In 2023, Nigerian billionaire investors Herbert Wigwe, Aliko Dangote, Femi Otedola, and Jim Ovia saw their companies – Geregu, Zenith Bank, Access Holdings, Dangote Cement, NASCON, and FBN Holdings – collectively achieve a remarkable capital gain of N3.1 trillion on the Nigerian Stock Exchange. Despite challenges like a forex crisis, naira devaluation, and inflation, their success paralleled the overall impressive performance of the NGX, which closed the year with a 45.90% year-to-date growth.
Access Holdings, led by Dr. Herbert Wigwe, experienced a substantial increase in market capitalization, reaching N822.8 billion by the end of 2023. Aliko Dangote’s Dangote Group, particularly Dangote Cement and NASCON, showcased remarkable gains in market cap and financial performance, with Dangote Cement reporting a revenue of N1.515 trillion in the first nine months of 2023. Femi Otedola, associated with Geregu Power and FBN Holdings, witnessed notable gains, with FBN Holdings achieving an annual gain of 116.1% on the NGX and reporting gross earnings of N922.2 billion.
Jim Ovia, Chairman of Zenith Bank, realized a substantial N436.4 billion gain in market capitalization in 2023. Zenith Bank emerged as the highest profit earner among banks on the NGX, reporting a pre-tax profit of N505 billion in the first nine months of 2023. Despite challenges, these Nigerian tycoons demonstrated resilience and significant achievements in their respective ventures, contributing to the overall positive performance of the Nigerian stock market.
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