As Nigeria’s capital market closed the first quarter of 2025 on a bullish note, a number of influential women stood out not just for breaking glass ceilings, but for holding billions in equity across some of the country’s most powerful companies.
The Nigerian All-Share Index (ASI) climbed by 697.68 points to finish at 105,660.64, marking a weekly gain of 0.66% and signaling renewed investor confidence.
With trading volumes rising by nearly 5% to hit 3 billion shares and market capitalization crossing N66.2 trillion, the first quarter has been particularly kind to major shareholders — especially these savvy women who have positioned themselves at the forefront of boardroom wealth.
From banking to manufacturing and healthcare, their holdings tell a powerful story of influence, leadership, and investment foresight.
Here are the richest women on the Nigerian Stock Exchange as of Q1 2025 based on direct and indirect shareholdings and the prevailing market prices as of March 28, 2025.
6. Nneka Onyeali-Ikpe
Value of ownership in Fidelity Bank Plc – N1.8 billion
Mrs. Nneka Onyeali-Ikpe is the current Managing Director and Chief Executive Officer (MD/CEO) of Fidelity Bank Plc, a leading Nigerian financial institution.
- The bank was valued at about N614 billion in April 2025 and ranks as what of the most valuable tier 2 Banks in the country. The bank has a total of about 32.4 billion shares at N19 per share.
- According to data from the latest financial statement of the bank, Mrs. Onyeali-Ikpe owns 94,644,260 direct shares, representing about 0.29% of the total equity in the bank. At an average share price of N19.00 on March 28, 2025, her investment was valued at approximately N1.80 billion.
The bank reported a pre-tax profit of N385.215 billion for the 2024 financial year that ended December 31, marking an impressive 210.01% year-on-year (YoY) growth. The bank also declared dividend per share of N2.10k, which will earn Mrs. Onyeali N198.7 million in dividends receipt.
5. Olufunmilola Ayebae
Value of Ownership in Fidson Healthcare Plc -N1.35 billion
Olufunmilola O. Ayebae, a Non-Executive Director at Fidson Healthcare Plc, holds a substantial equity position in the Nigerian pharmaceutical company.
As of April 2025, Fidson Healthcare is valued at a market capitalization of N42. 9 billion. It has approximately 2.2 billion shares at N18.7 per share.
- Mrs Ayebae holds 74,629,500 shares, representing 3.25% of the company’s total issued share capital. As of March 28, 2025, Fidson shares were trading at N18.05, valuing Mrs. Ayebae’s stake at approximately N1.35 billion, and positioning her as the second-largest individual shareholder in the firm.
- Fidson Healthcare Plc reported a full-year pre-tax profit of N7.5 billion for the 2024 financial year, according to its unaudited results released on the Nigerian Exchange (NGX) on January 30, 2025. This marks a 27.31% increase from the N5.9 billion posted in 2023.
- Beyond her role at Fidson, Mrs. Ayebae serves as the Chief Executive Officer of Townhouse Ltd. and is a graduate of The London College of Secretaries, where she earned a Professional Secretaries Diploma.
Her sustained shareholding reflects not only confidence in the firm’s financial fundamentals but also in its broader ambitions, including the construction of a $100 million pharmaceutical manufacturing plant at the Lekki Free Trade Zone, and a recent strategic partnership with Japan’s Ohara Pharmaceutical.
4. Adaora Umeoji
Value of Ownership in Zenith Bank Plc – N4.32 billion
Adaora Umeoji is currently the first female Group Managing Director (GMD) and Chief Executive Officer (CEO) of Zenith Bank Plc. Her role and contributions have made her an integral part of the bank’s success.
Zenith bank, a tier 1 bank and one of the most capitalized banks in the country, is valued at N2.05 trillion as of April 2025. The bank also has 41 billion shares at N49.95 per share.
- For the period of March 28, 2025, Adaora holds 90,192,856 direct shares in Zenith Bank, with an additional 1,710,123 indirect shares, bringing her total shareholding to 91,902,979 shares. With Zenith Bank’s current Q1, 2025 share price at N47 per share, her stake is valued at approximately N4.32 billion.
- In line with its robust earnings, Zenith Bank declared a final dividend of N4.00 per share, bringing the total dividend for 2024 to N5.00 per share. Based on her total shareholding, Adaora Umeoji is set to earn approximately N459.5 million in dividend receipt.
Umeoji’s shares have positioned her as one of the influential figures in Nigerian banking, with her holdings contributing to both her personal wealth and her continued influence in the financial sector.
