At a Glance
- BUA Foods leads Nigerian Exchange with $7.05 billion valuation.
- MTN Nigeria and Airtel Africa anchor telecom sector, fueling digital expansion nationwide.
- Banking, energy, and cement firms sustain NGX strength amid resilient domestic investor demand.
- Note: read Shore.Africa’s deep analyst note on NGX at the concluding part of the list
The Nigerian Exchange Limited (NGX) has sustained strong momentum in 2025, lifted by active domestic participation and record equity trading. Market capitalization stands at N91.6 trillion ($60.95 billion), with the NGX All-Share Index up more than 40 percent year to date, reflecting resilient investor appetite despite global and domestic pressures.
Gains have been broad, led by banking, consumer goods, and insurance stocks. Insurance has been the standout, with its index nearly doubling this year on renewed confidence in sector profitability. Consumer goods have surged, with BUA Foods driving the NGX Consumer Goods Index up more than 90 percent, underscoring resilient demand despite inflation.
Trading remains active, with billion-share sessions fueled by liquidity from institutional and retail investors. Strong bank earnings, dividends, and expansion plans continue to lift sentiment. Short-term pullbacks have occurred, but they mostly reflect portfolio rebalancing rather than fading confidence.
As of mid-September, the NGX shows resilience and diversity, with banking, insurance, and consumer goods anchoring performance.
Based on data from the Nigerian Exchange (NGX), analyzed by Shore.Africa, here is the ranking of the NGX’s top fifteen (15) most valuable companies highlighting the strength and diversity of Nigeria’s corporate sector as of Sept. 15, 2025 amidst a thriving market environment.
1. BUA Foods Plc
Market Cap: N10.6 trillion ($7.05 billion)
Sector: Food and infrastructure sector
BUA Foods leads as the most valuable company on the Nigerian exchange (NGX), valued at N10.6 trillion ($7.05 billion). The food-processing giant controlled by billionaire Abdul Samad Rabiu, who is also Nigeria’s second richest man, now accounts for nearly 12 percent of the Nigerian Exchange (NGX)’s total equity market value, underscoring Nigeria’s expanding consumer goods sector. Starting 2025 at N415 ($0.28) per share, it has gained over 52 percent. Its leadership in sugar, flour, and edible oils positions it as a major player in Africa’s food and agribusiness landscape.
2. MTN Nigeria Plc
Market Cap: N9.13 trillion ($6.08 billion)
Sector: Telecommunications
MTN Nigeria, the country’s top telecom provider, is the second most valuable stock on the NGX, with a market cap of N9.13 trillion ($6.08 billion), representing 10.03 percent of the exchange. MTN shares have surged this year by more than 117 percent from N200 to N435 as of close of trading on monday Sept. 15, 2025. MTN remains committed to bridging connectivity gaps and providing vital digital solutions to millions of Nigerians. MTN Nigeria makes up about 10.3 percent of the entire Nigerian Stock Exchange equity market.
3. Airtel Africa Plc
Market Cap: N8.68 trillion ($5.78 billion)
Sector: Telecommunications
Airtel Africa ranks number three(3) on the Nigerian Exchange with a market capitalization of N8.68 trillion ($5.78 billion), representing 9.69 percent of the exchange’s equity market. The stock opened 2025 at N 2,156.9 and has since risen 7.12 percent to N2,310.50. With operations across 14 African countries, the company remains a cornerstone of Nigeria’s digital transformation.
4. Dangote Cement Plc
Market Cap: N8.63 trillion ($5.75 billion)
Sector: Construction
Dangote Cement leads as the most valuable company on the Nigerian exchange (NGX), valued at N8.63 trillion ($5.75 billion), representing 9.62 percent of the market. Starting 2025 at N 478.8, it has gained 6.77 percent as of the close of market sessions on September 15, 2025, ranking 107th in year-to-date performance. Known for its dominance in the African cement industry, the company continues to drive infrastructure development across the continent, contributing significantly to Nigeria’s industrial growth.
5. BUA Cement Plc
Market Cap: N5.14 trillion ($3.42 billion)
Sector: Construction
BUA Cement, Nigeria’s second-largest cement producer, mirrors Dangote Cement’s success in infrastructure development. With factories in Sokoto, Okpella, and South-South Nigeria, its combined plant capacity exceeds 11 million metric tons annually. Ranking 5th on the NGX with a market cap of N5.14 trillion ($3.42 billion), BUA Cement accounts for 5.73 percent of the market, solidifying its position in Nigeria’s construction sector.
6. Guaranty Trust Holding Co. Plc
Market Cap: N3.39 trillion ($2.26 billion)
Sector: Financial services
GTCO, Nigeria’s leading banking institution, is renowned for its innovative financial solutions and robust retail and corporate banking services. The bank ranks 6th on the NGX with a market cap of N3.39 trillion ($2.26 billion), representing 3.81 percent of the exchange. The NGX list highlights the dominance of industrial, telecommunications, and energy sectors, which are driving Nigeria’s economic growth. With rising investor confidence and increased domestic participation, the exchange is poised for continued upward momentum.
