LAGOS: Nigeria’s wealthiest business owners have intensified their investment activities, expanding existing businesses, strengthening their ownership of major companies and exploring new opportunities across Africa.
Between September 1 and October 8, 2026, several prominent Nigerian billionaires made significant business moves spanning oil refining, energy, banking, industrial development and international partnerships.
While Aliko Dangote opened a public offer connected to his multibillion-dollar refinery, Tony Elumelu increased his stake in Seplat Energy. Femi Otedola strengthened his position in FirstHoldCo, while Jim Ovia benefited from the rising market value of his Zenith Bank shares.
Abdul Samad Rabiu continued to pursue industrial investment relationships, while Folorunso Alakija remained in the spotlight amid a reported legal dispute involving FAMFA Oil.
The developments highlight different approaches to wealth creation and business expansion. Some involved fresh capital investments, others focused on increasing ownership of existing assets, while several of the biggest changes in estimated fortunes were driven by rising stock prices and asset valuations.
Aliko Dangote Opens Refinery Ownership to Public Investors
September 14, 2026, marked a significant milestone for Nigeria’s capital market as Aliko Dangote formally opened the public offer for Dangote Petroleum Refinery and Petrochemicals FZE.
The offer involves 4.1 billion shares priced at ₦525 each, potentially raising approximately ₦2.15 trillion.
—-dangote
The transaction represents about 3.3 per cent of the refinery, giving Nigerian investors an opportunity to acquire a stake in one of Africa’s most prominent industrial projects, while Dangote retains overwhelming control.
The offer was scheduled to close on October 13, 2026.
At the offer price, the refinery’s implied valuation stood at approximately $48 billion to $49 billion, placing the transaction among the major developments in Nigeria’s investment market.
The public offer marks a transition in the refinery’s ownership structure, bringing the asset closer to the wider investing public.
Previously associated largely with Dangote’s private business empire, the refinery is increasingly becoming part of a broader investment conversation involving individual investors, institutions and Nigeria’s capital market.
The development also reflects the refinery’s evolving commercial role in domestic fuel supply, production, exports and international expansion.
Beyond fundraising, the offer represents an important step in the effort to connect a major industrial asset with public investment.
Dangote’s Estimated Wealth Rises Above $51 Billion
Dangote’s refinery valuation also contributed to a dramatic increase in his estimated wealth during the period.
His fortune was estimated at approximately $31.5 billion on September 4 before rising above $51 billion amid changing valuation expectations surrounding the refinery.
By October 5, his estimated wealth had reached approximately $51.7 billion.
The increase of roughly $20 billion attracted attention, particularly because it occurred within a relatively short period.
However, the rise should not be interpreted as $20 billion in cash paid directly into Dangote’s personal account.
Much of the increase reflected the higher estimated value of assets he already owned. When the valuation of the refinery rises, the estimated value of his ownership interest can increase accordingly.
This distinction is important when interpreting billionaire rankings and financial headlines.
An increase in estimated net worth does not necessarily translate into cash income, realised profits or money immediately available for spending.
Dangote’s latest wealth estimate illustrates how the valuation of a major privately held industrial asset can significantly influence billionaire rankings.
Dangote Expands His Energy Ambitions Across Africa
Dangote’s investment strategy is extending beyond the refinery in Lekki, Lagos, with new projects and partnerships aimed at strengthening petroleum infrastructure across Africa.
On September 24, developments emerged around a proposed $660 million refined petroleum pipeline and storage project involving Ethiopia, Djibouti and Dangote.
The proposed project is intended to improve fuel logistics for landlocked Ethiopia by connecting the country with infrastructure around Djibouti.
Plans include a pipeline of approximately 120 kilometres from Djibouti’s Damerjog port to Dewele in Ethiopia, alongside storage capacity of about 400 million litres.
The initiative could strengthen the movement, storage and distribution of refined petroleum across regional markets.
Another major development involved Kenya, where Dangote appointed Engineers India Limited for work connected to his proposed refinery and petrochemical complex in Lamu.
The planned Kenyan project is valued at approximately $16 billion and is designed around a refinery and petrochemical complex with a proposed capacity of 700,000 barrels per day.
The related engineering contract was reported at approximately $450 million.
Together, the proposed Kenyan development and the Ethiopia-Djibouti infrastructure project point to an investment strategy extending beyond refining into storage, transportation, distribution and cross-border energy logistics.
