7 richest women on the Nigerian Stock Exchange

Billionaires.Africa, a prominent financial analysis entity, has unveiled its roster of the 25 wealthiest investors on the Nigerian Stock Exchange, revealing a notable absence of women among the ranks.

While women in Nigeria continue to aspire for increased economic participation in the nation, the scarcity of capital has emerged as a formidable barrier. This challenge could be alleviated to a certain extent through heightened engagement in the securities market, fostering wealth generation and business capital acquisition.

Within the landscape of the Nigerian Exchange, only a handful of women have achieved substantial financial fortunes. Billionaires.Africa’s analysis focuses on the top seven individuals currently holding the highest stock ownership positions on the Nigerian Exchange. Their rankings are determined by the valuation of their shares as of the market’s closure on August 25, with these valuations converted to U.S. dollars using prevailing exchange rates.

1. Awele Elumelu

Net Worth on NGX: $15.5 million

Holdings: Transcorp

Awele Elumelu, aged 59, stands as the most affluent female investor on the Nigerian Stock Exchange. She serves as the Chairperson of Avon Healthcare Limited, a premier health insurance provider in Nigeria, and holds the mantle of CEO at Avon Medical Practice. Awele Elumelu is also recognized as the spouse of Nigerian magnate Tony Elumelu, who holds the chairmanship at Transcorp Plc, a listed Nigerian conglomerate, in which he is the largest shareholder. Her strategic acquisition of Transcorp shares in May 2023, amounting to 2,070,794,804 shares, consolidated her family’s stake in the company and thwarted speculated attempts of a hostile takeover by businessman Femi Otedola. Her shares are currently valued at NGN 12 billion ($15,550,935).

2. Abolanle Matel Okoh

Net Worth on NGX: $3.75 million

Holdings: Wema Bank Plc

Abolanle Matel Okoh, the daughter of Nigerian gambling magnate Kessington Adebutu, boasts substantial holdings in Wema Bank. With her ownership of 583,333,333 shares in Wema Bank, valued at NGN 2.9 billion ($3.75 million), Okoh’s influence within the bank is notable.

3. Ifeoma Esiri

Net Worth on NGX: $3.63 million

Holdings: Stanbic IBTC Holdings

Ifeoma Esiri, a prominent lawyer, owns 43,497,009 shares in the financial services giant Stanbic IBTC Holdings, which amounts to NGN 2.8 billion ($3.63 million).

4. Adaora Umeoji

Net Worth on NGX: $2.9 million

Holdings: Zenith Bank Plc

Adaora Umeoji holds the position of Deputy Managing Director at Zenith Bank Plc, one of Nigeria’s leading financial services groups. Her ownership of 68,873,169 shares in the bank is valued at NGN 2.22 billion ($2,920,470).

5. Olufunmilola Ayebae

Net Worth on NGX: $956,916

Holdings: Fidson Healthcare PLC

Olufunmilola Ayebae serves as a director of Fidson Healthcare Plc, a prominent pharmaceutical manufacturing company listed on the Nigerian Stock Exchange. Her ownership of 74,629,500 shares in the company translates to a value of NGN 739 million ($956,916).

6. Joy Teluwo

Net Worth on NGX: $784,000

Holdings: NEM Insurance

Registered nurse and CEO of Jotel Trade Park Limited, Joy Teluwo, commands a significant position in NEM Insurance. Her ownership of 106,990,287 shares in the company reflects a valuation of N605,565,024 ($784,065).

7. Nneka Onyeali-Ikpe

Net Worth on NGX: $631,211

Holdings: Fidelity Bank Plc

Nneka Onyeali-Ikpe holds the distinction of being the first female CEO of Fidelity Bank Plc. She commands ownership of 69,644,260 shares in the bank, with a value of NGN 487.5 million ($631,211).

These women, through their strategic investments and notable positions, underscore the evolving landscape of financial empowerment for women within the Nigerian Stock Exchange.