Top 10 largest companies in Nigeria by market capitalization in 2025 

The Nigerian Exchange (NGX) saw robust growth in 2025, with total market capitalisation rising from N62.7 trillion at the end of 2024 to N99.38 trillion by 31 December 2025.

As of 20 January 2026, the market has reached approximately N106 trillion, continuing its upward trajectory and representing a substantial share of Nigeria’s nominal GDP of N113.59 trillion.

Most of the companies in the current top 10 were already part of the list at the end of 2024, all drawn from a subset of large-cap stocks above N1 trillion, known as the SWOOTs.

By 31 December 2025, the smallest company in the top 10 had a market capitalisation of around N2.5 trillion, while overall, roughly 24 companies on the NGX were valued above N1 trillion.

Combined, the top 10 NGX companies were worth about N65 trillion, representing 65.5% of the total market.

While gains were recorded across mid- and large-cap stocks, the biggest companies still carry the most weight, with even small price movements noticeably affecting the All-Share Index.

Here are the top 10 companies by market capitalization in 2025:

Zenith Bank (N2.53trillion)

Zenith Bank ranked 10th with a market capitalisation of N2.53 trillion, accounting for 2.6% of the All-Share Index’s N99.3 trillion, with 41 billion shares listed on the Nigerian Exchange.

This marks a 77.6% year-on-year increase from N1.43 trillion in 2024, reflecting strong growth and significant appreciation in the company’s shares.

Building on steady growth, Zenith Bank’s share price climbed past N60 in 2025, closing the year at N61.80—representing a 35.8% gain from 2024.

The bank’s solid financial performance likely supported investor confidence, helping lift its share price and market capitalization over the period.

• Pre-tax profit for the first nine months reached N917.4 billion, supported by a 40.7% jump in interest income to N2.74 trillion.
• Non-interest revenue also grew 18.4% to N539.7 billion.

The bank’s total assets stood at N31.17 trillion, while customer deposits rose to N23.68 trillion. Shareholders’ equity reached N4.7 trillion, of which retained earnings accounted for N2.5 trillion.

Year to date, Zenith Bank is up 15.53% (+N394 billion) in 2026, with market capitalization of N2.93 trillion.

Geregu Power (N2.85 trillion) 

Geregu Power ranked 9th on the NGX in 2025, with a market capitalization of N2.85 trillion, representing 2.9% of the All-Share Index, based on 2.5 billion shares trading at N1,141.50 each.

While slightly down from N2.87 trillion at the end of 2024—a 0.7% decline—the stock remains a strong performer in market value.

The company’s standout year was 2024, when shares jumped 188% from N399 to N1,150, firmly securing its place among Nigeria’s N1 trillion-plus equities.

Even with a modest dip in 2025, Geregu Power stays well above the N2 trillion market-cap threshold, reflecting its resilience and steady appeal to investors.

The company’s strong financials are likely the driving force behind sustained investor sentiment.

• Revenue for 2025 rose 34.9% to N184.9 billion, with energy sales accounting for 88.4% of the total.
• Pre-tax profit grew slightly to N41.9 billion, while total assets climbed to N305 billion and retained earnings reached N57.3 billion.

Strategic corporate activity, including Femi Otedola’s sale of a 77% controlling stake in the company’s power distribution unit to MA’AM Energy Ltd for over $750 million, is likely to influence investor sentiment in 2026 when active trading returns.

Geregu Power has yet to record any price movement in 2026.

Aradel (N2.91 trillion) 

Aradel held the 8th position on the NGX, with a market capitalization of N2.91 trillion, representing 2.9% of the All-Share Index, based on 4.34 billion shares priced at N670 each.

Compared to N2.59 trillion in 2024, this reflects a 12% increase in the company’s value, accompanied by growth in its share price.

Since its listing on the Main Board of the Nigerian Exchange in October 2024 at N702.69 per share, Aradel has posted steady gains, with trading in mid‑January 2026 already above its listing price.

This performance is likely supported by strong financial results and partnerships with a consortium of energy firms through Renaissance Africa Energy, which has strengthened the company’s presence in the oil and gas sector.

The company recorded a 12.04% year-to-date gain in 2025, outperforming the NGX Oil & Gas Index, which declined by 1.54%. Momentum has carried into early 2026, with the stock up 12.25% so far, and analysts pointing to further upside.

