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:
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.
