NGXHits N125 Trillion Record as Billionaires Gain Trillions

Nigeria's stock market surged to a record N125 trillion market cap in 2026, with billionaires like Aliko Dangote and Mike Adenuga gaining trillions in paper wealth. Dangote's net worth reached $32.8 billion, driven by his $20 billion Dangote Refinery. BUA Foods became Nigeria's second most valuable listed company at N15.2 trillion, surpassing Dangote Cement. The naira strengthened to N1,348 per dollar, boosting wealth for dollar-denominated holdings. High interest rates (27%) and foreign portfolio inflows supported the rally, while foreign reserves near $50 billion reduced devaluation risk. Billionaires like Femi Otedola expect further naira appreciation, potentially reaching N1,000 per dollar. Tony Elumelu notes corporate de-dollarization and resumed capital expenditure cycles due to policy stability.

SOURCE: https://nairametrics.com/2026/02/22/nigerias-richest-men-ride-on-naira-and-stock-market-wealth/