Power Players Unveiled: Full List of 22 Nigerian Stocks Now Worth Over N1 Trillion
- 22 companies now exceed N1 trillion market capitalisation, shaping Nigeria's equity market dynamics
- BUA Foods leads as Nigeria's most valuable listed company, reflecting strong demand in the food sector
- Market concentration raises concerns; experts call for more listings to enhance liquidity and economic alignment
The Nigerian Exchange (NGX) has entered a new era of concentration and scale, with 22 listed companies crossing the N1 trillion market capitalisation threshold as of November 28, 2025.
This elite group now accounts for the bulk of investor attention, capital flows, and market direction, highlighting where confidence and liquidity are strongest in Nigeria’s equity market.
Source: Getty Images
Out of 147 listed companies, these 22 stocks alone are valued at N80.024 trillion, representing a staggering 87.85 per cent of the NGX’s total market capitalisation of N91.089 trillion.
1. Consumer and industrial giants dominate the top
Leading the pack is BUA Foods, Nigeria’s most valuable listed company, with a market capitalisation of N12.465 trillion. Strong demand for staple food products and pricing power have cemented its dominance.
Dangote Cement follows closely at N9.021 trillion, while BUA Cement commands N5.418 trillion, underscoring the importance of infrastructure and construction to Nigeria’s growth story.
Lafarge Africa, valued at N2.158 trillion, reinforces the sector’s heavyweight status.
2. Telecom titans hold firm
Nigeria’s telecom sector continues to shine, led by MTN Nigeria Communications (MTNN) at N9.881 trillion. Airtel Africa, with a valuation of N8.531 trillion, also remains a core pillar of the market, benefiting from rising data consumption and digital expansion.
3. Banks anchor investor confidence
Financial services remain central to the NGX’s structure. Guaranty Trust Holding Company (GTCO) leads the banking pack at N3.147 trillion, followed by Zenith Bank (N2.464 trillion).
Other trillion-naira banks include Stanbic IBTC Holdings (N1.670 trillion), United Bank for Africa (N1.496 trillion), First HoldCo (N1.3 trillion), and Access Holdings (N1.120 trillion).
Their strong earnings and dividend histories continue to attract long-term investors.
4. Energy, power, and oil palm make their mark
In the energy space, Seplat Energy boasts a valuation of N3.485 trillion, while Transcorp Power stands at N2.303 trillion, reflecting growing interest in power generation and energy reforms.
Agribusiness also features prominently, with Presco (N1.450 trillion) and Okomu Oil (N1.058 trillion) benefiting from strong palm oil prices and export demand.
5. Breweries, hotels, and diversified plays join
The consumer and services sectors are well represented by Nigerian Breweries (N2.068 trillion), International Breweries (N1.935 trillion), and Nestlé Nigeria (N1.411 trillion).
Hospitality and diversified holdings also shine, with Transcorp Hotels (N1.791 trillion) and Aradel Holdings (N2.998 trillion) rounding out the list.
Full list: 22 NGX stocks above N1trn market cap
BUA Foods, MTN Nigeria, Dangote Cement, Airtel Africa, BUA Cement, Seplat Energy, GTCO, Aradel Holdings, Zenith Bank, Transcorp Power, Lafarge Africa, Nigerian Breweries, International Breweries, Transcorp Hotels, Stanbic IBTC Holdings, UBA, Presco, Nestlé Nigeria, First HoldCo, Access Holdings, Okomu Oil.
Why market concentration matters
According to a report by Leadership, market analysts note that this heavy concentration reflects investor preference for stable earnings, scale, and proven governance. However, it also exposes an imbalance.
Vice Chairman of Highcap Securities Limited, David Adonri, has called for more large companies to list on the NGX.
Source: Getty Images
He argues that listings by giants such as NNPCL and Dangote Refinery would deepen liquidity, broaden wealth creation, and better align Nigeria’s capital market with the size of its economy.
For now, these 22 stocks remain the undisputed power brokers of the Nigerian Exchange.
How Nigeria’s banking giants conquered CBN Recap test
Legit.ng earlier reported that In an era of rising economic headwinds and relentless market pressures, Nigeria’s banking sector has once again found itself at a defining crossroads.
The Central Bank of Nigeria (CBN) has set an ambitious recapitalisation mandate, compelling banks to raise fresh capital by March 31, 2026.
The goal: strengthen balance sheets, improve resilience, and ensure the financial system can weather local and global shocks.
Source: Legit.ng
