10 Firms Account for 65.42% of Nigerian Exchange Market Value

BUA Foods Plc has emerged as the largest company on the Nigerian Exchange (NGX) by market capitalisation, with a market cap of N14.38 trillion as of December 31, 2025.

The other nine largest companies by market capitalisation are MTN Nigeria Communications (MTNN) with a market capitalisation of N10.72 trillion, and Dangote Cement, whose total market capitalisation amounted to N10.27 trillion for the period under review.

Airtel Africa achieved a total market capitalisation of N8.53 trillion. In contrast, BUA Cement (N6.04 trillion), Seplat Energy (N3.48 trillion), Guaranty Trust Holding Company (N3.30 trillion), Aradel Holdings (N2.91 trillion), Geregu Power (N2.85 trillion) and Zenith Bank (N2.53 trillion) also achieved total market capitalisations.

The 10 companies’ total market capitalisation amounted to N65.01 trillion, controlling 65.42 per cent of the total NGX overall market capitalisation of N99.376 trillion as of December 31, 2025.

The Nigerian equities market delivered one of its strongest re-ratings in recent history in 2025, driven by improved currency stability, pricing power, and a rebound in consumer demand.

Capital market analysts expected these large-cap stocks to continue driving overall market performance in the short term, particularly as many of them are positioned favourably in sectors benefiting from macroeconomic stabilisation, ongoing infrastructure investments, energy reforms, and rising consumer demand.

This is as they called for listing of more multinational companies on the NGX to address the extreme market concentration, where a small number of companies control over 60 per cent of the total market capitalisation.

Speaking on this, the managing director of Globalview Capital Limited, Aruna Kebira stated that increased participation from major players in telecommunications, oil and gas, and manufacturing is crucial for enhancing market liquidity, deepening the market, and offering indigenous consumers a share in wealth creation.

Speaking on this, the vice president of Highcap Securities Limited, David Adnori, emphasised the significant impact of listing major enterprises like Dangote Fertiliser, Dangote Petrochemicals, Dangote Refinery, and NNPC on the Nigerian Exchange.

“Their presence on the stock exchange would enrich the capital market, allowing the investing public to partake in the wealth generated by these substantial companies,” he highlighted.

He noted that such listings would enhance corporate governance practices within these firms, saying that adding these enterprises to the market would also help establish the capital market as a more accurate reflection of the economy’s health.

As the Tinubu administration aims to grow Nigeria’s GDP to $1 trillion by 2030, Adnori said these listings are particularly relevant.

He explained that the capital market’s growth, bolstered by these listings, would attract both domestic and foreign investors, adding that increased foreign investment would drive capital gains and positively influence the country’s foreign exchange landscape.