Pascal Dozie, left, Lagos state Governor, Babatunde Raji Fashola, Commissioner for special duty, center, and Wale Ahmed speak during a presentation of medical protective kits for Ebola treatment centres, in Lagos, Nigeria, Monday, Sept. 1, 2014. The World Health Organization says up to 20,000 people may contract the virus and it could take at least six months to bring it under control. (AP Photo/Sunday Alamba)


Last week, MTN Group Limited, Africa’s largest mobile phone company, listed its Nigerian unit on the Nigerian Stock Exchange.

MTN Nigeria is the market leader in the mobile telecom space in Africa’s most populous country, with more than 67 million customers at the end of last year, according to the Nigerian Communications Commission.

With a market capitalization north of $6 billion, MTN Nigeria becomes the second largest company on the Nigerian bourse after Dangote Cement which has a current value of more than $8.3 billion.

MTN chose a listing without an IPO, simply opting to list its existing shareholders’ equity. Its current stock price is N108 per share. The paperwork it filed for its public listing also reveals who the biggest individual shareholders are.

Meet the 6 richest shareholders of MTN Nigeria.

Victor Odili

Value of Shares: $244 million

Victor Odili is MTN Nigeria’s largest individual shareholder with 806,886,900 shares currently valued at N87.7 billion ($244 million). The Nigerian businessman is the chairman and executive director of Aeromaritime Group, a parent company to over 8 member-companies operating in different sector across Nigeria including shipping, stevedoring and oil and gas.

Pascal Dozie

Value of Shares: $102 million

Pascal Dozie is the founder of Diamond Bank, a commercial bank which recently merged with Access Bank to create one of Nigeria’s largest financial institutions. His Family Office, Kunoch Limited has investments in hotels, financial services and energy in Nigeria. Dozie owns 340,409,900 shares or 1.67% of MTN Nigeria, a stake currently valued at N37.07 billion ($102 million).

Sani Mohammed Bello

Value of Shares: $80.1 million

Sani Bello is the founder of Amni International Petroleum Development Co., a Nigerian oil exploration company. He owns 265,092,150 shares or 1.3% of MTN Nigeria, a stake currently valued at N28.87 billion ($80.1 million).

Babatunde Folawiyo

Value of Shares: $66.1 million

Tunde Folawiyo is the managing director of the Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, shipping, real estate and engineering. He owns 218,815,100 shares or 1.07% of MTN Nigeria, a shareholding that is worth N23.83 billion ($66.1 million).

Gbenga Oyebode

Value of Shares: $55 million

One of Nigeria’s most renowned commercial lawyers, Gbenga Oyebode is a founder and Managing Partner of Aluko & Oyebode– a successful corporate and commercial law firm in Nigeria. He owns 181,776,250 shares or 0.89% of MTN Nigeria, a stake that’s currently worth N19.8 billion ($55 million).

Ahmed Dasuki

Value of Shares: $53.75 million

He is the founder of Quaditect Consultants. He is also the Chairman of Drill Masters Africa, the largest indigenous exploration drilling company in Ghana, the Chairman and Chief Executive Officer of XEX Limited Nigeria and the Chairman of Interglobal Limited, a leading IT company in Nigeria. He owns 152,717,850 shares or 0.75%, currently worth N19.35 billion ($53.75 million).

Contact me via email at mfon.nsehe @

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