10 Nigerian CEOs Who Own the Most Shares in the Listed Companies They Lead

The Nigerian Exchange (NGX) hosts some of the country’s most influential companies, many led by CEOs who do more than oversee operations.

A select group of these executives also stands out as major shareholders, combining managerial authority with significant personal stakes.

Large shareholding by a CEO is often seen as a signal of confidence in a company’s long-term prospects.

It aligns the interests of management with those of other shareholders, since the fortunes of both rise and fall together.

In markets like Nigeria’s, where corporate governance and investor trust are constant talking points, such ownership structures provide added reassurance about accountability and decision-making.

At the same time, the size of their stakes not only reflects financial strength but also hints at the level of control they wield in steering company policies, strategies, and growth paths. This makes their positions unique when compared to executives whose personal financial exposure is limited.

Nairametrics has compiled this report using the latest disclosures by companies on directors’ shareholdings. Where available, figures are drawn from Q2 2025 filings; otherwise, data from FY 2024 reports were referenced.

Collectively, the top ten CEOs on the NGX hold over 5.23 billion shares in their respective companies, spanning the financial services, insurance, and conglomerate sectors.

Here are the top ten CEOs of NGX-listed companies with the largest shareholdings in their companies.

10. Peter Ashade(United Capital Plc) – 50.9 million shares

Peter Ashade is the Chief Executive Officer of United Capital Plc, holding 6.56 million direct shares and 44.35 million indirect shares, bringing his total shareholding to approximately 50.9 million shares.

Ashade’s total shareholding of 50.9 million represents 0.28% of United Capital’s total shares of 18 billion.

• He is an astute corporate executive renowned for his expertise in execution, business transformation, organizational strategy, and leadership, with an illustrious career spanning over 34 years in Nigeria’s financial sector, including more than two decades as Chief Executive of leading financial institutions.
• Ashade has extensive experience in finance, with specialist knowledge in retail business development, banking, and capital market operations, having participated in numerous notable market transactions across all segments of the financial markets.

He holds an MBA in Marketing from the University of Ife (now Obafemi Awolowo University), an MSc in Finance from the University of Lagos, and a BSc in Banking and Finance from Ogun State University (now Olabisi Onabanjo University).

Prior to joining United Capital Plc, Peter served as Managing Director/CEO of Africa Prudential Plc (formerly UBA Registrars Limited). He sits on the board of notable organizations and has been the Group Chief Executive Officer of United Capital Plc since his appointment in July 2018.

At the closing share price of N19.3 on August 29, 2025, his 50.91 million shares are valued at approximately N982.53 million.

9. Adaora Umeoji (Zenith Bank Plc)– 91.9 million shares

Dame Dr. Adaora Umeoji, OON, is the Group Managing Director and Chief Executive Officer of Zenith Bank Plc, holding 90 million direct shares and 1.7 million indirect shares, bringing her total shareholding to approximately 91.9 million shares.

Adaora’s 91.9 million shares represent 0.29% of Zenith Bank’s total shares of 31.39 billion.

She was appointed as the first female GMD/CEO of Zenith Bank in June 2024, after serving as Deputy Managing Director for nearly eight years.

• Umeoji holds multiple academic and professional qualifications. She earned a B.Sc. in Sociology from the University of Jos, a B.Sc. in Accounting from Baze University, a Master of Laws from the University of Salford (UK), and an MBA from the University of Calabar. She also obtained a Doctorate in Business Administration from Apollos University.
• Additionally, she completed the Advanced Management Program at Harvard Business School, the Global Banking Program at Columbia Business School, a Certificate in Economics for Business at MIT Sloan School of Management, and the Strategic Thinking and Management program at Wharton Business School.

Her career at Zenith spans over a decade. She was first appointed to the Board of Directors in October 2012 and later became Deputy Managing Director in October 2016, a role she held until May 2024. Over the years, she has played a central role in shaping Zenith’s strategy and operations, contributing to its position as one of Nigeria’s largest and most profitable banks.

At the closing share price of N66 on August 29, 2025, her 91.9 million shares is valued at approximately N6.06 billion.

8. Nneka Onyeali-Ikpe (Fidelity Bank Plc)– 94.64 million shares

Dr. Nneka Onyeali-Ikpe, OON, is the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc. She became the first female MD/CEO in the bank’s history when she assumed office in January 2021, after joining Fidelity in 2015 as an Executive Director.

She holds 94.64 million direct shares in the bank. This represents 0.30% of Fidelity’s total 32 billion shares.

• Onyeali-Ikpe studied at the Federal Government Girls’ College, Owerri, before obtaining a Bachelor of Law degree from the University of Nigeria, Nsukka, and a Master of Law from King’s College, London. She has also attended executive programmes at Harvard Business School, Wharton (University of Pennsylvania), London Business School, and recently earned a Diploma in Organizational Leadership from Oxford University’s Said Business School.
• Her career in banking began in 1990 as a Legal Officer at the defunct African Continental Bank. She went on to serve in treasury and leadership roles at First African Trust Bank, Citizens International Bank, Zenith Bank, and Standard Chartered Bank. In 2011, she became Executive Director at Enterprise Bank, overseeing Lagos and the South-West region.

