Nigeria’s Biggest Companies by Market Value As NGX Hits ₦99.38 Trillion

The Nigerian Exchange (NGX) recorded a landmark year in 2025, underpinned by strong investor confidence and broad-based gains across large- and mid-cap stocks.

Total market capitalisation rose sharply from ₦62.7 trillion at the end of 2024 to ₦99.38 trillion by 31 December 2025, representing one of the strongest annual performances in recent history.

As of 20 January 2026, the market has extended its rally to approximately ₦106 trillion, accounting for a substantial share of Nigeria’s nominal GDP of ₦113.59 trillion and reinforcing equities as a key driver of domestic wealth creation.

Most of the companies in the current top 10 were already members of the elite SWOOTs (Stocks Worth Over One Trillion Naira) club at the end of 2024. By December 2025, the smallest company in the top 10 commanded a market capitalisation of about ₦2.5 trillion, while roughly 24 companies on the NGX were valued above ₦1 trillion.

Collectively, the top 10 companies were worth approximately ₦65 trillion, representing 65.5% of the entire market, underscoring their outsized influence on market direction. Despite gains across broader market segments, movements in these heavyweight stocks continue to significantly impact the All-Share Index (ASI).

Below are the Top 10 Companies on the NGX by Market Capitalisation in 2025:

1. BUA Foods – ₦14.38 Trillion

BUA Foods emerged as the most valuable company on the NGX in 2025, accounting for 14.5% of the All-Share Index. Its 18 billion shares closed the year at ₦798.90, pushing market capitalisation to ₦14.38 trillion.

The company’s value surged 92.5% year-on-year, up from ₦7.47 trillion in 2024, driven by strong operational performance and investor optimism.

Financial highlights (9M 2025):

Q3 pre-tax profit rose 99.4% to ₦156 billion

Nine-month pre-tax profit climbed 101% to ₦432 billion

Total assets increased 13.4% to ₦1.24 trillion

Shareholders’ equity expanded 40% to ₦600.33 billion

While the stock has remained flat so far in 2026, analysts expect any short-term retracement to be followed by renewed upside.

2. MTN Nigeria – ₦10.72 Trillion

MTN Nigeria ranked second with a market capitalisation of ₦10.72 trillion, representing 10.8% of the ASI. Its 20.9 billion shares closed 2025 at ₦511.

The telecoms giant recorded a dramatic 155.5% increase in market value from ₦4.1 trillion in 2024, rebounding strongly after a difficult prior year.

Key drivers:

Nine-month pre-tax profit swung to ₦1.12 trillion, reversing a loss of ₦713.6 billion

Revenue rose to ₦3.73 trillion, led by data revenue of ₦1.97 trillion (+73% YoY)

Voice revenue grew 48% to ₦1.19 trillion

MTN is already up 13.5% year-to-date, with strong fundamentals supporting a potential move above ₦600.

3. Dangote Cement – ₦10.27 Trillion

Dangote Cement finished third, with a market capitalisation of ₦10.27 trillion and 10.4% weighting on the ASI. Its 16.87 billion shares closed the year at ₦609.

The stock gained 27% in 2025, building on a 49.7% rally in 2024, keeping the company firmly above the ₦600 price level.

Financial highlights (9M 2025):

Pre-tax profit surged 156.2% to ₦1.04 trillion

Revenue rose 23.2% to ₦3.15 trillion, with Nigeria contributing over two-thirds

Dangote Cement has started 2026 on a positive note and could target ₦700 if earnings momentum persists.

4. Airtel Africa – ₦8.53 Trillion

Airtel Africa ranked fourth, valued at ₦8.53 trillion, representing 8.6% of the ASI, based on 3.75 billion shares at ₦2,270.

Market value rose 5.2% year-on-year, supported by improving financial performance and currency gains.

Highlights:

H1 2025 revenue rose 25.8% to $2.98 billion

Recovered from $179 million FX losses, aided by naira appreciation

Although the stock has been flat in early 2026, sentiment remains constructive ahead of full-year results.

5. BUA Cement – ₦6.04 Trillion

BUA Cement claimed the fifth spot with a market capitalisation of ₦6.04 trillion, up 92% from ₦3.14 trillion in 2024.

The share price nearly doubled from ₦93 to ₦178.50, reflecting strong earnings growth.

Financial highlights (9M 2025):

Profit after tax jumped 492% to ₦289.9 billion

Revenue increased 47.2% to ₦858.7 billion

The stock is up 2.52% in 2026, with direction likely shaped by FY 2025 earnings.

6. Seplat Energy – ₦3.48 Trillion

Seplat ranked sixth, valued at ₦3.48 trillion. Its 599.9 million shares closed 2025 at ₦5,809.

After a 146% rally in 2024, the stock added modest gains in 2025 but has surged 15.34% in early 2026.

Financial highlights (9M 2025):

Revenue soared 213% to ₦3.3 trillion

Pre-tax profit more than doubled to ₦878.9 billion

Total assets reached ₦9 trillion

Positive oil-sector sentiment could support a move above ₦7,000 in 2026.

7. GTCO – ₦3.30 Trillion

GTCO closed 2025 as the seventh-largest company, with a market value of ₦3.30 trillion, nearly doubling from ₦1.68 trillion in 2024.

The bank gained 59.1% in 2025, supported by capital-raising initiatives and improved liquidity.

Highlights:

Q3 2025 pre-tax profit rose 39% to ₦299.9 billion

Successfully raised $105 million via London Stock Exchange listing

Added over 4.5 billion new shares through dual offers

GTCO is up 7.39% year-to-date and could reclaim the ₦100 level in 2026.