BUA Foods Plc has overtaken MTN Nigeria and Dangote Cement to become the most valuable listed company on the Nigerian Exchange (NGX), reaching a market capitalisation of ₦10.35 trillion.
The surge was driven by increased activity in the consumer goods index, with investors betting on BUA Foods’ ability to sustain earnings growth. However, like other billionaire-controlled companies, the majority of shares remain tightly held.
BUA Group Chairman Abdulsamad Rabiu owns 89.85% of the company directly and 2.78% indirectly, while Rabiu Abdulsamad Isyaku holds 2.63%. The firm’s free float stands at 5.02% or ₦390.44 billion, meeting NGX Main Board requirements.
Meanwhile, MTN Nigeria’s market value slipped to ₦9.66 trillion from its recent ₦10.077 trillion high as post-earnings profit-taking set in. Dangote Cement Plc followed closely with a valuation of ₦9.736 trillion, its highest in 52 weeks, buoyed by strong H1 earnings.
Market data shows Dangote Industries Limited controls 87.28% of Dangote Cement, with Stanbic IBTC Nominees holding 5.43% and other insiders owning 2.5%, leaving a free float of 4.79%. Airtel Africa Plc remained at ₦8.683 trillion, with its closely held structure keeping the stock relatively stagnant despite earnings reports.
