The Nigerian Exchange (NGX) recorded significant growth in 2025, with total market capitalisation rising from N62.7 trillion at the end of 2024 to N99.38 trillion by December 31, 2025.
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The top 10 listed companies accounted for about N65 trillion of the total market value, representing 65.5% of the exchange.
These companies span sectors including banking, telecommunications, cement manufacturing, energy, and consumer goods.
Behind these firms are board chairmen responsible for overseeing governance, guiding long-term strategy, and ensuring board effectiveness.
While chief executives handle day-to-day operations, board chairmen focus on shareholder value, corporate direction, and institutional stability.
The list includes prominent bankers, industrialists, economists, lawyers, and politicians with decades of experience across various industries.
Below is a look at the board chairmen leading Nigeria’s 10 largest listed companies by market capitalisation in 2025.
Jim Ovia – Zenith Bank (Market Cap:N2.53 trillion)
Jim Ovia served as Chairman of Zenith Bank until his retirement on May 5, 2026, when Engr. Mustafa Bello succeeded him.
Zenith Bank ranked as the 10th most valuable company on the NGX in 2025, with a market capitalisation of N2.53 trillion, representing a 77.6% increase from N1.43 trillion in 2024. The bank’s strong market performance reflects sustained investor confidence and earnings growth.
Ovia founded Zenith Bank in 1990 and transformed it into one of Nigeria’s most profitable financial institutions.
Born in Agbor, Delta State, he began his career as a bank clerk before travelling to the United States for higher education. He holds a degree in Business Administration from Southern University, Louisiana, an MBA from the University of Louisiana, Monroe, and is also an alumnus of Harvard Business School.
Under his leadership, Zenith Bank grew into one of Africa’s leading banks with a strong reputation for profitability, innovation, and corporate governance. His retirement marked the end of an era for one of Nigeria’s most influential banking founders.
Abdulaziz Yari –Geregu Power (Market Cap: N2.85 trillion)
Abdulaziz Yari became Chairman of Geregu Power Plc in December 2025 following the resignation of Femi Otedola.
Geregu Power ranked ninth on the NGX with a market capitalisation of N2.85 trillion, representing 2.9% of the market. Although the valuation dipped slightly from N2.87 trillion in 2024, the company remained one of the most valuable power firms on the exchange.
Yari is a politician and currently represents Zamfara West in the Senate. He previously served as Governor of Zamfara State between 2011 and 2019. His educational background includes studies at Sokoto Polytechnic and Kebbi Polytechnic, alongside a Master’s degree in Finance and Investment Management from the University of Salford Manchester.
His appointment brought political and administrative experience into Geregu Power’s boardroom as the company continues to strengthen its position in Nigeria’s power sector. The company remains a key player in the country’s electricity generation industry.
Osten Olorunsola –Aradel Holdings (Market Cap: N2.91 trillion)
Osten Olorunsola became Chairman of Aradel Holdings Plc on July 9, 2025, succeeding Ladi Jadesimi.
Aradel ranked eighth on the NGX with a market capitalisation of N2.91 trillion, up 12% from N2.59 trillion in 2024. The growth reflected strong investor interest in indigenous energy companies.
Olorunsola has over three decades of experience in the oil and gas sector. After spending 10 years at Agip-ENI, he worked for 22 years at Shell International in senior corporate planning and commercial roles.
He later served as Director of Petroleum Resources and also played a key role in drafting Nigeria’s Petroleum Industry Bill.
A graduate of Geology from the University of Ilorin, Olorunsola is regarded as one of Nigeria’s leading energy experts. His experience across regulation, upstream operations, and energy policy has positioned him as a respected figure in the industry.
Suleiman Barau – GTCO(Market Cap:N3.30 trillion)
Suleiman Barau became Chairman of Guaranty Trust Holding Company Plc (GTCO) in April 2025, succeeding Hezekiah Oyinlola.
GTCO ranked seventh on the NGX in 2025 with a market capitalisation of N3.30 trillion, representing a remarkable 96.9% increase from N1.68 trillion in 2024.
Barau is an economist and seasoned banker who previously served as Deputy Governor of the Central Bank of Nigeria between 2007 and 2017. During his time at the apex bank, he played major roles in banking sector reforms, payment systems development, and monetary policy implementation.
He holds degrees from Ahmadu Bello University, the University of Jos, and the University of Bradford. His appointment to GTCO came as the banking group continued to strengthen its market leadership and investor appeal.
