Elumelu, Ovia, Other Top 5 Banks’ Big Bosses Pocket Billions As Stock Market Rally in 2025

• The wealth of Nigeria’s top five bank shareholders has increased following the improvement of the stock market
• Jim Ovia, Tony Elumelu, and Olufemi Otedola, among others, have seen the value of their investments increase in 2025
• The market is enjoying one of its best performances in many years, with GTB shares crossing the N100 mark

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The strong stock market rally in 2025 has helped Nigeria’s biggest bank shareholders reap substantial gains.

Checks by Legit.ng showed that the value of their holdings has been rising, with Zenith Bank founder Jim Ovia, UBA chairman Tony Elumelu, and billionaire investor Olufemi Otedola among the largest beneficiaries.

According to figures from the NGX, the banking index, which tracks the stock price movement of listed banks, increased by 85.65% between August 2024 and August 2025.

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From January to August 24, 2025, alone, the banking index recorded a 42.67% gain.

The surge comes as bank stocks outperform the broader equities market, amid renewed foreign investor appetite for Nigerian financial assets.

Jim Ovia: N355.8 billion

Zenith Bank’s founder, Jim Ovia, emerged as the biggest individual gainer. His combined direct and indirect stake of 5.08 billion shares is now valued at about N355.8 billion, following a 53.9% rise in Zenith’s share price to N70 in 2025.

Ovia has maintained his grip on the lender since its inception.

Tony Elumelu: N121.9 billion

At United Bank for Africa (UBA), Tony Elumelu controls about 2.54 billion shares. His holding is now worth N121.9 billion, helped by a 41% increase in UBA’s share price to N47.95.

UBA operates in more than 20 African countries.

Femi Otedola: N137.6 billion

Olufemi Otedola is the chairman of First HoldCo Plc, the parent company of First Bank.

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As the majority shareholder, a position he secured in 2024, he has also enjoyed strong returns on his investment of about 4.23 billion shares at N32.5 per share.

Following a 15.9% rally in the stock since the start of the year, the value of Otedola’s shares now stands at N137.6 billion.

Aig-Imoukhuede – N134.9 billion

Aigboje Aig-Imoukhuede, who returned as Access Holdings chairman last year, holds about 4.99 billion shares in the financial institution.

With Access stock up 13.2% to N27, his stake is now valued at N134.9 billion.

Access remains one of the most aggressive Nigerian banks in terms of expansion, with recent acquisitions across Africa positioning it as a leading pan-African commercial financial institution.

Segun Agbaje – N3.9 billion

Guaranty Trust Holding Company (GTCO) chief executive Olusegun Agbaje has recorded the sharpest percentage increase.

Though his holdings are relatively smaller at 41.6 million shares, the surge in GTCO’s stock price by 64.9% to N94 lifted the value of his stake to N3.9 billion.

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GTCO has been praised for its innovative fintech subsidiaries and its leaner operating model, which investors see as positioning it for sustainable growth.

Ranking by wealth in 2025 (Market Value of Holdings):

• Jim Ovia (Zenith Bank) – N355.8 billion
• Olufemi Otedola (FBN Holdings) – N137.6 billion
• Aigboje Aig-Imoukhuede (Access Holdings) – N134.9 billion
• Tony Elumelu (UBA) – N121.9 billion
• Olusegun Agbaje (GTCO) – N3.9 billion

Share price percentage increases (2025)

• GTCO: +64.9%
• Zenith Bank: +53.9%
• UBA: +41.0%
• FBN Holdings: +15.9%
• Access Holdings: +13.2%

Stock market investors make over N180bn

Earlier, Legit.ng reported that the Nigerian stock market posted a positive performance with investors gaining over N100 billion.

The rally was driven by price appreciations in companies such as Northern Nigeria Flour Mills, McNichols, Champion Breweries, Caverton, and FTN Cocoa, which led the gainers’ chart.

Market activity remained robust, with a total of 531.29 million shares valued at N19.81 billion traded in 14,870 deals.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng