At the heart of the surge were consumer goods giant BUA Foods Plc, telecoms leader MTN Nigeria Plc, and industrial powerhouse Dangote Cement Plc. Their strong performance reflects a sharp turnaround in corporate earnings following two difficult years marked by foreign-exchange losses, high inflation, and policy uncertainty.
Improved currency stability, stronger pricing power in key sectors, and a rebound in consumer demand restored profitability across multiple industries. Investors, who had shunned stocks that were deeply discounted during the crisis years, returned to the market as corporate fundamentals improved. The momentum has carried into early 2026, with Nigeria’s most valuable firms continuing to see share gains as sentiment improves.
Below is a breakdown of the companies that dominated Nigeria’s equity market by valuation in 2025, and the factors that reshaped their standing.
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% of the entire equity market.
The stock closed at N798.90 on Friday, January 16, 2026, capping a year in which its valuation surged by more than 50% from an opening market cap of N7.52 trillion.
The re-rating was driven by a sharp acceleration in earnings. Net profit more than doubled to N405.3 billion in the nine months to September 2025, supported by a 32.7% rise in revenue to N1.4 trillion. Equally important was the steep fall in net finance costs and the near elimination of foreign-exchange losses—an almost complete reversal from the currency shocks that battered Nigerian corporates in previous years.
Improved currency stability reduced pressure on imported inputs and debt servicing, while pricing adjustments protected margins amid high inflation. The result was renewed investor confidence in the fundamentals of the AbdulSamad Rabiu-led company, positioning BUA Foods as both a defensive consumer play and a growth stock in an uncertain macroeconomic climate.
MTN Nigeria Plc — N10.72 trillion (now N12.2trn)
MTN Nigeria ranked as the second most valuable stock on the NGX with a market capitalisation of N10.72 trillion. However, its strong rally in early 2026 has pushed the valuation to around N12.2 trillion, equivalent to about 11.4% of total equity market value.
Shares closed at N580.00 on January 16, 2026, up 13.5% year-to-date and returning about 140% over the past year.
MTN’s recovery is one of the most dramatic turnarounds in Nigeria’s corporate sector. The telecom operator resumed dividend payments in early 2026 for the first time since 2022, announcing an interim dividend of N5 per two kobo ordinary share, set to return an estimated N104.95 billion to shareholders.
The move marked a clear break from the crisis years of 2023 and 2024, when a steep naira devaluation wiped out earnings and forced the company to suspend dividends. MTN Nigeria booked foreign-exchange losses of N925.36 billion in 2024, compared with N740.43 billion the previous year.
By 2025, the tide had turned. Net profit rose to N750.2 billion in the nine months to September 30, representing a 245.7% rebound from a N514.9 billion loss in the same period of 2024. Strong data usage, fintech expansion, and a more stable macroeconomic environment drove the recovery.
For investors, MTN’s return to profitability and dividends reinforced its status as a core holding on the NGX, combining strong cash generation with exposure to Nigeria’s long-term digital growth story.
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 valuation has since risen to about N10.7 trillion, representing roughly 10.1% of the equity market.
Shares closed at N635.00 on January 16, 2026, reflecting a 4.27% gain year-to-date and a 32.6% increase over the past year.
The cement maker delivered a sharp rebound in earnings despite a marginal decline in sales volumes. After-tax profit rose to N743.3 billion in the nine months ended September 30, 2025, from N279.1 billion a year earlier—an increase of 166%.
Improved pricing, stronger contributions from Nigeria and Pan-African operations, and foreign-exchange gains helped offset cost pressures from energy and raw materials. The results reinforced Dangote Cement’s ability to defend margins in a challenging operating environment, even as construction activity remained uneven.
As Africa’s largest cement producer, the company remains a bellwether for industrial activity across the continent, and its valuation reflects both earnings resilience and scale.
Airtel Africa Plc — N8.53 trillion
Airtel Africa ranked fourth, with a market capitalisation of N8.53 trillion, accounting for about 8.02% of the NGX’s equity market. Shares closed at N2,270.00 on January 16, 2026, after a 5.24% gain over the past year.
The telecoms group posted a strong rebound in profitability, reporting profit after tax of $376 million in the half year ended September 30, 2025, compared with $79 million in the same period of 2024—an increase of more than 375%.
Higher data usage, pricing adjustments, and easing foreign-exchange pressures across its African operations drove the improvement. For Nigerian investors, Airtel Africa offers exposure to regional telecom growth while benefiting from improved earnings visibility after years of currency volatility.
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, and its recent rally has lifted its valuation to about N6.2 trillion, representing 5.83% of the equity market.
Shares closed at N183.00 on January 16, 2026, up 2.52% year-to-date and nearly doubling over the past year.
The cement producer recorded one of the most dramatic earnings surges among large-cap stocks. Profit after tax rose to N289.86 billion in the nine months ended September 30, 2025, a 492% increase from N48.97 billion in the same period of 2024.
The key driver was a sharp swing in foreign-exchange performance. The company recorded a net exchange gain of N21.63 billion in 2025, reversing a N57.44 billion loss the previous year. The shift highlighted how currency stability reshaped profitability across capital-intensive sectors.
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% of the equity market. Shares closed at N6,700.00 on January 16, 2026, up 15.3% year-to-date.
The energy company is on track for its strongest year since listing following the acquisition of French firm Maurel & Prom’s 20.07% stake by Heirs Energies Limited in a $500 million deal. The transaction strengthened indigenous ownership of Nigeria’s oil and gas assets and boosted investor sentiment around Seplat’s growth prospects.
GTCO Plc — N3.30 trillion (now N3.6trn)
Guaranty Trust Holding Co. ranked seventh with a market capitalisation of N3.30 trillion, but its valuation has risen to about N3.6 trillion, or 3.39% of the equity market.
Shares closed at N98.95 on January 16, 2026, up 9.1% year-to-date and more than 70% over the past year. The bank’s performance reflected improved earnings, strong capital buffers, and renewed investor appetite for Nigerian banking stocks as the sector undergoes recapitalisation.
Aradel Plc — N2.91 trillion (now N3.27trn)
Aradel Holdings ranked eighth with a market capitalisation of N2.91 trillion, rising to about N3.27 trillion, or 3.07% of the equity market.
Shares closed at N752.10 on January 16, 2026, up 12.3% year-to-date. The steady gains reflect growing investor interest in mid-sized energy and industrial plays that benefit from domestic production and reduced exposure to currency shocks.
Geregu Plc — N2.85 trillion
Geregu Power Plc ranked ninth in 2025 but has since slipped to tenth, with a market capitalisation of N2.85 trillion, representing about 2.68% of the equity market. The stock shed 0.74% 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 a market capitalisation of N2.53 trillion, but has since moved to ninth, overtaking Geregu with a market cap of about N2.87 trillion, or 2.7% of the equity market.
Shares closed at N69.85 on January 16, 2026, up 13% year-to-date and nearly 52% over the past year. The bank’s recovery reflected stronger earnings, disciplined cost management, and improved investor confidence in the sector as macroeconomic conditions stabilised.
What This Means for the NGX
The 2025 re-rating shows how quickly sentiment can shift in Nigeria’s capital market once macroeconomic stability begins to return. While the rally was concentrated in a few large-cap names, it signals renewed investor confidence in the earnings power of Nigeria’s biggest companies.
As 2026 progresses, the market will be watching whether these valuations can be sustained amid continued inflation pressures, currency volatility, and policy uncertainty. For now, however, the strong performance of these firms underscores the value of quality businesses with pricing power, strong cash generation, and resilience in turbulent economic conditions.
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