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7 Richest Women on Nigerian Stock Exchange
The richest women on the Nigerian Stock Exchange are women who set to define the rule in what is perceived as a man’s field.
The richest women on the Nigerian Stock Exchange are women who set to define the rule in what is perceived as a man’s field. Women’s inclusion in the economic development of any nation is vital, however, in Nigeria, it is rare to see women rank among the top or major contributors to the wider view of the development of the country. Meanwhile, over time, women have tried to increase their stake in the business and social and economic development of the nation of Nigeria.
However, in the recently published ranking of richest investors on the Nigerian Stock Exchange by Billionaires.Africa, it shows that women’s inclusion and participation are low as the list contains the top 25 richest investors in Nigeria, without any women on the list.
Meanwhile, unlike times past when there was no women inclusion, these times, however, hold a promising future as this article will detail the richest women on the Nigerian Stock Exchange. This list will show that even though there is low participation, women nonetheless seem to be a strong force to reckon with. Also, the women in this article are industry players, holding the highest stock ownership positions on the Nigerian Exchange and a prominent position in the cooperate world.
1. Awele Elumelu
Awele is considered the queen of the Nigeria Stock Exchange. She is the richest woman on the Nigerian Stock Exchange with a net worth value on the NGX of $15.5 million. Mrs. Elumelu is the wife of Tony Elumelu an economist, and philanthropist who chairs Heirs Holdings, and Transcorp an investment company with core interests in the hospitality, agribusiness, and energy sectors.
Meanwhile, Awele herself is the chairperson of Avon Healthcare Limited, a leading health insurance provider in Nigeria, and the founder and CEO of Avon Medical Practice, a growing network of full-service clinics and onsite facilities with corporate institutions.
Additionally, Awele Elumelu acquired 7.30 million shares in the Nigerian stock market in six transactions completed on June 5, 2023. Meanwhile, prior to this transaction, she had also acquired 2.06 billion shares on May 2 and May 5, 2023, which were valued at N6.43 billion. Just like her husband, Awele is a fierce trader and willing to go all the way just to have control.
Awele increased her stake in a bid to fight off Femi Otedola’s quest to become the majority shareholder of the company when Otedola bought a 6% majority stake in Transcorp to unseat Elumelu as the majority investor in the company.
2. Abolanle Matel Okoh
Abolanle Matel Okoh is an outstanding member of the Nigerian Bar Association and the New York State Appellate Division. Mrs. Matel-Okoh is a highly-rated attorney in Nigeria and the US and most importantly, she is the daughter of Nigerian gambling magnate Kessington Adebutu, the founder of Premier Lotto, and the largest shareholder in Wema Bank. Additionally, Abolanle Matel Okoh is currently the CEO of Havilah Ventures which is a Manufacturing and Trading Company, among other things.
Matel Okoh is also a US-licensed real estate agent and a board member at Wema Bank. Her father Adebutu in other words is the owner of Neemtree Investments, which controls 28.09 percent of Wema Bank. Abolanle herself owns about 583,333,333 shares in Wema Bank, valued at NGN 2.9 billion ($3.75 million), making her influence within the bank notable. She is one of the richest women on the Nigerian Stock Exchange with a net worth value of $3.75 million.
3. Ifeoma Esiri
Ifeoma Esiri is a prominent lawyer who is also a member of the International Bar Association as well as the Nigerian chapter. She is one of the most accomplished women in Nigeria who has served on the board of many institutions such as being a Member of the Institute of Directors and Member of Nigeria Economic Summit Group and on the board of 14 other companies. Ifeoma Esiri received a graduate degree from the London School of Economics & Political Science. Â She is one of the richest women on the Nigerian Stock Exchange with a net worth value of $3.63 million. Ifeoma owns 43,497,009 shares in Stanbic IBTC Holdings, which amounts to NGN 2.8 billion.
4. Adaora Umeoji
Adaora Umeoji is the Deputy Managing Director of Zenith Bank Plc which is one of the largest banks in Africa. Additionally, Adaora holds multiple degrees, including completing a prestigious program at Harvard Business School, Columbia Business School, and MIT Management Sloan School.
She also holds a Master of Laws from the University of Salford, United Kingdom, and a Master in Business Administration (MBA) from the University of Calabar. She is a graduate of the Advanced Management Program (AMP) from Harvard Business School, a graduate of the Global Banking Program from Columbia Business School and she holds a doctorate degree in Business Administration from Apollos University, USA.
Adaora’s ownership of 68,873,169 shares in the bank is valued at NGN 2.22 billion ($2,920,470) which makes her one of the richest women listed on the Nigeria Stock Exchange with a net worth value of $2.9 million.
5. Olufunmilola Ayebae
Olufunmilola Ayebaeis one of the most accomplished women in the cooperate world. In addition, to being one of the richest women on the Nigerian Stock Exchange, she has also held prestigious positions at different levels. Olofunmilola is the wife of Fidelis Ayebae who is the chairman of NEM Insurance Plc and Chief Executive Officer, Director & MD at Fidson Healthcare Ltd.
NEM Insurance Plc is a Nigeria-based general insurance company that engages in the provision of non-life insurance services for both corporate and individual persons. Olufunmilola is a Non-Executive Director at Fidson Healthcare. She is also the MD/CEO of Townhouse Limited and became a director of Fidson Healthcare Plc in 2001.
Ayebae’s ownership of 74,629,500 shares in the company translates to a value of NGN 739 million making her one of the richest women listed on the Nigeria Stock Exchange with a net worth value of $956,916.
6. Joy Teluwo
Just like Olufunmilola, Joy Teluwo also has a number of shares in NEM Insurance Plc with a total share ownership of 106,990,287 in the company which reflects a valuation of N605,565,024 approximately, $784,065. Joy Teluwo is a registered nurse. She is the Managing Director/ Chief Executive Officer of Jotel Trade Park Limited. Her career spans over 15 years in the corporate sector, specializing in risk management. Teluwo is one of the leading women in the cooperate world and a Board Member, of Nem Insurance Co Nigeria PLC.
7. Nneka Onyeali-Ikpe
In addition to being one of the leading Igbo women in the business and cooperate world, Nneka Onyeali-Ikpe is also the first female CEO of Fidelity Bank Plc in the history of the giant bank. She has a master’s degree in Law from King’s College London just like the other women on this list.
Nneka has served in various financial institutions before becoming the head of Fidelity Bank Plc, where she commands ownership of 69,644,260 shares, with a value of NGN 487.5 million which is 631,211 in dollars. She is one of the richest women on the Nigerian Stock Exchange who has held a notable position and has invested their money strategically with investments in an evolving financial market.
The table below contains the African countries with the largest exports
| RANK | NAME | HOLDINGS | NET WORTH (VALUE) ON NGX |
| 1 | Awele Elumelu | Transcorp | $15.5 million |
| 2 | Abolanle Matel Okoh | Wema Bank Plc | $3.75 million |
| 3 | Ifeoma Esiri | Stanbic IBTC Holdings | $3.63 million |
| 4 | Adaora Umeoji | Zenith Bank Plc | $2.9 million |
| 5 | Olufunmilola Ayebae | Fidson Healthcare PLC | $956,916 |
| 6 | Joy Teluwo | NEM Insurance | $784,000 |
| 7 | Nneka Onyeali-Ikpe | Fidelity Bank Plc | $631,211 |