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:
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.
