As we draw the curtains for 2025, Ibrahim Apekhade Yusuf, in this report, attempts a post mortem of the outgoing year showing highlights of the people and the events that shaped the last 12 months, especially across the major commanding heights of the economy.

The last 365 days have been very eventful, no doubt. Across the nation’s socioeconomic landscape, there are telltale signs and visible fixtures that speak to the fact that it has been a rollercoaster ride of some sort judging by the rapidity of the assault of events that took place in the course of the year.

From business deals that shot someone’s fortunes skywards to others that went awry to policy initiatives that miscarried and other decisions that positively impacted the economic fundamentals, this year, with the benefit of hindsight, has seen a lot of economic players recording major milestones, building their business empires and ultimately pushing the nation’s economic wheel to lofty heights.

Enter the movers and shakers

Aliko Dangote

Amongst the highfliers this past year is business mogul, Alhaji Aliko Dangote. Expectedly, the richest man in Africa has continued to prove bookmakers right that he has his own winning ways as far as building economic fortunes in the continent of Africa.

Amongst the highfliers who made much of an impact is business mogul, Alhaji Aliko Dangote. Expectedly, the richest man in Africa has continued to prove bookmakers right that he has his own winning ways as far as building economic fortunes across the continent of Africa.

According to the Bloomberg Billionaires Index, Dangote’s wealth rose by $2.25 billion to $30.3 billion as of October 24, 2025, placing him 75th among the world’s 100 richest people and the only African on the list.

The latest boost in his fortune comes two weeks after Dangote Cement, a key subsidiary of the Dangote Group, officially launched operations at its new 3-million-tonne-per-year cement plant in Attingué, Côte d’Ivoire. Covering 50 hectares, the plant is one of the conglomerate’s largest facilities outside Nigeria.

Back home, Dangote has maintained a strong presence in Nigeria’s oil and gas industry, following the successful launch of his $20 billion, 650,000 barrels-per-day refinery in the Ibeju-Lekki Free Zone, Lagos.

The refinery, inaugurated in May 2023, began producing diesel in January 2024, while petrol production started in September 2024 after delays caused by crude oil supply challenges.

Dangote recently announced plans to list the refinery on the Nigerian Exchange (NGX), selling between 5 and 10 percent of its shares within the next year — a move similar to what he did with Dangote Cement and Dangote Sugar Refinery.

He also disclosed that the Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2 per cent stake, may increase its equity once the refinery’s next expansion phase begins.

In a bold move, the billionaire revealed that the refinery aims to raise output to 1.4 million barrels per day, surpassing the world’s largest refinery in Jamnagar, India, which has a capacity of 1.36 million bpd.

Meanwhile, Dangote’s aggressive expansion into fuel distribution has stirred reactions in the downstream sector. In June, the refinery unveiled plans for a nationwide fuel distribution scheme, supported by the acquisition of 4,000 compressed natural gas (CNG)-powered tankers.

However, the plan has drawn criticism from industry stakeholders. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that the refinery’s forward integration could create a monopoly and lead to massive job losses within the sector.

Of course one investment dear to Dangote, Dangote Refinery which dominated the news amidst price war with traditional oil marketers, including the Nigerian National Petroleum Corporation Limited (NNPCL).

The conflict began when Dangote Refinery slashed the price of petrol, offering it at N739 per litre, significantly lower than the N828 per litre offered by other marketers, and currently selling at N699, a move seen as a threat to the business interests of traditional marketers, who have long dominated the industry.

The battle has also taken a legal turn, with Dangote Refinery suing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the issuance of import licenses to marketers, which also led to the unceremonial exit of the boss at the NMDPRA, Farouk Ahmed, following accusations by Dangote that the former spent about $5 million on the secondary school education of his four children in Switzerland, an expenditure way above his earnings as a public servant.

Abdul Samad Rabiu

Another major player within the nation’s economic landscape is Abdul Samad Rabiu, the Chairman of the BUA Group, who started 2025 with an estimated net worth of $5.1 billion, and of December 2025 increased to approximately $8.5 billion, meaning his fortune has grown by approximately $3.4 billion over the year, thus placing him as the fourth-richest person in Africa and around the 390th globally, driven by strong performance in his listed companies, BUA Cement Plc and BUA Foods Plc.

The year also saw Rabiu approving $20.7m in cash rewards for 1,768 long-serving employees, reinforcing a strong employee-first culture, thus reinforcing his reputation as one of Africa’s most employee-focused business leaders.

