NGX’s $1 Billion Club Grows to 18 as Nigerian Market Booms in 2025
- As of August 1, the NGX All-Share Index has jumped by 37.25%, translating into a remarkable N26.61 trillion in capital gains
- In dollar terms, the market has added $17.4 billion in value, surging from $41.84 billion in January to $58.4 billion
- As a result, 18 listed companies now boast a market capitalisation of over $1 billion, nearly double the 10 companies that held such status in 2025
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian Exchange (NGX) has solidified its position as Africa’s hottest market in 2025. As of August 1, the NGX All-Share Index has increased by 37.25%, resulting in a remarkable N26.61 trillion in capital gains.
In dollar terms, the market has added $17.4 billion in value, surging from $41.84 billion in January to $58.4 billion.
Source: Getty Images
MTN, Dangote Cement lead the pack
This rally is largely fueled by strong investor confidence and a favourable macroeconomic environment.
As a result, 18 listed companies now boast a market capitalisation of over $1 billion, nearly double the 10 companies that held such status at the end of 2024.
MTN Nigeria is now the most valuable firm on the NGX, with a $6.6 billion market cap. The company’s share price has skyrocketed 140% year-to-date, crossing the N10 trillion mark.
Following closely is Dangote Cement, Africa’s largest cement producer, now worth $5.8 billion, with moderate but steady growth.
BUA Group dominates food, cement
BUA Foods has surged to a $5.7 billion market cap, cementing its position as Nigeria’s largest listed consumer goods company. BUA Cement also made impressive gains, reaching a value of $3.3 billion with a 59% year-to-date rise.
Billionaire Abdulsamad Rabiu's combined stake in both companies has played a pivotal role in driving his personal net worth above $6.8 billion.
Airtel, GTCO, Seplat maintain momentum
Airtel Africa mirrors BUA Foods in value, also worth about $5.7 billion. Meanwhile, GTCO Holdings stands as the top bank by market cap at $2.4 billion, thanks to a 119% price increase.
Seplat Energy, though seeing a slight 3% dip, remains in the billion-dollar league with $2.1 billion.
Banks join the billion-dollar list
Zenith Bank and UBA have stormed past the billion-dollar threshold, standing at $2.1 billion and $1.3 billion, respectively.
Stanbic IBTC Holdings and Geregu Power also make the cut, both enjoying year-to-date price surges above 100%.
This marks a strong showing for Nigeria’s financial institutions amid a recapitalisation push from the Central Bank of Nigeria (CBN).
Breweries, power firms and oil giants shine
Nigerian Breweries and International Breweries have each crossed the $1.5 billion mark after appreciating by 138% and 149% respectively.
Upstream player Aradel Holdings and Presco Plc — the palm oil giant with a 226% rally — also feature on the list.
Source: Getty Images
Transcorp Hotels, the sole hospitality name among the billionaires, rounds out the 18-company list with a $1 billion market cap after a 29% gain.
A market in full flight
The expansion of the billion-dollar club reflects a booming equities market and renewed investor interest in Nigerian assets.
With strong performances across diverse sectors — telecoms, cement, banking, agriculture, and oil- the NGX is becoming a magnet for global and domestic capital.
As 2025 progresses, even more companies are likely to join this elite club, further reshaping Nigeria’s financial landscape.
RC Investment buys N323bn First HoldCo shares
Legit.ng earlier reported that First HoldCo Plc has clarified widespread speculation surrounding a major N323 billion block share acquisition, distancing both its chairman, Femi Otedola, and the Nigerian government from the high-stakes transaction.
In a statement to the Nigerian Exchange Limited (NGX) and the public, the bank's holding company disclosed that RC Investment Management Limited, not any government agency or insider investor, was the buyer of the over 10 billion shares traded earlier in the week.
The deal had sparked widespread rumours, with some outlets suggesting that the federal government had taken control of a significant stake in the company as part of an alleged effort to assert influence in Nigeria’s oldest bank.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
