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:
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.