If realised, the projects could give Dangote a broader presence in Africa’s petroleum industry.
Dangote Foundation Offers Share Support to Nigerians
Dangote’s refinery public offer has also been accompanied by an initiative aimed at widening participation among Nigerians.
The Aliko Dangote Foundation introduced a share grant initiative linked to the public offer.
Under the programme, eligible Nigerian tertiary students who subscribe for at least 10 shares may receive funding support for an additional 10-share application through the foundation.
At ₦525 per share, 10 shares cost ₦5,250.
The initiative provides selected young Nigerians with an opportunity to participate in the ownership of the refinery through the public offer.
By October 8, the initiative had also been extended to eligible policewomen and military women under a programme targeting up to two million Nigerian women.
The programme adds a social participation component to the refinery transaction, which has attracted interest because of its scale and significance to Nigeria’s industrial development.
The initiative is designed to bring selected groups of Nigerians into the ownership conversation surrounding one of the country’s biggest industrial assets.
Tony Elumelu Acquires Additional 6 Million Seplat Shares
Tony Elumelu’s latest investment move centred on Seplat Energy, where his business interests continued to expand.
On September 30, Heirs Energies, controlled by Elumelu, disclosed the purchase of an additional six million Seplat shares.
—-elumelu.
The shares were acquired at £8.87 each, placing the transaction’s reported value at approximately £53.22 million.
Following the purchase, the combined holdings of Heirs Energies and Heirs Holdings increased from 20.07 per cent to 21.07 per cent.
Their combined position stood at approximately 126.4 million Seplat shares.
The acquisition is particularly significant given Elumelu’s existing relationship with the energy company.
He is a non-executive director of Seplat and is scheduled to become its chairman on January 1, 2027, succeeding Udoma Udo Udoma.
The additional share purchase came as Elumelu prepared to assume a more prominent leadership position in the company.
The investment strengthens his exposure to Nigeria’s energy sector and reinforces Seplat’s growing importance within his portfolio.
Seplat’s Rally Boosts the Value of Elumelu’s Holdings
Elumelu’s investment story during the period went beyond his acquisition of additional shares.
Seplat’s strong share price performance significantly increased the market value of his existing holding.
At the beginning of September, his 120.4 million shares were valued at approximately ₦1.48 trillion.
Following the share price rally, the value of the holding rose to about ₦1.79 trillion.
That represented an increase of roughly ₦311.5 billion in market value within just over two weeks.
The increase did not necessarily represent cash received by Elumelu, as it was primarily driven by changes in the market value of the shares.
By the end of the third quarter, calculations covering his holdings in Seplat, UBA and Transcorp showed their combined value rising from approximately ₦1.74 trillion to ₦2.43 trillion.
The reported increase was about ₦684.6 billion, with Seplat accounting for approximately ₦654.2 billion.
The figures highlight the growing role of Seplat in Elumelu’s financial position.
His additional share purchase represents fresh capital deployed into the company, while the rise in the market value of his existing shares reflects investment appreciation.
Elumelu Looks Beyond Nigeria
Elumelu’s activities also extended into broader African investment discussions.
On October 8, he participated alongside Sierra Leonean President Julius Maada Bio in discussions on private-sector investment, industrial development and job creation across West Africa.
The discussions were connected to the West Africa Investment and Industrialisation Summit scheduled for November 17 and 18 in Sierra Leone.
Elumelu’s participation reflects his broader interest in promoting entrepreneurship, investment and industrial growth across African economies.
His business activities therefore combine direct investments in companies such as Seplat with wider efforts to promote regional business development.
As his energy investments expand, his regional engagement also places him within broader conversations about Africa’s economic transformation.
Femi Otedola Strengthens His FirstHoldCo Plc Stake
Femi Otedola’s latest investment story centres on FirstHoldCo, where he has built a substantial position in Nigeria’s financial services sector.
Although some of the largest purchases behind the increase occurred before September, developments during the period revealed the scale of his investment.
By September 18, Otedola’s holding in FirstHoldCo had reached approximately 27.6 per cent, equivalent to about 12.34 billion shares.
–otedola.
With FirstHoldCo’s share price reaching ₦162.80 on September 18, the market value of his stake exceeded ₦2 trillion.
The valuation coincided with an increase in his estimated fortune to approximately $2 billion on September 19, compared with an estimated $1.3 billion in March.
Several large share purchases helped build his position.
