Nigeria’s equities market delivered one of its strongest re-ratings in recent history in 2025, as a handful of large-cap companies pulled the overall market to record valuations.
BUA Foods Plc — N14.38 trillion
BUA Foods emerged as the most valuable listed company on the Nigerian Exchange in 2025, overtaking long-time leaders MTN Nigeria and Dangote Cement. With a market capitalisation of about N14.4 trillion, the food-processing company now represents roughly 13.5 percent of the entire equity market.
MTN Nigeria Plc — N10.72 trillion (now N12.2trn)
MTN Nigeria ranked as the second most valuable stock on the NGX with a valuation of N10.72 trillion. Its recent rally in 2026 has, however, pushed valuation to about N12.2 trillion, equivalent to roughly 11.4 percent of total equity market value. The telecoms operator’s shares closed at N580.00 on January 16, 2026, having gained 13.5 percent year-to-date and returned about 140 percent over the past year.
Dangote Cement Plc — N10.27 trillion (now N10.7trn)
Dangote Cement remained one of Nigeria’s most valuable companies, ranking third with a market capitalisation of N10.27 trillion. Its recent gains helped push its valuation to about N10.7 trillion, or roughly 10.1 percent of the equity market. Shares closed at N635.00 on January 16, 2026, reflecting a 4.27 percent gain year-to-date and a 32.6 percent increase over the past year.
Airtel Africa Plc — N8.53 trillion
Airtel Africa ranked fourth, with a market capitalisation of N8.53 trillion, accounting for about 8.02 percent of the Nigerian Exchange’s equity market. Shares closed at N2,270.00 on January 16, 2026, following a 5.24 percent gain over the past year
BUA Cement Plc — N6.04 trillion (now N6.2 trn)
BUA Cement was the fifth most valuable stock on the NGX, with a market capitalisation of N6.04 trillion. But with its recent rally, valuation now stands at about N6.2 trillion, representing 5.83 percent of the equity market. Shares closed at N183.00 on January 16, 2026, up 2.52 percent year-to-date and nearly doubling over the past year.
Seplat Plc — N3.41 trillion (now N4.02trn)
Seplat Petroleum Development Co. ranked sixth, with a market capitalisation of N3.41 trillion. The valuation has now surged to about N4.02 trillion, equivalent to 3.78 percent of the equity market. Shares closed at N6,700.00 on January 16, 2026, up 15.3 percent year-to-date.
GTCO Plc — N3.30 trillion (now N3.6trn)
Guaranty Trust Holding Co. ranked seventh, with a market capitalisation of N3.30 trillion. The bank’s valuation has now shot up to about N3.6 trillion, or 3.39 percent of the equity market. Shares closed at N98.95 on January 16, 2026, up 9.1 percent year-to-date and more than 70 percent over the past year.
Aradel Plc — N2.91 trillion (now N3.27trn)
Aradel Holdings ranked eighth, with a market capitalisation of N2.91 trillion. The stock’s valuation has now risen to about N3.27 trillion, accounting for 3.07 percent of the equity market. Shares closed at N752.10 on January 16, 2026, up 12.3 percent year-to-date.
Geregu Plc — N2.85 trillion
Geregu Power Plc ranked ninth last year but has now slipped to tenth, with a market capitalisation of N2.85 trillion, representing about 2.68 percent of the equity market. The stock shed 0.74 percent over the past year, underperforming peers despite its strategic role in Nigeria’s power sector.
Zenith Bank Plc — N2.53 trillion
Zenith Bank was the tenth most valuable stock in 2025 with N2.53 trillion market capitalisation, but has now moved to ninth, overtaking Geregu with a market capitalisation of about N2.87 trillion, or 2.7 percent of the equity market. Shares closed at N69.85 on January 16, 2026, up 13 percent year-to-date and nearly 52 percent over the past year.
