The Nigerian Exchange (NGX) has witnessed a historic concentration of value, with a select group of 22 companies now commanding individual market capitalisations exceeding N1 trillion. This milestone, recorded as of November 28, 2025, underscores a significant shift in the dynamics of Nigeria's equity market, where a small fraction of listed entities now holds the overwhelming majority of investor wealth and attention.
The Titans of the Nigerian Exchange
Out of the 147 companies listed on the NGX, this elite club of 22 firms collectively boasts a staggering valuation of N80.024 trillion. This figure represents a dominant 87.85 per cent of the total market capitalisation of N91.089 trillion, highlighting an intense focus of capital in a handful of stocks.
Leading the valuation chart is BUA Foods, which has solidified its position as Nigeria's most valuable listed company with a market cap of N12.465 trillion. Its dominance is attributed to robust demand for staple food products and significant pricing power within the sector.
The infrastructure and construction sector remains a cornerstone of market value. Dangote Cement follows with a valuation of N9.021 trillion, while BUA Cement stands at N5.418 trillion. Lafarge Africa further reinforces the sector's strength with a N2.158 trillion market cap.
Sectoral Powerhouses Driving Value
Nigeria's telecommunications giants continue to be pivotal market anchors. MTN Nigeria Communications (MTNN) is valued at N9.881 trillion, with Airtel Africa not far behind at N8.531 trillion. Their growth is fueled by expanding data consumption and the ongoing digital transformation across the country.
The financial services sector provides a bedrock of investor confidence. Guaranty Trust Holding Company (GTCO) leads the banking pack at N3.147 trillion, followed by Zenith Bank (N2.464 trillion). Other banking giants in the trillion-naira league 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).
Energy and agribusiness firms have also carved out significant space. Seplat Energy is valued at N3.485 trillion, and Transcorp Power at N2.303 trillion, reflecting investor interest in energy reforms. In agribusiness, Presco (N1.450 trillion) and Okomu Oil (N1.058 trillion) benefit from favourable palm oil markets.
Implications of High Market Concentration
This unprecedented concentration of market value in just 22 stocks is a double-edged sword. Market analysts note that it reflects a strong investor preference for companies with stable earnings, proven scale, and robust corporate governance. These stocks offer perceived safety and liquidity in a sometimes volatile economic climate.
However, experts have raised concerns about the imbalance. David Adonri, Vice Chairman of Highcap Securities Limited, has emphasised the need for more large-scale companies to list on the NGX. He argues that attracting giants like the NNPCL and the Dangote Refinery to the public market would be crucial for deepening liquidity, broadening wealth creation opportunities for Nigerians, and better aligning the capital market's size with the actual scale of the national economy.
For now, the market direction and a vast majority of capital flows are dictated by this powerful group of 22, whose full list is: 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, and Okomu Oil.
