The Nigerian stock market concluded a stellar year in 2025, with a significant number of listed companies generating exceptional wealth for shareholders. An analysis of the year's performance revealed that no fewer than 40 stocks on the Nigerian Exchange Limited (NGX) delivered returns exceeding 100% to investors, dramatically outpacing the broader market index.
Market Outperformance and Driving Factors
The remarkable gains achieved by these top-tier stocks far surpassed the performance of the market benchmark. As of December 22, 2025, the NGX All-Share Index (ASI) had posted a respectable year-to-date gain of 48.12%. However, the select group of 40 companies left this figure in the dust, with an impressive 11 stocks providing returns of over 200%.
Kunle Ajayi, a seasoned stock market analyst, attributed the explosive growth to a confluence of positive factors. In a discussion with Legit.ng, he pointed to favourable sector reforms, robust corporate earnings reports, consistent dividend payments, improved stability in the foreign exchange market, and strategic bargain hunting in fundamentally sound companies as the primary catalysts for the bullish run.
Top Performers and Wealth Creation Scenarios
The list of high-flying stocks was spread across key sectors of the economy, showcasing broad-based strength. To illustrate the scale of wealth generated, a hypothetical investment of N100,000 at the start of 2025 in these companies would have grown substantially by year's end.
NCR Nigeria, operating in the services sector, emerged as the undisputed champion. Its share price skyrocketed by an astonishing 1,354%. An initial N100,000 investment would have ballooned to approximately N1.45 million by December 22.
The manufacturing and consumer goods sectors were also well-represented among the leaders:
- Beta Glass surged by 470.11%, turning N100,000 into about N570,000.
- Mutual Benefits Assurance in the insurance sub-sector rose 408.20%, growing an investment to N508,000.
- Champion Breweries appreciated by 339.63%, making N100,000 worth roughly N439,000.
- Eunisell Interlinked (services) and Ellah Lakes (beverages) posted gains of 315.15% and 312.97% respectively.
- Guinness Nigeria and Vitafoam Nigeria both delivered returns above 311%.
- Sovereign Trust Insurance (255.36%) and NASCON Allied Industries (254.07%) rounded out the top ten, each turning a N100,000 stake into over N350,000.
Other notable companies that doubled or tripled investor wealth included Presco (205.26%), Ikeja Hotels (203.11%), UPDC (223.90%), Cadbury Nigeria (177.21%), Honeywell Flour Mills (181.75%), and MTN Nigeria Communications (165.85%). Established names like Nigerian Breweries, Nestle Nigeria, Unilever Nigeria, and the Nigerian Exchange Group itself also delivered robust returns ranging from 118% to 148%.
Analyst Review and Outlook for 2026
Reflecting on the year, investment firm Afrinvest Limited noted that 2025 was characterized by strong market participation, robust corporate earnings, attractive dividend payouts, and policy-driven reforms. The firm identified July and September as peak trading months, driven by heightened investor activity.
"Overall, 2025 recorded strong market participation, marked by sustained bullish sentiment punctuated by periodic profit-taking," Afrinvest stated. "Investor activity was buoyed by reform-driven developments, key policy implementation, and rising market awareness, collectively driving elevated trading volumes."
Looking forward to 2026, Afrinvest maintained a constructive outlook, projecting a 40.9% gain for the NGX-ASI. This forecast is predicated on several supportive factors: sustained price and naira stability, a gradual easing of monetary policy, improved corporate earnings, elevated pre-election liquidity, and aggressive capital mobilization by insurance companies and Pension Fund Administrators (PFAs). The potential listing of major companies like Dangote Petrochemicals also presents a significant upside.
The firm also outlined potential risks. Upside risks include stronger foreign exchange inflows and sharper disinflation. Conversely, downside risks encompass renewed inflationary pressures, foreign exchange volatility, weak participation from foreign investors, and delays in anticipated new listings on the exchange.
In a related notable transaction highlighting insider confidence, billionaire investor Tony Elumelu, Chairman of United Bank for Africa (UBA), alongside his wife, Dr. Awele Vivian Elumelu, recently increased their stake in the financial institution. Regulatory filings showed the couple purchased a total of 23,196,236 UBA shares in two separate transactions valued at N480.26 million.
