Nigeria’s capital market ended the first quarter of 2025 on quite a high note, a group of powerful women emerged as the major key players, they shattered glass ceilings, and also held multi billion Naira stakes in some of the nation’s most valuable companies. From banking to manufacturing and healthcare, their holdings tell a powerful story of influence, leadership, and investment foresight.
With the Nigerian All-Share Index (ASI) climbing by 697.68 points to 105,660.64, a 0.66% gain and trading volumes rising nearly 5% to reach 3 billion shares, Q1 2025 reflected renewed investor
confidence. Market capitalization soared past ₦66.2 trillion, rewarding major shareholders, particularly these six financially astute women whose investments span across finance, healthcare, insurance, and manufacturing.
Here are Nigeria’s wealthiest female shareholders on the Nigerian Exchange (NGX) as of Q1 2025:
6. Managing Director/CEO, Fidelity Bank Plc Nneka Onyeali-Ikpe: She is the henchman in Fidelity Bank Plc, a leading tier 2 financial institution valued at ₦973 billion. With direct ownership of 94,644,260 shares, and a share price of ₦19.00 as of March 28, 2025, her stake is worth approximately ₦1.8 billion.
In 2024, Fidelity Bank reported a pre-tax profit of ₦385.2 billion, a stunning 210.01% increase year-onyear. The bank declared a dividend of ₦2.10 per share, earning Onyeali-Ikpe nearly ₦198.7 million in dividend payouts.
5. Olufunmilola Ayebae – ₦1.35 Billion: Non-Executive Director, Fidson Healthcare Plc, Holding 74.6 million shares in Fidson Healthcare, a pharmaceutical company with a market cap of ₦42.9 billion, Olufunmilola Ayebae controls 3.25% of the firm’s equity. At a share price of ₦18.05, her stake is valued at ₦1.35 billion. In 2024, Fidson reported a pre-tax profit of ₦7.5 billion, up 27.31% from the previous year. Ayebae is also the CEO of Townhouse Ltd. and a diploma holder from The London College of Secretaries. Her significant stake demonstrates her confidence in the company’s future, especially as it partners with Japan’s Ohara Pharmaceutical and builds a $100 million manufacturing plant at the Lekki Free Trade Zone.
4. Adaora Umeoji – ₦4.32 Billion Group Managing Director/CEO, Zenith Bank: Plc Adaora Umeoji, the first female GMD/CEO of Zenith Bank, owns 91.9 million shares (90.2 million direct and 1.7 million indirect) in the bank. With Zenith’s share price at ₦47.00, her holding is valued at ₦4.32 billion. The bank declared a total dividend of ₦5.00 per share for 2024, which positions Umeoji to earn about ₦459.5 million in dividends. As head of one of Nigeria’s most capitalized banks, she continues to shape the industry through strong leadership and strategic investments.
3. Joy Teluwo – ₦4.33 Billion Non-Executive Director, NEM Insurance Plc Joy Teluwo is a major force in insurance with 320.5 million shares in NEM Insurance, representing 6.39% ownership. At ₦13.50 per share, her holdings are valued at ₦4.33 billion. Teluwo is also the CEO of Jotel Trade Park Ltd. and a former GM at Vigilant Oil & Gas. With NEM reporting a profit after tax of ₦23.3 billion in 2024 and declaring a ₦1.00 dividend, Teluwo is set to receive ₦320.5 million in dividend income. 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 – ₦22.99 Billion Chairperson, Avon Healthcare Ltd. Shareholder, Transcorp Plc
Dr. Awele Vivian Elumelu, a respected philanthropist and healthcare leader, owns 517.7 million shares in Transcorp Plc, a 5.09% stake valued at ₦22.99 billion based on a share price of ₦44.40. Transcorp posted a ₦136.6 billion pre-tax profit in 2024, thanks largely to its booming power sector. With a dividend of ₦1.00 per share, she will earn ₦517.7 million in dividends. Married to business mogul Tony Elumelu, Awele’s strategic investments and boardroom influence continue to grow. Transcorp, under the chairmanship of her husband, Tony Elumelu, reported a pretax 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.
Abolanle Matel-Okoh – ₦75.22 Billion Non-Executive Director, Wema Bank Plc | Founder, Havilah Ventures : Abolanle Matel-Okoh tops the list with a staggering ₦75.22 billion stake in Wema Bank. She holds 7.03 billion shares (972.6 million direct and over 6 billion indirect), representing 32.8% of the bank’s equity. With Wema shares priced at ₦10.70 as of March 28, 2025, and a declared dividend of ₦1.00, Matel-Okoh stands to earn ₦7.03 billion in dividend income. She is the daughter of billionaire Sir Kessington
Adebutu, she also leads Havilah Ventures and continues to influence the bank’s strategic direction. 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 which has diverse interests across multiple industries. She
maintains a notably low public profile, despite her wealth and prefers to influence the bank’s strategic direction from behind the scenes.
There is no doubt that the Nigerian economy is experiencing renewed investor confidence, especially evident in the stock exchange index. The trading volumes has risen by nearly 5% to hit 3 billion shares and market capitalization crossing N66.2 trillion, the first quarter of 2025 has been particularly kind to most major shareholders especially these savvy women who have positioned themselves at the forefront of boardroom wealth. These exceptional women have not only built personal empires through smart equity investments but also helped shape the financial, healthcare, and industrial landscape of Nigeria. Their growing influence on the Nigerian Stock Exchange signals a powerful shift in boardroom dynamics and wealth ownership, showing that these women are achieving so much through sheer grit.
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