In August, Otedola acquired 138.04 million FirstHoldCo shares for approximately ₦18 billion.
Other transactions involved 147.74 million shares and another purchase of 95.7 million shares valued at approximately ₦12.58 billion.
The accumulation strengthened his position in one of Nigeria’s major financial groups.
His investment illustrates how strategic share accumulation can increase an investor’s influence and financial exposure within a listed company.
FirstHoldCo Gains International Market Visibility
FirstHoldCo’s growing market presence received another boost in September.
The company was added to the FTSE Frontier 50 Index, effective September 21.
The inclusion increases the company’s visibility among international investors and funds that track frontier market indexes.
For Otedola, the development came as his stake in the financial services group reached a significant level.
His investment strategy has therefore involved two interconnected developments: building ownership in FirstHoldCo and benefiting from the company’s increasing visibility within international investment markets.
Otedola has also publicly expressed support for President Bola Tinubu’s economic reforms.
During a private dinner with the president in Paris on September 29, he described the reforms as placing Nigeria on a path towards sustainable growth.
His comments came at a time when his personal investment in the financial sector was expanding.
Jim Ovia Benefits From Zenith Bank’s Stronger Valuation
Jim Ovia’s financial gains during the period were largely connected to the rising market value of his existing investment in Zenith Bank.
Ovia remains the bank’s largest individual shareholder, with approximately 5.8 billion shares, representing about 14.1 per cent of the institution.
Zenith Bank’s share price rose from ₦105.05 on July 1 to ₦134 on September 30.
The increase lifted the estimated value of Ovia’s holding from approximately $441.6 million to $585.4 million.
—ovia.
This represented a gain of roughly $143.8 million in estimated market value.
The stronger naira during the period also contributed to the dollar value attributed to his holdings.
Unlike an investor who makes fresh purchases, Ovia’s financial gains during the period were primarily linked to appreciation in the value of shares he already owned.
His position demonstrates the potential financial impact of long-term ownership in a major listed bank.
Zenith Bank Gains Wider International Attention
Zenith Bank also benefited from developments involving Nigeria’s international market classification.
On September 21, FTSE Russell moved Nigeria into its frontier market classification and included Zenith among Nigerian stocks entering its frontier indexes.
The development could increase the bank’s exposure to funds and investors tracking the relevant indexes.
For Zenith, the move came alongside a stronger share price and increased international visibility.
Ovia’s connection with the institution also extends beyond his shareholding.
In October, he spoke through James Hope University, which he founded and chairs, about the importance of maintaining educational quality as Nigeria’s university system expands.
His public engagements therefore span finance and education, although his longstanding Zenith Bank investment remains a major component of his financial profile.
Abdul Samad Rabiu Focuses on Industrial Expansion
Abdul Samad Rabiu’s investment activities during the period were more focused on strengthening international business relationships than announcing a major acquisition.
On September 14, Rabiu met UAE Consul General Salem Aljaberi in Lagos.
The discussions focused on investment, cooperation and business partnerships between Nigeria and the United Arab Emirates.
The engagement came against the background of BUA’s extensive business interests across cement, food, manufacturing, agriculture and infrastructure.
Rabiu’s fortune remains closely connected to the performance and valuation of BUA Cement and BUA Foods.
Changes in the value of these businesses can significantly affect his estimated wealth.
His investment approach continues to centre on industrial production and the expansion of businesses requiring substantial capital, imported equipment, raw materials and infrastructure.
Rabiu Says Business Conditions Are Improving
— abdul samad.
On October 3, Rabiu spoke about changes in Nigeria’s business environment, saying businesses were beginning to benefit from greater stability in the foreign exchange market.
He pointed to increased foreign exchange inflows and a more stable naira.
His comments came as Nigerian companies continued adjusting to the country’s changing economic conditions.
For BUA’s businesses, currency stability is particularly important because industrial production requires significant investment in equipment, raw materials and logistics.
A more predictable foreign exchange environment could help businesses plan their investments, manage costs and execute expansion programmes.
Rabiu’s estimated fortune stood at approximately $12.2 billion in September, keeping him among Africa’s wealthiest businesspeople.
His latest activities suggest a continued emphasis on industrial growth, investment partnerships and the performance of his existing business empire.
Folorunso Alakija Faces a Reported Legal Dispute Involving FAMFA Oil
Folorunso Alakija’s business developments during the period differed from the expansion activities surrounding Dangote, Elumelu and Otedola.