Under her leadership, Fidelity also secured CBN approval to acquire Fidelity Bank UK Limited (formerly Union Bank UK), expanding its international footprint. She has championed digital innovation through projects like PayGate Plus and promoted SMEs globally with the Fidelity International Trade & Creative Connect (FITCC) initiative.

At the closing share price of N21.3 on August 29, 2025, her stake is valued at approximately N2.01 billion as of August 29, 2025.

7. Oliver Alawuba (United Bank for Africa) – 111 million shares

Mr. Oliver Alawuba is the Group Managing Director and CEO of United Bank for Africa (UBA) Plc. A seasoned banker with over 25 years of experience, he brings a broad range of expertise across corporate and institutional banking, consumer and retail banking, public sector banking, project management, and overall bank governance.

Alawuba directly holds 111 million shares. This represents 0.32% of UBA’s total 34.19 billion shares.

• He began his banking career in 1997 as a pioneer staff member of Standard Trust Bank (STB) before its merger with UBA, quickly rising through the ranks with a reputation for excellence and results-driven leadership.
• At UBA, he has served in multiple senior roles, including Country CEO and Regional CEO (Rest of Africa), Executive Director, East Bank (Nigeria), and later Group Deputy Managing Director/CEO, where he oversaw Nigeria and 19 African subsidiaries.

Alawuba holds B.Sc. and M.Sc. degrees in Food Science and Technology as well as an MBA in Banking and Finance. He is an alumnus of the INSEAD Business School (France) and the London Business School, where he completed the AMP and SEP programmes. He is also a Fellow of the Nigerian Institute of Management (NIM) and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN).

At the closing share price of N48.65 on August 29, 2025, his stake is valued at about N5.4 billion.

6. Babatunde Fajemirokun (AIICO Insurance)– 147.11 million shares

Babatunde Fajemirokun is the Managing Director and Chief Executive Officer of AIICO Insurance Plc, a role he has held since August 2019. He joined the company in 2009 through the Life Insurance Division, where he spearheaded early growth initiatives, business process improvements, and technology transformation projects

• Over the years, he held key leadership positions, including Divisional Head of Operations & Technology from 2009 to 2013, Chief Operating Officer from 2013 to 2017, and Group Chief Business Officer from 2017 to 2019, before his elevation to CEO.
• Fajemirokun directly holds 147.11 million shares. This represents 0.40% of AIICO’s total 36.60 billion shares.
• Fajemirokun’s career began in academia in 2001 as a visiting lecturer at Glasgow Caledonian University in Scotland. He later transitioned into consulting, working with Accenture in Lagos between 2003 and 2007, and Capgemini Consulting in the UK from 2008 to 2009, where he advised clients in financial services and government on mergers, acquisitions, and large-scale transformation programs.

Outside AIICO, he sits on the boards of Food Concepts Plc and Xerox Corporation Nigeria as a Non-Executive Director. A Fellow of the Society of Underwriting Professionals and a Chartered Insurer with the UK’s Chartered Insurance Institute, he holds an MBA from the University of Chicago Booth School of Business, a Master’s degree in Business Information Strategy (Distinction) from the University of Strathclyde, and a Bachelor’s degree in Business Economics from Glasgow, UK.

At the closing share price of N4.04 on August 29, 2025, his stake was valued at approximately N594.36 million.

5. Yemi Odubiyi (Sterling Financial Holdings) – 707.96 million shares

Yemi Odubiyi is the Group Chief Executive Officer of Sterling Financial Holdings Company Plc, where he oversees the company’s diversified financial services operations.

He holds 707.96 million direct shares, with no indirect holdings. This represents 1.36% of Sterling’s total 52.11 billion shares.

Odubiyi joined Sterling Bank through its legacy institution, Trust Bank of Africa, in 2003, and has since played a central role in the bank’s transformation into a leading financial group

• Over the years, Yemi has led teams across Operations, Technology, Strategy, Sales, Structured Finance, Corporate and Investment Banking, as well as Compliance and Risk Assurance. He was instrumental in the bank’s acquisition of Equitorial Trust Bank in 2011 and guided the restructuring of Sterling from a universal banking license to a national bank that same year.
• Rising through the ranks, he became Chief Operating Officer in 2012, joined the Board in 2014, and later led the Corporate and Investment Bank, its largest business unit by revenue, while overseeing critical digital transformation projects.

His leadership culminated in his appointment as Group CEO in June 2023, following Sterling’s transition into a financial holding company.

At the closing share price of N7.8 on August 29, 2025, his 707.96 million shares were valued at approximately N5.52 billion.

4. Ladi Balogun (FCMB Group)– 648.38 million shares

Ladi Balogun is the Group Chief Executive of FCMB Group Plc, a holding company with interests spanning commercial and investment banking, asset management, and pension administration.