Udoma Udo Udoma –Seplat Energy (Market Cap: N3.48 trillion)
Udoma Udo Udoma serves as Chairman of Seplat Energy, which ranked sixth on the NGX with a market capitalisation of N3.48 trillion in 2025.
The company’s valuation increased from N3.35 trillion in 2024, supported by strong oil and gas sector performance.
A respected lawyer and corporate administrator, Udoma joined Seplat’s board in December 2023 as an Independent Non-Executive Director. He studied law at St. Catherine’s College, Oxford, where he earned degrees in Law and Jurisprudence.
Udoma has chaired several major Nigerian companies, including UAC Nigeria and Union Bank. He has also served on the boards of Unilever Nigeria, Linkage Assurance, and First Hydrocarbon Nigeria Limited, building a reputation for strong corporate governance.
Abdul Samad Rabiu – BUA Cement(Market Cap: N6.04trillion)
Abdul Samad Rabiu is Chairman of BUA Cement, Nigeria’s second-largest cement producer.
BUA Cement ranked fifth on the NGX with a market capitalisation of N6.04 trillion in 2025, representing a 92% increase from N3.14 trillion in the previous year.
The company benefited from strong investor demand, with its share price rising from N93 to N178.50 during the year.
Rabiu founded BUA Group and has built it into one of Nigeria’s largest industrial conglomerates spanning cement, food manufacturing, and infrastructure.
Born in Kano, Rabiu studied Economics at Capital University in Ohio, United States. As of May 2026, he ranked among Africa’s richest individuals with an estimated net worth of $18.6 billion.
Sunil Bharti Mittal – Airtel Africa (Market Cap:N8.53 trillion)
Sunil Bharti Mittal has served as Chairman of Airtel Africa since the company listed on the NGX in 2019. Airtel Africa ranked fourth in 2025 with a market capitalisation of N8.53 trillion, representing 8.6% of the market.
The telecom giant recorded a 5.2% increase in market value during the year as investor confidence remained strong. Airtel Africa’s shares continued to trade above the N2,000 mark after delivering consistent gains over the last two years.
Mittal is one of India’s leading businessmen and founder of Bharti Enterprises. He studied at Panjab University and was ranked among India’s richest individuals by Forbes in 2025 with a net worth of $34 billion.
Emmanuel Ikazoboh – Dangote Cement(Market Cap:N10.27 trillion)
Emmanuel Ikazoboh became Chairman of Dangote Cement Plc on July 25, 2025, succeeding Aliko Dangote.
Dangote Cement ranked third on the NGX with a market capitalisation of N10.27 trillion, reflecting a 26% increase from 2024.
Ikazoboh is an experienced corporate executive with over four decades of experience in financial management and corporate governance. He previously served as Group Chairman of Ecobank Transnational and started his career at Akintola Williams Deloitte.
His appointment marked a leadership transition at one of Africa’s largest cement producers. Dangote Cement remains a dominant player in Nigeria’s construction and infrastructure sectors.
Dr Ernest C. Ndukwe – MTN Nigeria(Market Cap:N10.72 trillion)
Dr Ernest Ndukwe is Chairman of MTN Nigeria and has served on the company’s board since 2018.
MTN Nigeria ranked second on the NGX with a market capitalisation of N10.72 trillion, representing an impressive 155.5% increase from 2024.
The telecom operator emerged as one of the strongest-performing large-cap stocks on the exchange during the year. Investor confidence was driven by improved earnings, subscriber growth, and stronger revenue performance.
Dr Ndukwe studied Electronic and Electrical Engineering at the University of Ife, now Obafemi Awolowo University. He has also attended executive programmes at Harvard, INSEAD, Columbia, IMD, and Lagos Business School.
Abdul Samad Rabiu – BUA Foods(Market Cap:N14.38 trillion)
Abdul Samad Rabiu also chairs BUA Foods Plc, which emerged as the most valuable company on the NGX in 2025.
The company recorded a market capitalisation of N14.38 trillion, representing 14.5% of the entire market.
BUA Foods’ valuation surged 92.5% from N7.47 trillion in 2024 as investors responded positively to earnings growth and strong consumer demand. The company remains one of Nigeria’s largest food manufacturing businesses with interests across sugar, flour, pasta, and rice production.
Rabiu founded BUA Group in 1988 and has since expanded it into one of Africa’s leading industrial groups. He previously chaired Tropical Continental Bank and Nigeria’s Bank of Industry and currently serves as President of the France-Nigeria Business Council.
