In a commanding display of corporate dominance, just 20 publicly listed companies now control a staggering 81.16% of the total market capitalization of the Nigerian Exchange (NGX), as of the close of trading on Friday. These top-tier firms collectively represent a combined valuation of ₦41.385 trillion, solidifying their role as key movers of the Nigerian capital market.
Data independently sourced by BizWatch Nigeria reveals that MTN Nigeria Communications Plc, with a market valuation of ₦10.077 trillion, stands as the most valuable publicly traded entity on the NGX. This places the telecom giant ahead of traditional market heavyweights such as Airtel Africa, Dangote Cement, and BUA Foods.
Meanwhile, Dangote Cement Plc has made notable progress, overtaking Airtel Africa in valuation with its current standing at ₦8.914 trillion. This transition relegates Airtel Africa, which has maintained a leading position for years, to fourth place. Airtel Africa now has a market capitalization of ₦8.683 trillion, largely attributed to the limited activity on its shares due to tightly held ownership.
BUA Foods Plc, representing the consumer goods sector, holds third place with a valuation of ₦8.701 trillion. Analysts suggest the company has further potential for growth, with prospects of climbing higher among the elite NGX firms valued over ₦1 trillion.
Next in line is BUA Cement Plc, riding the momentum of a strong earnings rebound. Its recent market rally has pushed its capitalization to ₦5.01 trillion, placing it as the fifth most valuable company on the local bourse.
Guaranty Trust Holding Company (GTCO) becomes the first financial institution to break into the upper echelons of market valuation, occupying sixth place with a capitalization of ₦3.624 trillion. Analysts point to GTCO’s comparatively lower risk profile and strategic ambition—including a London Stock Exchange listing—as markers of robust governance and long-term vision.
Close behind is Zenith Bank Plc, with its stock closing at ₦3.141 trillion. As a top-tier rival to GTCO, the Ajose Adeogun-headquartered bank continues to maintain investor confidence ahead of its mid-year earnings release. Market observers say Zenith’s commitment to interim dividends remains firm, despite the regulatory costs associated with recent policy shifts.
Geregu Power Plc continues to maintain a stronghold in the power sector with a valuation of ₦2.853 trillion, although its share price has shown limited reaction to earnings reports or broader market changes.
Ranked ninth is Lafarge Africa Plc (WAPCO), rounding off the “cement oligarchy” with a valuation of ₦2.4 trillion. Transcorp Power follows closely in tenth place with the same market value, highlighting the growing influence of energy firms in Nigeria’s capital market.
Complete list of 20 firms that dominate Nigeria’s capital market includes:
- MTN Nigeria (₦10.077 trillion)
- Dangote Cement (₦8.914 trillion)
- BUA Foods (₦8.701 trillion)
- Airtel Africa (₦8.683 trillion)
- BUA Cement (₦5.01 trillion)
- GTCO (₦3.624 trillion)
- Zenith Bank (₦3.141 trillion)
- Geregu Power (₦2.853 trillion)
- Lafarge Africa (₦2.4 trillion)
- Transcorp Power (₦2.4 trillion)
- International Breweries (₦2.32 trillion)
- Aradel Holdings (₦2.26 trillion)
- UBA (₦2.02 trillion)
- Stanbic IBTC (₦1.61 trillion)
- Presco Plc (₦1.55 trillion)
- Transcorp Hotels (₦1.53 trillion)
- Nestlé Nigeria (₦1.498 trillion)
- Access Holdings (₦1.492 trillion)
- FirstBank Holdings (₦1.398 trillion)
- Fidelity Bank (₦1.06 trillion)
These companies not only define the Nigerian Exchange’s economic gravity but also shape investor sentiment and capital flows.