7. Seplat Energy Plc
Market Cap: N3.23 trillion ($2.15 billion)
Sector: Oil and gas sector
Seplat Energy highlights Nigeria’s pivotal role in driving economic growth through its oil and gas sector. With a market cap of N3.32 trillion ($2.15 billion), Seplat Petroleum is the seventh most valuable stock on the NGX, representing 3.6 percent of total equity. Starting the year at N5,700, the stock has declined 5.63 percent. Seplat’s gas development investments support Nigeria’s energy transition goals.
8. Geregu Power Plc
Market Cap: N2.85 trillion ($1.73 billion)
Sector: Power
Geregu Power, the seventh most valuable stock on the NGX with a market cap of N2.88 trillion ($1.73 billion), represents 4.85 percent of the market. Its share price has surged 188 percent from N399.00 at the start of the year, ranking 10th in year-to-date performance. The company’s focus on efficient energy production fuels its impressive market valuation.
9. Zenith Bank Plc
Market Cap: N2.79 trillion ($1.69 billion)
Sector: Banking
Zenith Bank, the ninth most valuable stock on the NGX with a market capitalization of N2.79 trillion ($1.69 billion), represents 3.14 percent of the market. The lender’s strong earnings, large customer base, and digital banking drive underpin its market standing.
10. Aradel Holdings Plc
Market Cap: N2.32 trillion ($1.39 billion)
Sector: Energy
Formerly Ardova Plc, Aradel Holdings mirrors Nigeria’s evolving energy landscape, blending traditional oil production with renewable energy investments. Ranked 9th on the NGX with a market cap of NGN 2.32 trillion ($1.39 billion), or 3.92 percent of the exchange, the stock closed its IPO day (Oct 14, 2024) at NGN 772.90. Since then, it has dropped 30.9 percent, ranking 145th in year-to-date performance.
11. Transcorp Power Plc
Market Cap: N2.7 trillion ($1.62 billion)
Sector: Power
Transcorp Power, a subsidiary of Transnational Corporation of Nigeria, drives Nigeria’s energy self-sufficiency push. It ranks 8th on the NGX with a market cap of N2.7 trillion ($1.62 billion), representing 4.56 percent of the exchange. Since its March 4, 2024 IPO at N264.00, the stock has gained 36.3 percent, ranking 47th in year-to-date performance, while continuing to deliver reliable electricity nationwide.
12. Nigerian Breweries Plc
Market Cap: N2.18 trillion ($1.32 billion)
Sector: Consumer Goods
Nigerian Breweries, the 12th most valuable stock on the NGX with a market cap of N2.18 trillion ($1.32 billion), accounts for 2.43 percent of the market. The brewer’s resilience in consumer demand sustains its market valuation despite economic headwinds.
13. Lafarge WAPCO Plc
Market Cap: N2.06 trillion ($1.25 billion)
Sector: Industrial Goods
Lafarge WAPCO, the 13th most valuable stock on the NGX with a market capitalization of N2.06 trillion ($1.25 billion), represents 2.3 percent of the market. The cement maker’s steady output and infrastructure-linked demand support its valuation.
14. International Breweries Plc
Market Cap: N2.02 trillion ($1.23 billion)
Sector: Consumer Goods
International Breweries, the 14th most valuable stock on the NGX with a market cap of N2.02 trillion ($1.23 billion), accounts for 2.25 percent of the market. Its broad product range and brand strength anchor its position among the exchange’s top firms.
15. United Bank for Africa Plc (UBA)
Market Cap: N1.98 trillion ($1.21 billion)
Sector: Banking
UBA, the 15th most valuable stock on the NGX with a market capitalization of N1.98 trillion ($1.21 billion), makes up 2.21 percent of the market. Its pan-African presence and expanding customer base fuel its market relevance.
Analyst Note on NGX Top 15 Companies — Technical View (Sept. 2025)
- BUA Foods’ Leadership Share price up 52 percent YTD, now NGX’s most valuable stock with more than $7 billion market cap. Momentum strong and volume-backed; support at about N500, resistance ~N650.
- MTN Nigeria’s Rapid Surge Shares soared 117 percent to N435, making it the second-largest stock. Momentum strong but approaching overbought levels; resistance seen so far at around N450– N470.
- Airtel Africa & Dangote Cement Stability Airtel up 7 percent, Dangote Cement up 6.7 percent year-to-date. Both trade in stable ranges with moderate growth; less volatility risk.
- Sector Dynamics Insurance (more than 100 percent) and Consumer Goods ( more than 90 percent) are the top-performing sectors. Banking steady, telecoms mixed, confirming broad-based market strength.
- Overall NGX Trend NGX All-Share Index up 40 percent year-to-date, trading above key moving averages. Pullbacks so far reflect portfolio rebalancing, not weakening confidence.
- Investor Outlook: NGX remains in a confirmed uptrend, led by consumer goods and insurance. BUA Foods shows sustained leadership, MTN’s surge may warrant caution, and Dangote Cement plus Airtel provide stability anchors.
