22 Nigerian Stocks Now Worth Over ₦1 Trillion as NGX Concentration Deepens

The Nigerian Exchange (NGX) is seeing more “big players” dominate the market, with 22 listed companies now valued at over ₦1 trillion each as of November 28, 2025. This group is drawing most of the investor attention and largely shaping how the stock market moves.

Out of the NGX’s 147 listed companies, these trillion-naira stocks were valued at about ₦80.024 trillion, which is roughly 87.85% of the total market capitalisation of ₦91.089 trillion. In simple terms: a small number of companies now carry most of the market.

Consumer and Industrial Giants Lead the Pack

At the top is BUA Foods, now the most valuable listed company on the NGX with a market value of ₦12.465 trillion. Analysts link its strong position to steady demand for food products and its ability to maintain pricing.

In the industrial space, Dangote Cement was valued at ₦9.021 trillion, while BUA Cement stood at ₦5.418 trillion. Lafarge Africa, valued at ₦2.158 trillion, also remains one of the market’s heavyweights—showing how important construction and infrastructure are to Nigeria’s economy.

Telecom Stocks Remain Strong

Nigeria’s telecom sector continues to hold firm. MTN Nigeria was valued at ₦9.881 trillion, while Airtel Africa stood at ₦8.531 trillion, helped by growing demand for data and digital services.

Banks Still Anchor Investor Confidence

Financial services remain a major backbone of the NGX. GTCO led among the banks at ₦3.147 trillion, followed by Zenith Bank at ₦2.464 trillion.

Other banks in the trillion-naira bracket include Stanbic IBTC Holdings (₦1.670 trillion), UBA (₦1.496 trillion), First HoldCo (₦1.3 trillion), and Access Holdings (₦1.120 trillion). Their strong earnings records and dividend history continue to attract long-term investors.

Energy, Power, and Agriculture Also Featured

In energy, Seplat Energy was valued at ₦3.485 trillion, while Transcorp Power stood at ₦2.303 trillion, reflecting increased interest in Nigeria’s power and energy reforms.

Agribusiness also made the list. Presco (₦1.450 trillion) and Okomu Oil (₦1.058 trillion) benefited from strong palm oil demand and export opportunities.

Breweries, Hospitality, and Diversified Companies Join the Trillion Club

The consumer and service sectors also featured strongly, with Nigerian Breweries (₦2.068 trillion), International Breweries (₦1.935 trillion), and Nestlé Nigeria (₦1.411 trillion) on the list.

In hospitality, Transcorp Hotels was valued at ₦1.791 trillion, while Aradel Holdings stood at ₦2.998 trillion.

Full List Mentioned in the Report

The companies named in the report include: 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, Okomu Oil.

Why This Concentration Matters

Market analysts say this level of concentration shows where investors trust the strongest usually big firms with scale, stronger governance, and stable earnings. But it also raises a concern: if only a few companies control most of the market value, overall market liquidity and broad wealth creation can suffer.

Some experts have called for more major Nigerian companies to list on the NGX to widen the market, attract more capital, and better match Nigeria’s economy with its capital market strength.