The rewards were announced on December 13, 2025, during the BUA Night of Excellence Long Service Awards held at Eko Hotel and Suites in Victoria Island, Lagos. The annual event recognises commitment and performance across the group’s cement, food and manufacturing businesses.

Under the structure approved by Rabiu, five employees received $691,000 each, while another five were awarded $345,000. Dozens more received sums ranging from $3,450 to $13,810, depending on years of service and role within the company.

Mike Adenuga

Dr. Mike Adenuja Jrn, the chairman of the Pan-African telecommunications company, Globacom, who featured prominently on the Forbes ranked as the fifth richest Africa as 2025, had $6.8 billion in his portfolio during the period under review.

Ranked #592 billionaire in the world today, Adenuga, arguably Nigeria’s second richest person, built his fortune in telecommunications and oil production, made good this year as Conoil, where he owns 74%, demonstrated its strength and strategic clarity in Nigeria’s downstream petroleum industry, announcing a proposed dividend payout of ₦2.428 billion for the 2024 financial year.

The proposed dividend, amounting to 350 kobo per 50 kobo ordinary share, was unveiled at the Company’s 55th Annual General Meeting held on Friday, 19 December 2025, drawing commendation from shareholders amid a persistently challenging economic environment.

The Company recorded a remarkable 60.5 percent growth in revenue, rising from ₦201.4 billion in the previous year to ₦323.1 billion in 2024. Total assets also expanded significantly by 18 percent, increasing from ₦97.5 billion to ₦114.9 billion.

According to the Adenuga, these results were driven by timely strategic decisions, disciplined cost management, and a steadfast focus on operational efficiency. He underscored the importance of the Company’s workforce, noting that Conoil’s progress continues to be powered by the competence, commitment, and innovative capacity of its people. The Company remains deliberate in investing in its human capital, fostering an inclusive workplace that promotes growth, fairness, and professional fulfilment.

Femi Otedola

Just like the past year, billionaire businessman, Femi Otedola played in the top hemisphere in the business ecosystem in the year as he made lots of moves to further grow his economic fortunes. One of such moves described in some quarters as the stuff of mafia was when the oil magnate pulled out a trump card after acquiring shares worth N14.8 in First HoldCo Plc a company where he owns a majority share already.

The acquisition further strengthens his position in one of Nigeria’s largest lenders, giving him a combined 17.56% controlling stake of the group.

The latest transaction builds on Mr. Otedola’s steady accumulation of First HoldCo shares over the last two years. Based on the group’s most recent financial statements, he holds 3,491,125,586 shares indirectly, representing 8.34% of the company.

He also owns 3,251,346,245 shares directly, or 7.76%, making him one of the bank’s substantial shareholders above the 5% threshold.

Following the Calvados acquisition, Mr. Otedola’s indirect holdings are expected to rise to 3,861,111,708 shares, or 9.22%.

This takes his combined official ownership to approximately 17.56% of First HoldCo, placing him among the most influential investors in the institution and giving him significant leverage in shaping long-term outcomes.

Tony Elumelu

Billionaire businessman, Tony Elumelu, made a lot of good this year as fortunes smiled on him. A report published by Moneycentral pegged Mr Elumelu’s net worth at $2.15 billion as of mid-2025 following calculation of stakes in companies primarily controlled by him namely: UBA Group, Heirs Holdings, Transcorp Group, Heirs Energies, etc.

Take Transcorp Group for instance, one of the major conglomerates which showed lots of promises earlier in the year recorded a strong growth in 2025, driven by power generation and hospitality, with significant revenue jumps such as 39% YoY in Q3 and increased profits, fueled by investments in power plants and the new Transcorp Centre in Abuja, while Transcorp Hotels also won awards and saw revenue surges, though the group faces ongoing management of costs and opportunities within the Nigerian economy.

Revenue growth saw impressive increases, with Q3 2025 revenue up 39% to ₦413.4 billion (vs. Q3 2024, while Profit Before Tax (PBT) grew, with Q3 2025 PBT up 18% to ₦124.5 billion, just as revenue surge saw 49% revenue increase for Transcorp Hotels, reaching ₦72.31 billion, with a 36% rise in PBT to ₦22.4 billion.

In a related development, Elumelu’s Heirs Energies, just last week secured $750 million of credit from the African Export-Import Bank to fund production. According to the company, the financing was signed with the Cairo-based lender strengthens Heirs Energies’ balance sheet, enhances liquidity, and provides the flexibility required to accelerate field development and optimise production.

