Dangote rejoins Rabiu, Elumelu with multiple trillion-naira listed firms

…sugar company’s return to trillion-naira club deepens concentration of investor wealth on NGX

Aliko Dangote has once again joined Abdul Rabiu and Tony Elumelu among the small group of Nigerian business leaders with more than one listed company valued above N1 trillion, highlighting the growing concentration of investor wealth in a handful of dominant corporate groups on the stock market.

Why Dangote Sugar’s trillion-naira return matters

The return of the sugar company to the club reflects both the growing scale of Nigeria’s leading corporates and the increasing concentration of market power around a handful of billionaire-backed groups.

For investors, it reinforces how the NGX is increasingly being driven by dominant industrial and consumer companies with strong pricing power, large balance sheets and deep institutional ownership.

“Dangote Sugar’s first quarter improved margins and gains underpin sustained turnaround, though short-term liquidity pressures remain a concern,” analysts at CSL Research said in a recent note. “We have a hold rating with a target price of N73.24/share.”

The firm added that while medium-term fundamentals are improving, limited near-term upside amid working capital pressures and concerns around potential share dilution justify a neutral stance.

Bull market fuels trillion-naira valuations

The equities market in Africa’s most populous nation has staged one of its strongest rallies in recent years, supported by robust corporate earnings, improving foreign exchange liquidity, pension reforms and investor optimism around banking, manufacturing and energy stocks.

The NGX All-Share Index has continued its bullish run in 2026, pushing total market capitalisation above N160 trillion with the number of listed companies valued above N1 trillion has now risen to 26.

Dangote Cement Plc remains the exchange’s most valuable stock at N19.9 trillion, followed closely by BUA Foods Plc (N17.4 trillion) and MTN Nigeria Communications Plc (N17.2 trillion).

Refinery IPO raises the stakes

The latest milestone comes as Africa’s richest man prepares for what could become one of the largest Initial Public Offerings ever attempted in the continent.

The businessman plans to sell up to 10 percent of the Dangote Petroleum Refinery on the NGX, alongside potential secondary listings across major African markets.

The refinery is reportedly targeting a valuation of between $40 billion and $50 billion.

Beyond the scale of the deal, the proposed listing is increasingly viewed as a broader test of Africa’s capital markets and whether they can mobilise domestic savings to finance industrial-scale infrastructure projects.

At 650,000 barrels per day, the Lagos-based refinery is the largest in the continent and among the biggest globally.

Sugar business stages earnings recovery

Dangote Sugar’s market rally has been supported by a sharp turnaround in profitability.

The company returned to profit in the first quarter of this yar for the first time since 2023, posting pre-tax earnings of N20.6 billion compared with a loss of N22.6 billion a year earlier.

The recovery was driven largely by lower production costs and easing input pressures. Cost of sales declined to N144.6 billion from N204.6 billion, while other income rose to N9.4 billion.

The rebound came despite a 12.2 percent decline in revenue to N187.7 billion from N213.9 billion, with 50kg sugar accounting for roughly 97 percent of total turnover.

Its sister company, Dangote Cement, also posted strong results, with pre-tax profit rising by 35 percent year-on-year to N421.1 billion as revenue climbed to N1.19 trillion.

Rabiu’s industrial empire expands

The rise in industrial valuations has also strengthened the market position of Rabiu, founder of BUA Group.

Earlier this month, Rabiu overtook South African billionaire Johann Rupert to become Africa’s second-richest individual, according to the Bloomberg Billionaires Index. His net worth climbed to $19.1 billion, supported by stronger valuations across his listed companies.

BUA Foods reported Q1 pre-tax profit of N153.8 billion, up 12.7 percent year-on-year despite weaker revenue and the absence of foreign exchange gains.

Meanwhile, BUA Cement Plc nearly doubled pre-tax profit to N192.9 billion as revenue expanded strongly and finance income improved.

Elumelu’s diversified trillion-naira portfolio

Unlike Dangote and Rabiu, whose listed wealth is concentrated largely in industrial assets, Elumelu’s holdings span banking, power and hospitality.

United Bank for Africa Plc remains one of Nigeria’s trillion-naira banking stocks, with a market value of N1.94 trillion.

However, earnings momentum has softened. The lender reported Q1 profit of N146.6 billion, down from N189.8 billion a year earlier, reflecting the broader slowdown in banking profitability after two years of windfall gains from naira devaluation and higher interest rates.

Transcorp Power Plc, valued at N2.04 trillion, also reported weaker earnings as operational challenges persisted.

“These sectoral challenges curtailed the utilisation of our plant’s available capacity of 625MW to 70 percent in the period,” the company said in a statement, citing gas supply disruptions and vandalism of transmission infrastructure.

Meanwhile, Transcorp Hotels Plc posted a slight increase in pre-tax profit despite weaker revenue.