As of the close of trading on Friday, just 20 companies listed on the Nigerian Exchange (NGX) now account for an overwhelming 81.16% of the market’s total capitalization, according to new data independently gathered by Palmwine Press.
Together, these corporate giants are valued at a combined ₦41.385 trillion, reinforcing their dominant presence in the Nigerian capital market.
MTN Nigeria Tops the Chart
Leading the pack is MTN Nigeria Communications Plc, which has secured its position as the most valuable publicly traded company on the NGX. The telecoms leader holds a market valuation of ₦10.077 trillion, edging out legacy firms like Dangote Cement, Airtel Africa, and BUA Foods.
Dangote Cement Surpasses Airtel Africa
In a significant market shift, Dangote Cement Plc has overtaken Airtel Africa, now ranking second with a market cap of ₦8.914 trillion. Airtel Africa, which has long held a top-three position, drops to fourth place with a slightly lower valuation of ₦8.683 trillion. Market analysts attribute this decline to limited share circulation due to concentrated ownership, which restricts trading activity.
BUA Foods Rises, Cementing Consumer Sector Strength
Holding third place is BUA Foods Plc, now valued at ₦8.701 trillion. As a prominent name in the consumer goods space, BUA Foods is attracting investor attention, with market watchers predicting that its valuation could climb further in the coming quarters.
Just behind BUA Foods is its sister company, BUA Cement Plc, now in fifth position. After a strong rebound in earnings, BUA Cement’s market capitalization has surged to ₦5.01 trillion, making it a key player among the elite group of firms with valuations above ₦1 trillion.
GTCO Breaks Into Top Six as Leading Bank
Guaranty Trust Holding Company (GTCO) is the highest-ranking financial institution on the list, placing sixth with a market value of ₦3.624 trillion. GTCO’s forward-thinking strategies—such as its London Stock Exchange ambitions—and a solid governance framework have earned it a lower risk profile, enhancing investor confidence.
Following GTCO closely is Zenith Bank Plc, which closed the week with a valuation of ₦3.141 trillion. The bank, headquartered in Ajose Adeogun, Lagos, remains a strong competitor, with analysts expecting steady dividend declarations despite mounting regulatory expenses linked to recent policy adjustments.
Power and Energy Firms Gain Ground
In the power sector, Geregu Power Plc retains its position as a sector leader with a valuation of ₦2.853 trillion. Despite this strong standing, its stock price has shown limited movement in response to financial results or broader market shifts.
Lafarge Africa Plc (WAPCO), another key player in Nigeria’s cement industry, ranks ninth with a market capitalization of ₦2.4 trillion, tying with Transcorp Power, which is rapidly gaining traction in the energy space.
Full List of Top 20 Dominant Firms on NGX:
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MTN Nigeria – ₦10.077 trillion
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Dangote Cement – ₦8.914 trillion
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BUA Foods – ₦8.701 trillion
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Airtel Africa – ₦8.683 trillion
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BUA Cement – ₦5.01 trillion
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GTCO – ₦3.624 trillion
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Zenith Bank – ₦3.141 trillion
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Geregu Power – ₦2.853 trillion
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Lafarge Africa (WAPCO) – ₦2.4 trillion
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Transcorp Power – ₦2.4 trillion
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International Breweries – ₦2.32 trillion
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Aradel Holdings – ₦2.26 trillion
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UBA – ₦2.02 trillion
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Stanbic IBTC – ₦1.61 trillion
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Presco Plc – ₦1.55 trillion
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Transcorp Hotels – ₦1.53 trillion
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Nestlé Nigeria – ₦1.498 trillion
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Access Holdings – ₦1.492 trillion
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First Bank Holdings – ₦1.398 trillion
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Fidelity Bank – ₦1.06 trillion
Conclusion: Corporate Titans Drive Market Sentiment
These top 20 companies do more than just dominate the Nigerian Exchange—they shape overall investor sentiment, direct capital flow, and influence the broader trajectory of the Nigerian economy. As sector leaders across telecoms, consumer goods, cement, banking, and energy, they serve as bellwethers for the NGX’s performance and strategic outlook.
For investors, analysts, and policymakers alike, the concentrated strength of these firms highlights the importance of monitoring their movements—not only for individual portfolio growth but also for understanding broader market dynamics in Nigeria’s evolving economic landscape.
