement holding comprised 33.08 billion shares valued at N9.86 trillion, while his 16.67 billion BUA Foods shares were valued at N12.68 trillion.
- The broader market had shed approximately N3.7 trillion on Tuesday before gains on Thursday helped it finish the week higher.
Investors bought shares across the insurance, oil and gas, industrial goods and commodity sectors following the sell-off.
The movements underscore the influence of share-price changes on the market value of major investors’ holdings, even where the number of shares they own remains unchanged.
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