Major shareholders in 10 of Nigeria’s biggest listed companies now control stakes worth an estimated N73.11 trillion, representing about 46% of the Nigerian Exchange (NGX) total market value, according to a Nairametrics Research analysis. The findings highlight how heavily concentrated ownership remains among some of the country’s largest publicly listed companies.
The analysis covered more than 100 companies listed on the NGX and focused on major individual and corporate shareholders in firms with market capitalisations of at least N5 trillion. The 10 companies identified—HBM Nigeria, First HoldCo, Dangote Cement, MTN Nigeria, BUA Cement, BUA Foods, Airtel Africa, Seplat Energy, Aradel Holdings and Zenith Bank—had a combined market value of N113 trillion as of July 31, representing 71.37% of the entire NGX market capitalisation of N158.33 trillion.
The biggest concentrations are linked to some of Nigeria’s most prominent business groups. Abdul Samad Rabiu’s interests in BUA Foods and BUA Cement were valued at about N20.09 trillion, while his wider economic interest through BUA Industries pushed the figure to approximately N24.34 trillion. Dangote Industries Limited’s 86.65% stake in Dangote Cement was worth about N15.12 trillion, while major stakes in MTN Nigeria and Airtel Africa were valued at approximately N12.90 trillion and N13.28 trillion, respectively.
Other major shareholders also hold substantial positions. Caricement BV’s stake in HBM Nigeria was worth about N3.28 trillion, while Femi Otedola’s 26.50% interest in First HoldCo was valued at roughly N1.56 trillion. Tony Elumelu’s combined interest in Seplat Energy was worth approximately N1.37 trillion, while Zenith Bank founder Jim Ovia’s stake was valued at about N716.74 billion. Petrolin Ocean Limited’s holding in Aradel Holdings was worth an estimated N551.02 billion.
The figures underline a key feature of the Nigerian equities market: being listed does not necessarily mean that a large portion of a company’s shares is freely available to public investors. With five of the companies having identified shareholders controlling more than half of their outstanding shares, ownership concentration could significantly influence the amount of stock available for trading. As mega-cap companies continue to drive the NGX, the N73.11 trillion value tied to major shareholders shows just how much of Nigeria’s stock market is concentrated in the hands of a relatively small group of investors.
source: nairametrics
