17 Companies Listed on Nigerian Stock Market Surpass Billion Dollar Capitalisation
In a year marked by economic recalibration, the Nigerian stock market has accomplished an extraordinary achievement: establishing the largest aggregation of billion-dollar stocks within a seven-month span in its history.
As of July 31, 2025, at least 17 companies listed on the Nigerian Exchange (NGX) have attained market capitalizations surpassing $1 billion, according to an analysis by Nairametrics.
Collectively, these entities now possess a combined worth exceeding $45.15 billion (N69.978 trillion), reflecting an increase of $11.7 billion (N18.2 trillion) over seven months.
This phenomenon is not merely indicative of bullish sentiment; it is a confluence of robust fundamentals and favorable market dynamics.
Numerous Nigerian stocks commenced the year significantly undervalued, trading at low price-to-earnings (P/E) multiples in comparison to their emerging-market counterparts.
Currency devaluation rendered Nigerian equities even more enticing to dollar-based investors, making them “cheap” in real terms.
Meanwhile, enhanced corporate earnings across the banking, cement, telecoms, and consumer goods sectors have bolstered the market’s allure.
Local institutional investors, previously largely focused on money market and fixed income securities, have progressively shifted their allocations into equities, particularly as returns have outstripped those of safer assets.
The market delivered a 16.5% return in July alone, marking its best monthly performance this year. This rally has solidified the NGX as one of the top-performing markets globally in 2025.
Nairametrics analysts anticipate the bullish trend may endure as more investors rebalance their portfolios toward stocks, especially with yields in fixed income markets beginning to normalize.
Yet, despite this optimism, equities still garner significantly less institutional capital compared to treasury bills, bonds, and money market placements—suggesting further potential for growth if allocation shifts persist.
Who, then, are the luminaries of this rally? Among the most notable new entrants into the billion-dollar club are UBA, Lafarge Africa, Nigerian Breweries, International Breweries, Stanbic IBTC, and Presco Plc, all joining the ranks of seasoned giants such as Airtel Africa, Dangote Cement, BUA Foods, MTN Nigeria, Seplat Energy, Geregu Power, Transcorp Power, Aradel Holdings, BUA Cement, GTCO, and Zenith Bank.
Take Nigerian Breweries, for instance. After a challenging 2024, the company staged a remarkable comeback, augmenting its market value by N1.396 trillion ($901 million) to achieve a total market capitalization of approximately N2.387 trillion ($1.54 billion). Its stock soared by 141% year-to-date, driven by signs of financial recovery and renewed investor optimism.
GTCO also distinguished itself, contributing N1.485 trillion ($958 million) in market value by July 2025. With a market capitalization of N3.43 trillion ($2.2 billion) and shares reaching a 52-week high of N100.70, GTCO’s performance has been buoyed by strong investor sentiment and its secondary listing on the London Stock Exchange. Despite the surge, it trades at a modest 1.18x book value, suggesting potential for further growth if earnings remain robust.
BUA Cement added N1.4 trillion ($918 million) to achieve a valuation of N4.57 trillion ($2.95 billion), positioning it as the fifth-most valuable company on the NGX.
Then there’s International Breweries, arguably the market’s comeback story. Following a near-collapse in 2024, the stock has rallied an impressive 149% this year, adding $896 billion (N1.388 trillion) to its market capitalization. Now valued at $1.498 billion (N2.3 trillion), its P/E multiple of 42x reflects high expectations—but its H1 2025 pre-tax profit of N61.52 billion compared to a N150 billion loss in H1 2024 suggests it may be living up to the hype.
MTN Nigeria recorded the largest dollar gain among all listed companies thus far this year, adding a remarkable $3.684 billion (N5.711 trillion) to its market capitalization in 2025 alone. As of July 31, its total valuation had surged to N9.91 trillion ($6.393 billion), driven by a sustained rally in its share price, which closed at N472.
MTN’s performance underscores how strategic investor confidence, robust data revenue growth, and macro-driven currency tailwinds have converged to deliver outsized returns in a short period.
Other notable performances include:
Zenith Bank, which added $821 million, elevating its valuation to $2.027 billion.
Presco Plc, which gained $694 million, now valued at $1 billion.
Lafarge Africa, which crossed the threshold at $1.548 billion.
UBA, which entered the club at $1.3 billion.
Conversely, legacy giants such as BUA Foods and Airtel Africa maintained their commanding positions with market caps of $5.3 billion and $5.6 billion respectively, despite more modest year-to-date gains of $511 million and $372 million.
However, not every stock has participated in the rally. Some billion-dollar companies experienced declines in dollar terms even as they retained their status. Aradel Holdings saw a $191 million decline, closing with a cap of $1.486 billion, while Transcorp Power and Seplat Energy lost $193 million and $95 million respectively. Geregu Power experienced a minor dip of $14 million, ending the month with a market capitalization of $1.84 billion.
These declines highlight the dynamic nature of the market—while some stocks are surging on solid fundamentals or growth projections, others are facing correction pressures or cautious valuations.
With more institutional capital poised to shift into equities, the next six months could potentially redefine the Nigerian stock market’s standing on the global investment stage.
