Full List: 10 Biggest Companies in Nigeria by Market Value
- The latest list of the 10 most valuable companies in Nigeria have emerged dominated by conglomerates and telecommunications giants.
- BUA Foods PLC leads the ranking as the most valuable company, followed closely by MTN Nigeria PLC and Dangote Cement PLC
- Overall, the top 10 companies in 2025 were dominated by industrials, telecommunications, and energy firms
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The combined market value of Nigeria’s 10 biggest publicly listed companies reached N64.98 trillion in 2025, driven by strong gains across consumer goods, telecommunications, banking, and industrial sectors.
BUA Foods Plc led the pack with a market capitalization of N14.38 trillion followed by MTN Nigeria Plc with N10.73 trillion and Dangote Cement Plc.
Source: Getty Images
Overall, the top 10 companies in 2025 were dominated by industrials, telecommunications, and energy firms, with only two banks making the list, highlighting the growing influence of non-financial sectors in Nigeria’s equity market.
What is Market capitalisation?
Market capitalisation refers to the value of a company as determined by the stock market.
It is calculated by multiplying the company's current share price by the number of shares outstanding.
Here is a breakdown of the 10 biggest companies in Nigeria
The ranking is based on the banks' market capitalisation as at the end of December 2025, which was captured by Cowry assets
BUA Foods – N14.38 trillion
In 2025, BUA Foods emerged as Nigeria’s most valuable company, boasting a market capitalisation of N14.38 trillion. The company’s shares opened the year at N415 and closed at N798.90, representing a remarkable 93% gain, driven by strong revenue growth and investor confidence in its diversified food operations.
MTN Nigeria – N10.73 trillion
MTN Nigeria followed closely, recording a market capitalisation of N10.73 trillion. Shares opened at N200 and closed at N511, achieving an impressive 156% gain, fueled by expanding mobile and data services, network improvements, and strong investor appetite.
Dangote Cement – N10.28 trillion
Africa’s richest man, Aliko Dangote, retained a top spot with Dangote Cement, valued at N10.28 trillion. The stock rose from N478.80 to N609, a 27% gain, reflecting steady performance in Nigeria’s construction and industrial sectors.
Airtel Africa – N8.53 trillion
Airtel Africa closed 2025 with a market capitalisation of N8.53 trillion. Shares opened at N2,156.90 and ended the year at N2,270, marking a 5% gain, supported by extensive network coverage and a growing subscriber base.
BUA Cement – N6.04 trillion
Another of Abdulsamad Rabiu’s companies, BUA Cement achieved a market value of N6.04 trillion. The stock rose from N93 to N178.50, a 92% increase, driven by strong performance in the Nigerian cement market.
Seplat Energy – N3.42 trillion
Seplat Energy ended 2025 with a market capitalisation of N3.42 trillion. Shares moved from N5,700 to N5,809, posting a modest 2% gain as the company navigated global energy market volatility.
Guaranty Trust Holding Company – N3.30 trillion
GTCO remained the one of the two banks in the top 10, valued at N3.30 trillion. Shares opened at N57 and closed at N90.70, a 59% gain.
Source: Getty Images
Aradel Holdings – N2.91 trillion
Aradel Holdings recorded a market value of N2.91 trillion. Shares rose from N598 to N670, a 12% gain, reflecting steady growth and strategic market expansion.
Geregu Power – N2.85 trillion
Geregu Power closed 2025 with a market capitalisation of N2.85 trillion. Shares slightly declined from N1,150 to N1,141.50, a -1% return, reflecting sectoral challenges in Nigeria’s power industry.
Zenith Bank – N2.54 trillion
Zenith Bank, the second bank in the top 10, posted a market value of N2.54 trillion. Shares rose from N45.50 to N61.80, a 36% gain, demonstrating resilience and sustained investor confidence.
Banks with the highest value
Earlier, Legit.ng reported that Guaranty Trust Holding Company Plc has emerged as the most valuable commercial bank in Nigeria based on market capitalisation.
Data obtained from the Nigerian Exchange showed that the combined market capitalisation of seven financial institutions listed on the NGX stood at N13 trillion.
Source: Legit.ng
