Abdulsamad Rabiu and Aliko Dangote collectively hold ₦24.71 trillion in equity value on the Nigerian Exchange (NGX), representing about 26.9% of the bourse’s total market capitalisation of ₦92 trillion.
Their dominance is anchored in the manufacturing and fast-moving consumer goods (FMCG) sectors, where their listed companies are among the largest and most actively traded on the exchange.
Rabiu’s market position is built on substantial ownership in BUA Foods Plc and BUA Cement Plc. He controls 92.6% of BUA Foods, which has 18 billion shares outstanding at ₦574.90 per share, translating to a market value of roughly ₦10.35 trillion.
His 95.2% interest in BUA Cement, with 33.86 billion shares priced at ₦175.10, is worth about ₦5.93 trillion. Combined, his stakes in both companies are valued at ₦15.23 trillion, approximately US$9.83 billion at the parallel market rate of ₦1,550 per dollar.
BUA Foods’ 109% share price gain in 2025 has been a major driver of this valuation surge.
Dangote’s NGX portfolio now trails Rabiu’s as he owns 86.7% of Dangote Cement Plc, which has 39.7 billion shares at ₦245.00 each, giving a valuation of ₦8.44 trillion. His 80.8% stake in Dangote Sugar Refinery Plc, holding 12.9 billion shares at ₦75.00, adds ₦0.78 trillion.
In NASCON Allied Industries Plc, Dangote’s 74.7% shareholding — 5.8 billion shares at ₦61.00 — is worth ₦0.26 trillion. Altogether, Dangote’s NGX holdings total ₦9.48 trillion or about US$6.12 billion at the same exchange rate.
This places Rabiu ahead of Dangote on the NGX by about ₦5.75 trillion (US$3.71 billion), a gap widened by the absence of Dangote Petroleum Refinery & Petrochemicals Plc from the exchange.
While Dangote’s overall wealth remains larger due to significant unlisted assets, Rabiu’s ascent underscores the rising influence of BUA Group in Nigeria’s capital markets.
The five companies — BUA Foods, BUA Cement, Dangote Cement, Dangote Sugar, and NASCON — form the backbone of Nigeria’s industrial equity sector.
They remain critical to market liquidity, sectoral growth, and investor interest, even as the broader market contends with inflationary pressure and currency volatility.