Renaissance Capital Africa, for instance, forecasts a potential 62.6% gain from a reference price of N640.20, which could push the stock to N1,040.90.

Operationally, Aradel has shown strong growth:

• Revenue for the nine months ended 30 September 2025 rose 43% to N538.8 billion, up from N377.6 billion in 2024.
• Pre-tax profit climbed 57% to N300.7 billion, compared with N191.5 billion in the same period last year.

Year to date, Aradel is up over 12% in 2026.

GTCO (N3.30 trillion)

Guaranty Trust Holding Company (GTCO) occupied the 7th position on the NGX, with a market capitalisation of N3.30 trillion, representing 3.3% of the All-Share Index. Its 36.4 billion shares were priced at N90.70 each as of 31 December 2025.

Compared to N1.68 trillion in 2024, the bank’s market value has grown 96.9%, reflecting strong investor confidence and share price appreciation.

The bank has been a strong performer, building on gains recorded in 2024 and 2025. After surging past the N100 mark in 2025 and experiencing a brief pullback, the stock has regained momentum and is trading around N97.40 as of mid-January 2026.

Over 2025, the company recorded a 59.1% gain, reflecting both market confidence and solid operational results.

GTCO’s financials reflect this growth:

• Pre-tax profit for Q3 2025 reached N299.9 billion, up 39% year-on-year.
• Nine-month pre-tax profit totalled N900.8 billion, slightly down 26% from the previous year due to a high 2024 base.

Corporate strategy also played a role in the stock’s performance.

• In 2025, GTCO raised capital through the listing of 2.29 billion new ordinary shares on the London Stock Exchange, bringing in approximately $105 million.
• A dual offer on the NGX added over 2.28 billion ordinary shares of 50 kobo each, boosting liquidity and supporting share price appreciation.

Year to date, GTCO is up 7.39%, and is likely eyeing a move back above the N100 level in 2026.

Seplat (N3.48 trillion) 

Seplat Energy was 6th on the NGX, with a market capitalisation of N3.48 trillion, representing 3.5% of the Nigerian equities market as of 31 December 2025.

Its 599.9 million shares were priced at N5,809 each, while market capitalisation rose 3.9% from N3.35 trillion in 2024.

The company’s market impact has been built over a period of strong performance.

In 2024, Seplat surged over 146%, climbing from N2,310 to N5,700 per share, establishing itself as one of the most valuable energy stocks on the NGX.

While 2025 saw more modest gains of 1.91%, early January trading in 2026 has pushed the share price higher by 15.34%, reinforcing its N3 trillion market value.

Financially, Seplat continues to impress:

• Revenue for the first nine months of 2025 soared 213% year-on-year to N3.3 trillion, surpassing total revenue from 2020 to 2024 combined.
• Operating profit rose to N1.09 trillion, up from N411.3 billion, while pre-tax profit more than doubled to N878.9 billion from N366.7 billion the previous year.
• On the balance sheet, retained earnings stood at N314 billion, shareholders’ equity at N2.6 trillion, and total assets reached N9 trillion.

Seplat is already up 15.34% year to date, with positive sentiment likely building around a potential move above N7,000, should optimism in the oil and gas sector continue to improve in 2026.

BUA Cement (N6.04trillion)

BUA Cement occupied the 5th spot on the NGX in 2025, with a market capitalisation of N6.04 trillion, representing 6.1% of the All-Share Index, based on 33.8 billion shares trading at N178.50 each. The company’s value more than doubled from N3.14 trillion in 2024, marking a 92% increase.

BUA Cement delivered an impressive performance in 2025, with its share price rising from N93 to N178.5. This surge contributed significantly to the expansion of its market value, reflecting strong investor confidence in the cement giant.

Key financial highlights for the nine months ended September 2025 include:

• Profit after tax rose sharply to N289.9 billion, a 492% increase from the prior year, supported by improved foreign exchange gains and tighter cost management.
• Revenue grew 47.2% to N858.7 billion, driven by robust cement sales across domestic and export markets.

BUA Cement is up 2.52% year to date in 2026, and is likely to experience a pullback or further gains depending on the strength of its FY 2025 financial results.

