If you’ve been watching the Nigerian stock market lately, you’d know Q3 2025 was anything but dull. The All-Share Index climbed nearly 19%, and the big boys—the trillion-naira club, known fondly as SWOOTs (Stocks Worth Over One Trillion Naira)—did most of the heavy lifting.
These are not your run-of-the-mill stocks. When they move, the market listens. And this past quarter, they moved in style. Out of 22 SWOOTs, 17 ended in the green, many delivering double-digit returns. From banking to cement, from food to fuel, the heavyweights showed muscle—and investors couldn’t be happier.
Let’s talk about the 10 stars that truly outperformed.
10. Aradel Holdings (Up 19.53%) — Oil’s Lone Bright Spot
Oil and gas didn’t exactly have the best quarter, but Aradel refused to blend in with the gloom. The stock climbed 19.53% to close Q3 at ₦615, boasting a market capitalization of ₦2.67 trillion.
Revenue for H1 2025 jumped 37%, reaching ₦368 billion—mostly from crude and refined product sales. Even with administrative costs biting into profit, Aradel managed a ₦191 billion pre-tax profit. It’s a quiet reminder that while oil may have lost some shine, a well-run player still finds its rhythm.
9. FBN Holdings (Up 21.15%) — The Old Guard Isn’t Done Yet
FBN Holdings, one of Nigeria’s oldest financial names, proved that experience still counts. Its 21.15% gain in Q3 came on the back of impressive trading volumes and renewed investor confidence.
Interest income jumped a massive 61.9% to ₦812 billion, offsetting a small drop in pre-tax profit. And let’s be real—considering the turbulence in the financial sector earlier in the year, that’s a solid comeback.
8. Zenith Bank (Up 21.16%) — Consistency Is Its Trademark
Zenith Bank continues to do what Zenith does best—deliver. The stock gained 21.16% in Q3, pushing its year-to-date return above 52%. That’s serious momentum. With ₦625.6 billion in pre-tax profit and gross earnings of ₦2.5 trillion, the bank flexed its financial muscle. It even bumped up its interim dividend by 25%, because why not reward loyal shareholders?
7. UBA (Up 22%) — Africa’s Bank Keeps Beating Expectations
UBA isn’t just playing local—it’s going continental, and it shows. The stock climbed 22% in Q3 after a blistering July rally. Its pre-tax profit might’ve dipped slightly year-on-year, but ₦388 billion isn’t something to scoff at. With interest income topping ₦1.3 trillion, UBA remains the most agile of the Tier-1 banks. And honestly, when a Nigerian bank is growing across 20 African markets, you pay attention.
6. Nigerian Breweries (Up 23.73%) — Cheers to a Comeback
Now, here’s one that tells a story of recovery. Nigerian Breweries turned a ₦85 billion loss in H1 2024 into an ₦88 billion profit in 2025. Investors took notice—pushing the stock up 23.7% in Q3. Revenue soared 54% year-on-year to ₦738 billion, thanks to strong local demand and brand loyalty. You could say Nigerians never lost their taste for a cold one; the company just needed to get its cost structure right.
5. Stanbic IBTC (Up 28.24%) — Quietly Dominating the Banking Scene
Stanbic has this habit of flying under the radar until—boom—it tops the charts. With a 28.24% gain in Q3, it’s now among the top-performing banks this year.
Its pre-tax profit surged 65.8% to ₦243 billion, driven by strong interest income and efficient risk management. Plus, it crossed the ₦100 mark per share, a psychological milestone investors love.
4. Nestlé Nigeria (Up 28.97%) — A Sweet Turnaround
After a rough 2024, Nestlé came roaring back with a 28.97% rise in Q3. That’s what happens when your H1 profit swings from a ₦252 billion loss to an ₦88 billion gain.
Revenue grew 43%, and domestic demand stayed solid—proof that Nigerians still reach for familiar brands even when the economy’s tight. It’s a masterclass in resilience and pricing power.
3. BUA Foods (Up 37.19%) — Feeding Growth and Profits
Here’s where it gets interesting. BUA Foods, with a jaw-dropping ₦11.3 trillion market cap, surged 37.19% in Q3. It’s now the largest company on the Nigerian Exchange—and it’s behaving like one. Revenue hit ₦912 billion, while pre-tax profit climbed to ₦276 billion. For a food producer, that’s world-class efficiency. It’s not just growth—it’s dominance.
2. Lafarge Africa (Up 43.46%) — Building Momentum, Literally
Cement might sound boring, but not when you’re Lafarge. The stock jumped 43.46%, powered by higher cement sales and strong Q2 earnings. Pre-tax profit skyrocketed to ₦199 billion—up from just ₦46 billion a year ago. With ₦210 billion in cash and equivalents, Lafarge’s liquidity position looks rock-solid. Infrastructure spending is rising, and Lafarge is clearly riding that wave.
1. BUA Cement (Up 67.71%) — The Undisputed Champion
And at the top—BUA Cement, the juggernaut of the quarter. A whopping 67.71% surge made it the best-performing trillion-naira stock in Q3. Revenue hit ₦580 billion, while pre-tax profit leapt fivefold to ₦214.8 billion. By September, the stock had blown past ₦150, closing at ₦160—an investor’s dream run. It’s not just luck; BUA Cement has been expanding production capacity aggressively. Every new plant, every efficiency tweak—it all compounds.
Final Thoughts — When the Giants Dance
The Q3 rally wasn’t random. It reflected real growth in earnings, investor confidence, and a market rediscovering its energy after months of uncertainty. These SWOOTs aren’t just numbers on a chart—they’re the heartbeat of Nigeria’s corporate landscape. When they rise, portfolios smile, and the broader market finds its rhythm.
So, as we move into Q4, one question lingers: can they sustain this momentum? If history is any guide, Nigeria’s trillion-naira titans still have plenty of fire left.
