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:
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.