Elumelu, a strong ally of President Bola Tinubu, in the course of the year also partook in what has been described largely as diplomatic shuttles overseas as a goodwill ambassador for the country, a development which has seen some commitments from foreign partners ready to invest in the country. Earlier in the week, he hosted a bipartisan United States Congressional delegation led by Bill Huizenga and Sarah Jacobs, in Abuja.

The move, according to people privy to the discussion, will further deepen bilateral ties and advance shared economic priorities at a critical juncture in the global political and economic landscape.

Yemi Cardoso

The nation’s monetary policy environment also experienced a significant shift this year with positive milestones.

For instance, Nigeria’s external reserves smash six-year record, surge past $45bn threshold for the first time in six years, marking one of the country’s strongest foreign exchange positions since July 2019, according to fresh data released by the Central Bank of Nigeria (CBN).

The latest figures show the nation’s external buffers now stand at $45.04 billion as of December 4, 2025 — a major leap from $42.03 billion recorded on September 19.

The increase reflects an impressive build-up of nearly $5 billion within a relatively short period, signalling improved liquidity and stronger balance-of-payments performance.

The reserves have been on a steady upward trend for months. Data shows that November opened with the buffers at $43.26 billion, maintaining stability above the $43 billion mark for several days. By November 18, they climbed to $44.05 billion, before closing the month at $44.67 billion, one of the highest month-end positions in recent years.

The upward trajectory continued into December, culminating in the crossing of the historic $45 billion line — a milestone that analysts say reflects not just temporary inflows but sustained foreign exchange improvements.

An elated CBN Governor Olayemi Cardoso, who announced this development during an address at the 20th Anniversary of the Monetary Policy Department, where he revealed that the reserves had even reached $46.7 billion as of November 14.

He described the reserve build-up as a product of renewed investor confidence, stronger oil revenue, and robust portfolio inflows, noting that the current levels provide 10.3 months of import cover — the strongest buffer Nigeria has had since 2018.

“This accretion reflects investor confidence in our policies, leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows,” Cardoso said.

He further explained that the stronger reserve position has been instrumental in stabilising the naira, adding that the gap between official and Bureau De Change (BDC) market rates has narrowed to below 2 percent — the closest alignment seen in years.

With reserves approaching the $47 billion mark, Nigeria appears poised to reinforce the stability of its currency and deepen its ability to absorb external shocks — a significant boost as the nation navigates global economic uncertainties.

Besides, Nigeria returned to the international market with a dual-tranche issuance of 10-year and 20-year notes, seeking to raise over $2 billion. The outcome was far more surprising. The Eurobond attracted $9.1 billion in orders, which was over four times the intended size. This occurred at a time when the market was still digesting tense political statements from the United States, including an implied threat of military action related to religious killings in Nigeria. The remark triggered notable sell-offs in the secondary market. Yet, when the primary market opened, investors surged in.

Bashir Ojulari

Though Bashir Ojulari, the boss at the nation’s oil behemoth narrowly escaped sinking in the murky waters in mid-2025 following accusations of money laundering, like a cat with nine lives he bounced back.

Under his stewardship in the outgoing year, the NNPC Limited achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The increased production was achieved on December 1st 2025, rising from 203,000 barrels per day in 2023.

Commenting on the development, Bashir Ojulari, the Group CEO of NNPC Limited pointed out that the milestone is proof that Nigeria’s energy revival is not a dream; it is already happening.

He noted that the achievement reinforces confidence nationally and across the global energy landscape, assuring partners and investors that Nigeria is committed to reaffirming its role as a dependable energy supplier.

“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today.”

M&A activity signals corporate repositioning

The year also saw mergers and acquisitions gained momentum across corporate Nigeria as firms responded to tighter financial conditions and recapitalisation demands. High-profile deals, including the acquisition of Chivita|Hollandia (CHI Limited) by UAC, the Union Bank of Nigeria merger with Titan Trust Bank Limited, and the FBNQuest Merchant Bank Limited acquisition by EverQuest.

GTB listing on the London Exchange

GTBank became the first Nigerian bank to be listed on the London Stock Exchange on July 9, marking a significant step in Nigerian banks’ international expansion.

The move underscored the growing need for access to deeper pools of foreign capital and positioned the bank, and by extension the sector, more firmly within global financial markets despite ongoing domestic economic adjustments.