As Nigeria’s capital market wrapped up the first quarter of 2025 on a bullish high, a group of powerful women emerged as key players — not just for shattering glass ceilings, but for holding multi-billion naira stakes in some of the nation’s most valuable companies.
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. Nneka Onyeali-Ikpe – ₦1.8 Billion
Managing Director/CEO, Fidelity Bank Plc
Nneka Onyeali-Ikpe leads 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-on-year. 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.
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.
1. 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. Daughter of billionaire Sir Kessington Adebutu, she also leads Havilah Ventures and continues to influence the bank’s strategic direction while keeping a notably low public profile.
Conclusion
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 — one that’s increasingly being led by women.