On September 8, a report emerged concerning FAMFA Oil and a customs demand of approximately ₦8.85 billion, equivalent to about $6.7 million.
The dispute reportedly concerns customs duties and import documentation connected to three Bombardier aircraft.
The matter was reported to be before the courts.
—alakija.
The issue should be treated as a reported legal dispute, not as proof that Alakija personally committed wrongdoing.
Despite the development, Alakija continued her public engagements.
On October 7, she delivered the keynote address at the 10th Voice of Women Conference and Awards in Lagos.
During the event, she urged women to transform their ideas, businesses and influence into practical solutions and lasting impact.
Her recent activities have therefore involved business, philanthropy, public speaking and women’s empowerment, while FAMFA Oil remains an important component of her business interests.
The investment developments between September 1 and October 8 reveal an important distinction between fresh capital investment and increases in estimated net worth.
Dangote’s estimated wealth increase of approximately $20 billion was primarily associated with the higher valuation attached to his refinery interest following the public offer.
Otedola’s rise to an estimated $2 billion fortune was also strongly connected to the increasing market value of his FirstHoldCo investment.
Similarly, Elumelu’s reported increase of hundreds of billions of naira in the value of his listed holdings largely reflected market appreciation, particularly through Seplat.
These developments differ from actual new investments.
Elumelu’s £53.22 million purchase of additional Seplat shares represents fresh capital deployed into the energy company.
Dangote’s commitments to refining, pipelines, storage and related infrastructure also point to capital being directed towards projects and expansion.
Understanding the difference is essential when analysing billionaire wealth.
A rise in net worth does not automatically mean an individual has received an equivalent amount in cash. Much of that wealth may remain tied to shares, private companies and other assets whose valuations fluctuate.
The latest investment developments reveal distinct business priorities among Nigeria’s richest entrepreneurs.
Aliko Dangote: His strategy centres on energy, public ownership and industrial expansion across Africa. The refinery public offer, the proposed Kenyan refinery project and the Ethiopia-Djibouti pipeline plans highlight the scale of his ambitions.
Tony Elumelu: His growing exposure to Seplat Energy is making the energy sector increasingly important to his portfolio. His additional share acquisition and expected chairmanship represent significant developments in his relationship with the company.
Femi Otedola: His focus remains on financial services through FirstHoldCo, where his approximately 27.6 per cent stake represents a substantial investment.
Jim Ovia: His longstanding Zenith Bank position continues to benefit from market appreciation and the bank’s growing visibility among international investors.
Abdul Samad Rabiu: His business empire remains centred on industrial production through BUA, with international partnerships forming part of his broader investment outlook.
Folorunso Alakija: Her recent business developments include a reported legal dispute involving Famfa Oil Limited alongside continuing public engagements in women’s empowerment and philanthropy.
The period also produced several important milestones for investors.
October 13, 2026, was the scheduled closing date for Dangote Petroleum Refinery and Petrochemicals FZE’s public offer.
The outcome of the offer was expected to provide a clearer picture of the amount ultimately raised and the development of the refinery’s public ownership structure.
January 1, 2027, is another significant date, as Elumelu is scheduled to become chairman of Seplat Energy.
Otedola’s position in FirstHoldCo will also remain relevant to discussions about ownership concentration, financial sector investments and market valuations.
Meanwhile, the proposed energy infrastructure projects associated with Dangote could become important developments to watch as their plans progress.
Nigeria’s wealthiest entrepreneurs are pursuing different routes to business growth, but their latest activities reveal a shared interest in strengthening existing assets, expanding into new markets and positioning their businesses for future opportunities.
From Dangote’s multitrillion-naira refinery offer to Elumelu’s growing Seplat stake, Otedola’s FirstHoldCo investment and Ovia’s Zenith Bank holdings, the developments demonstrate the influence of ownership, capital markets and industrial expansion on billionaire fortunes.
The period also highlights the increasing importance of regional investment relationships, particularly as Nigerian businesses explore opportunities across Africa.
Ultimately, the latest billionaire moves are not simply about who became richer during a particular month. They provide insight into where some of Nigeria’s largest private fortunes are being deployed, which industries are attracting attention and how established business empires are positioning themselves for the next phase of growth.
RapidoSpace News will continue to monitor major investments, business expansion and developments shaping Nigeria’s corporate and financial landscape.
