As the African telecom giant MTN listed its Nigerian unit on the Nigerian Stock Exchange (NSE) last week, Nigerians can now own and trade in the shares of Africa’s largest telecom company. Listing documents filed with the NSE reveal who are the significant individual shareholders in the African telecom company.

MTN Nigeria now has a market valuation of $6 billion. It is second behind Dangote Cement as the most valued company on the Nigerian Stock Exchange. Dangote Cement has a market value of $8.3 billion.

Instead of opting for an IPO, MTN Nigeria simply listed its existing shareholders’equity. According to listing documents with the Nigerian Stock Exchange, Nigerian billionaire Victor Odili is the top individual shareholder in MTN. He holds shares worth $244 million in the South African telecom company’s Nigerian unit.

Victor Odili heads Nigeria’s Aeromaritime Group a holding company for eight group companies that operate across oil and gas, shipping, and stevedoring. Second behind Victor Odili is businessman Pascal Dozie who owns 1.67 percent of MTN Nigeria’s equity. Pascal Dozie’s stake in MTN Nigeria is worth $102 million. He is the founder of a commercial bank called Diamond Bank and has invested in energy, hotels, and financial services in Nigeria through his family office.

Sani Mohammed Bello, the founder of Amni International Petroleum Development, a Nigerian oil exploration company, owns 1.3 percent of MTN Nigeria. His stake is worth $80 million. Babatunde Folawayio, a Nigerian businessman with interests in energy, agriculture, shipping, real estate, and engineering owns 1.07 percent of MTN. His holdings in MTN Nigeria are valued at $66 million.

Gbenga Oyebode, a top commercial lawyer in Nigeria, is the fifth largest individual shareholder in MTN Nigeria. He owns less than 1 percent of MTN Nigeria and his stake is currently worth $55 million. Closely behind him is the founder of Quaditect Consultants Ahmed Dasuki. Dasuki owns close to .75 percent of MTN Nigeria valued at $53 billion. He also owns Drill Masters Africa, the largest indigenous exploration drilling company in Ghana.

Kari Olutokun Toriola owns a small stake in MTN Nigeria worth approximately $280,000. According to the listing documents, Ahmed Dasuki and Kari Olutokun Toriola own 25 million and 920,000 additional ordinary shares respectively in MTN Nigeria. These additional holdings come through the unwinding of the nominee arrangements.  Olutokun Toriola is vice president, west and central Africa at MTN.

According to Forbes, most of these leading shareholders in MTN Nigeria have used their shareholdings to take large loans.