3. Joy Teluwo
Value of Ownership in NEM Insurance Plc-N4.33 billion
Joy Teluwo is a Non-Executive Director at NEM Insurance Plc, a prominent Nigerian insurance company. The insurance company is valued at N64.7 billion in April 2025 and has total shares of 5.01 billion at N12.9 per share.
- As of December 31, 2024, Teluwo’s shareholding in NEM Insurance includes 253,044 direct shares representing 0.01% of the company’s total equity and 320,201,645 indirect shares, bringing her total holdings to 320,454,689 shares. This amounts to about 6.39% of the company’s share capital.
- At a market price of N13.50 per share as of March 28, 2025, her total stake is valued at approximately N4.33 billion.
- In line with its strong 2024 financial performance, NEM Insurance declared a dividend of N1.00 per share, positioning Teluwo for a dividend payout of approximately N320.45 million.
- The company’s latest unaudited results highlight robust earnings growth across key indicators. Profit after tax stood at N23.314 billion, reflecting a 75.90% year-on-year increase.
Total assets climbed to N110.158 billion, marking a 48.29% rise year-on-year, while shareholders’ funds surged by 54.21% to reach N59.671 billion.
Teluwo is also the Managing Director/Chief Executive Officer of Jotel Trade Park Limited. She joined Vigilant Oil & Gas in 2002 as the General Manager, where she established the company’s risk management framework. Additionally, she successfully manages three indigenous companies, including Tropical Farms
In accordance with the Companies and Allied Matters Act, Mrs. Teluwo, along with Alhaji Ahmed I. Yakasai, will retire by rotation and, being eligible, have offered themselves re-election at NEM Insurance Plc’s 55th Annual General Meeting.
2. Awele Vivian Elumelu
Value of ownership in Transcorp Plc- N22.53 billion
Awele Vivian Elumelu is a prominent Nigerian businesswoman and philanthropist, best known for her role as Chairperson of Avon Healthcare Limited, a key player in Nigeria’s healthcare sector.
- She also holds a significant stake in Transnational Corporation of Nigeria Plc (Transcorp), where she owns 517,698,701 shares, representing 5.09% of the company’s total shares. Transcorp is currently valued at N416.1 billion with total shares of 10.1 billion at N40.95 per share as of April 2025.
- At the end of Q1 2025- March 28, Transcorp’s stock closed at N44.40 per share, giving Awele’s stake a market value of approximately N22.99 billion (around $14.93 million). Based on the declared dividend of N1.00 per share, she has a dividend receipt of N517.7 million for the 2024 financial year.
- Transcorp, under the chairmanship of her husband, Tony Elumelu, reported a pre-tax profit of N136.6 billion for the year ended December 31, 2024 marking a 132.41% increase from the previous year’s N58.8 billion.
This was driven by strong performance across its core sectors. Total revenue surged to N407.9 billion, a 107.07% increase year-on-year, with the power sector contributing 82.8% of that figure.
1. Abolanle Matel Okoh
Value of Ownership in Wema Bank Plc – N75.22 billion
Abolanle Matel-Okoh, a Non-Executive Director at Wema Bank, is the daughter of renowned business mogul Sir Kessington Adebutu and ranks among the largest individual shareholders in Nigeria’s banking industry.
- Wema Bank has a market capitalization of N392.89 billion, with total shares of 35.72 billion at N13.22, per share as of April 2025 .
- As of December 31, 2024, she holds a combined 7,029,759,270 shares comprising 972,669,052 direct shares and 6,057,090,218 indirect shares representing approximately 32.8% of the bank’s total equity.
- With Wema Bank’s share price at N10.70 as of March 28, 2025, Matel-Okoh’s stake is valued at roughly N75.22 billion, placing her firmly among the wealthiest women on the Nigerian Exchange (NGX).
- Wema Bank declared a dividend of N1.00 per share, which means Abolanle Matel-Okoh is set to earn approximately N7.03 billion in dividends.
The bank delivered its strongest financial performance in over five years. According to its audited results for the year ended December 31, 2024, the bank recorded gross earnings of N433.43 billion, buoyed by rising interest income and deliberate asset expansion.
Profits before tax surged by 141% to N102.5 billion, marking a historic milestone for the bank, as it capitalized on higher interest rates and optimized its loan and investment portfolio.
Outside the banking sector, Abolanle is the founder and Managing Director of Havilah Ventures, an investment firm with diverse interests across multiple industries. Despite her stake and wealth, she maintains a notably low public profile, preferring to influence the bank’s strategic direction from behind the scenes.