• Balogun became Group Chief Executive in March 2017 after leading First City Monument Bank for two decades, where he transformed it from a small merchant bank with fewer than 200 staff into a major commercial bank with 10,000 employees, over 4 million customers, 200 branches, and a UK banking subsidiary.
• Balogun holds a total of 648.38 million shares, made up of 209.54 million direct shares and 438.83 million indirect shares. This represents 1.64% of FCMB Group’s total 39.60 billion shares.
• His career began in 1993 at Morgan Grenfell & Co. Limited, a leading UK investment bank later integrated into Deutsche Bank. He later joined Citibank in the United States, where he managed structured trade finance across Central and Eastern Europe, the Middle East, and Africa.

Returning to Nigeria, he rose to become Group Managing Director and CEO of FCMB, where he led the acquisitions and integration of four banks and oversaw the creation of subsidiaries such as Credit Direct Limited, Nigeria’s largest micro-lending company.

At the closing share price of N10.85 on August 29, 2025, his stake was valued at about N7.03 billion.

3. Folasope Aiyesimoju (UAC of Nigeria Plc) – 130.72 million shares

Mr. Folasope Babasola Aiyesimoju is the Group Managing Director and CEO of UAC of Nigeria Plc, a role he assumed on April 1, 2019. His appointment, according to the company’s board, marked UAC’s commitment to accelerate change within the group.

Before becoming Group MD/CEO, Aiyesimoju joined the board of UAC in March 2018 as a member of the Governance and Remuneration Committee. Later that year, he was appointed Managing Director/CEO of UACN Property Development Plc (UPDC).

• He also served concurrently as MD/CEO of UPDC until a new substantive head was appointed.
• Aiyesimoju holds 59.94 million direct shares and 70.78 million indirect shares, bringing his total stake to 130.72 million units. This represents 4.47% of UACN’s total 2.92 billion shares.
• Mr. Aiyesimoju holds a B.Sc. (Hons) in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real Estate Development and Finance. He earned the Chartered Financial Analyst (CFA) designation in 2006.

A finance professional with extensive experience in corporate finance, principal investing, and private equity, Aiyesimoju is the founder of Themis Capital Management, an investment firm dedicated to high-potential opportunities in Sub-Saharan Africa. He co-founded Foodpro Limited, a nutritional snacks company specializing in edible nuts, where he currently serves as a non-executive director.

At the closing share price of N73 on August 29, 2025, his stake is valued at about N9.54 billion.

2. Eddie Efekoha (Consolidated Hallmark Holdings Plc)– 1.62 billion shares

Eddie Efekoha is the Group Chief Executive Officer of Consolidated Hallmark Holdings Plc, where he has overseen the company’s transition into a diversified financial services group with interests spanning insurance, finance, and health management operations (chhplc.com).

Efekoha held a combined total of 1.62 billion shares in Consolidated Hallmark, made up of 1.04 billion direct shares and 586.79 million indirect shares. This represents 15.01% of the company’s total 10.84 billion shares.

• His career in Nigeria’s insurance industry spans several decades. Efekoha began as a youth corps member at Everyman Insurance Brokers Ltd., later rising through senior positions at Hogg Robinson Nigeria and Glanvill Enthoven & Co.
• He went on to lead Fountain Insurance Brokers as its pioneer Managing Director and Chief Executive Officer. In 2003, he played a central role in the consolidation of several insurers into Consolidated Risk Insurers Plc, which subsequently merged into Consolidated Hallmark Insurance Plc, where he served as MD/CEO.
• A graduate of the University of Lagos with a degree in Insurance and an MBA from the same institution, Efekoha is a Fellow of the Chartered Insurance Institute of London, the Chartered Insurance Institute of Nigeria, and the Institute of Directors, Nigeria.

As of August 29, 2025, with the company’s share price at N4.3, his stake was valued at about N6.99 billion, making him the second top CEO with the largest shareholdings amongst companies listed on NGX

1. Wole Oshin (Custodian Investment Plc) – 63 billion shares

Oluwole B. Oshin is the founder and Group Managing Director of Custodian Investment Plc, a financial services group with operations across life insurance, general insurance, pensions, and trusteeship.

He has served as Group Managing Director and Executive Director since 2012, providing strategic leadership that has shaped the company into one of Nigeria’s leading investment holding firms.

Oshin directly holds 238.67 million shares and indirectly controls 1.39 billion shares, bringing his total shareholding to 1.63 billion units. This represents 27.72% of the company’s total 5.88 billion shares.

• Oshin has also held notable positions within the sector, including Chairmanship of the Nigerian Insurers Association and membership of the Presidential Committee on Pension Reforms, while also lecturing at the West African Insurance Institute in Banjul, The Gambia.
• A Fellow of the Chartered Insurance Institute of Nigeria, he is also a member of the African Insurance Organisation and has held leadership roles in the West African Insurance Companies Association. Academically, he holds an MBA from the University of Ibadan and a bachelor’s degree from the University of Lagos.
• In 2024, Nairametrics reported that he deepened his stake in Custodian Investment through the acquisition of an additional 19,531,250 shares at an average price of N10.56 per share, amounting to about N206.25 million.

At the closing share price of N40.75 on August 29, 2025, his stake of 1.63 billion units was valued at about N66.44 billion, making him the CEO with the largest shareholding on the Nigerian Exchange.