Airtel Africa (N8.53 trillion)

Airtel Africa held the 4th position in 2025, with a market capitalisation of N8.53 trillion, representing 8.6% of the All-Share Index, based on 3.75 billion shares trading at N2,270 each.

On the exchange, the company’s value grew 5.2%, rising from N8.1 trillion recorded at the last trading day of 2024.

In 2025, the company’s shares gained 5.24% on the Nigerian Exchange, following a 14.3% increase the previous year, keeping the share price above the N2,000 threshold.

Financially, Airtel Africa has recorded measurable improvements:

• Revenue for the first half of 2025 rose 25.8% year-on-year to around $2.98 billion, reversing a prior decline.
• The company recovered from $179 million in foreign exchange losses, supported by gains from the Naira and other African currencies.

Although Airtel has yet to record any price movement as of mid-January 2026, bullish prospects could persist if the upcoming financials are strong.

Dangote Cement (N10.27trillion)

Dangote Cement ranked 3rd on the NGX, with a market capitalisation of N10.27 trillion, representing 10.4% of the All-Share Index. The company’s 16.87 billion shares were trading at N609 each as of the last trading day of 2025.

Compared to 2024, Dangote Cement’s value on the Nigerian equities market has risen 26%, up from N8.15 trillion.

In 2025, the company’s shares gained 27% on the Nigerian Exchange, following a 49.7% increase the previous year, keeping the share price above the N600 threshold and supporting its market value.

Key financial highlights for the nine months ended September 2025 include:

• Pretax profit reached N1.04 trillion, up 156.2% year-on-year, supported by robust sales.
• Revenue increased 23.2% to N3.15 trillion, from N2.56 trillion in the same period in 2024, with Nigeria accounting for over two-thirds of group revenue.

Dangote Cement is already up 4.27% in 2026, and strong financials alongside positive corporate actions could push it above N700.

MTN Nigeria (N10.72trillion)

MTN Nigeria occupied the 2nd position on the NGX in 2025, with a market capitalisation of N10.72 trillion, representing 10.8% of the All-Share Index. Its 20.9 billion shares were priced at N511 each.

The growth in value has been impressive, up 155.5% from N4.1 trillion, which the company’s shares were valued at in 2024.

After falling 24% in 2024, MTN bounced back in 2025, with shares up 155.5%, pushing market value above N12 trillion, likely boosted by improved financial performance.

Financially, the company delivered significant recovery:

• Pre-tax profit for the nine months ended 30 September 2025 rose to N1.12 trillion, reversing a loss of N713.6 billion in the same period the previous year.
• Revenue for the period reached N3.73 trillion, driven by strong growth across multiple services. Data revenue led the way at N1.97 trillion, a 73% year-on-year increase, accounting for over 53% of total revenue. Voice revenue grew 48% to N1.19 trillion from N803.95 billion.

The recovery was supported by expanding smartphone penetration, increased data usage, and fintech adoption.

These trends have likely strengthened investor confidence, contributing to both the rise in share price and MTN’s market capitalisation.

MTN Nigeria is up 13.50% year to date, with prospects of moving above N600, supported by strong financials.

BUA Foods (N14.38 trillion)

BUA Foods held the top spot on the NGX, with a market capitalisation of N14.38 trillion, representing 14.5% of the All-Share Index. Its 18 billion shares were priced at N798.90 each as of 31 December 2025.

Compared to 2024, the company’s value soared 92.5%, rising from a market capitalisation of N7.47 trillion.

In 2025, the company’s shares rose 92.5%, breaking the N700 mark for the first time, slightly below the 114.6% gain recorded in 2024, with improved sales likely fueling investor appetite.

Financially, BUA Foods reported strong results for the nine months ended September 2025:

• Q3 pre-tax profit reached N156 billion, up 99.4% from N78.46 billion in the same period of 2024.Nine-month pre-tax profit rose 101% to N432 billion from N215 billion the previous year.
• Total assets grew 13.4% year-on-year to N1.24 trillion, supported by higher receivables and due-from-related-company balances.
• Shareholders’ equity rose 40% to N600.33 billion, fueled by a 41% increase in retained earnings.

BUA Foods has yet to record any price movement in 2026, but a short-term retracement is possible, likely followed by a continuation upward.