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 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.
