The Nigerian Exchange (NGX) has emerged as one of Africa?s best-performing markets in 2025, with the All-Share Index soaring by 37.25 percent year-to-date as of August 1.

This rally has unlocked a staggering N26.61 trillion in capital gains, pushing the total market capitalization from N62.76 trillion at the start of the year to N89.37 trillion. In dollar terms, the NGX has appreciated by $17.4 billion, rising from $41.84 billion to $58.4 billion.

Driving this remarkable surge is a wave of investor momentum that has propelled more Nigerian companies into the billion-dollar valuation club. At the end of 2024, only 10 companies listed on the NGX had a market capitalization of $1 billion or more. As of August 1, that number has nearly doubled to 18.

The exchange rate used for August 1 was N1,530/$, while the rate at the start of 2025 was N1,500/$. Below is a list of companies that have crossed the $1 billion mark in market capitalisation.

MTN Nigeria ? $6.6 billion

At the close of trading on August 1, MTN Nigeria surpassed the N10 trillion cap mark, after hitting a record-high share price of N480. Year-to-date, the stock has appreciated by 140 percent, moving from N4.2 trillion at the start of the year.

In USD terms, MTN started 2025 with a market cap of $2.8 billion.

2. Dangote Cement ? $5.8 billion

Africa?s largest cement producer, Dangote Cement has a market cap of $5.8 billion as of August 1. The company has appreciated by 9 percent year-to-date, moving from N8.2 trillion to N8.9 trillion. In USD terms, the market cap moved from $5.4 billion to $5.8 billion in seven months.

3. BUA Foods ? $5.7 billion

The largest consumer goods equity listed on the NGX, BUA Foods has a market cap of $5.7 billion as of August 1. In 2025, the company has appreciated by 16 percent, moving from N7.5 trillion to N8.7 trillion as of August 1.

The company?s capital gain has returned about $700 million to shareholders, as it started 2025 with a $5 billion market cap.

4. Airtel Africa ? $5.7 billion

Airtel Africa has a market cap of $5.68 billion, slightly lower than BUA Foods? $5.69 billion market cap. In 2025, Airtel Africa has appreciated 7 percent year-to-date, moving from N8.1 trillion to N8.7 trillion.

5. BUA Cement ? $3.3 billion

BUA Cement, also owned by billionaire Abdulsamad Rabiu has a $3.3 billion market cap. In 2025, the stock has appreciated by 59 percent year-to-date, moving from N3.1 trillion to N5 trillion.

Abdulsamad Rabiu?s 96 percent stake in BUA Cement plus his 95 percent stake in BUA Foods are the major drivers of his $6.82 billion net worth.

6. GTCO Holdings ? $2.4 billion

GTCO Holdings is the largest bank in Nigeria in terms of market capitalization, with a $2.4 billion valuation. However, the bank is smallest among its peers in terms of asset size.

In 2025, the group has appreciated by a whopping 119 percent, from N1.7 trillion to N3.6 trillion. And in USD terms, the stock has move from a market cap of $1.1 billion to $2.4 trillion during the year.

7. Seplat Energy ? $2.1 billion

As of August 1, Seplat has a market cap of $2.1 billion, marking a marginal 3 percent decline from $2.2 billion at the start of the year. The company?s market cap dropped from N3.4 trillion at the start of the year to N3.3 trillion.

8. Zenith Bank ? $2.1 billion

Zenith Bank has a market cap of $2.05 billion, below Seplat?s $2.14 billion. At the start of 2025, the bank had a market cap of $952 million, about N1.4 trillion. After appreciating by 120 percent in seven months, the market cap has hit N3.1 trillion.

9. Geregu Power ? $1.9 billion

As of August 1, Geregu Power had a market cap of N2.85 trillion, about $1.9 billion. This represents a year-to-date decline of 1 percent, from N2.88 trillion at the start of the year. In USD, the stock had a market cap of $1.92 billion at the start of 2025.

10. Lafarge Africa ? $1.6 billion

Cement maker, Lafarge Africa, joins Dangote and BUA on the list of cement makers valued over $1 billion. As of August 1, the company had a market cap of N2.4 trillion, marking a 113 percent year-to-date growth from the N1.1 trillion recorded at the start of 2025.

11. Transcorp Power ? $1.6 billion

In 2025, Transcorp Power has posted a year-to-date decline of 11 percent to a market cap of N2.4 trillion, about $1.6 billion. At the start of 2025, the company had a market cap of N2.7 trillion.

12. Nigerian Breweries ? $1.5 billion

Nigerian Breweries has a market cap of N2.35 trillion, or $1.54 billion. In 2025, the stock has appreciated by 138 percent, moving from a market cap of N991.5 billion, or $661 million at the start of the year.

13. International Breweries ? $1.5 billion

International Breweries has a market cap of N2.3 trillion, or about $1.52 billion. The stock has appreciated by 149 percent year-to-date, from a market cap of N934 billion, or $623 million at the start of 2025.

14. Aradel Holdings ? $1.5 billion

Upstream oil player, Aradel Holdings, has a market cap of N2.26 trillion, about $1.48 billion. At the start of 2025, the stock had a market cap of $1.73 billion, about N2.6 trillion. However, the stock has declined by 13 percent year-to-date, reflecting the broader downturn in oil and gas equities on the exchange.

15. UBA ? $1.3 billion

United Bank for Africa (UBA) is the third largest bank in terms of market capitalization with a market cap of N2 trillion, or $1.3 trillion. In 2025, the company has appreciated by 74 percent, from a market cap of N1.16 trillion at the start of the year, or $775 million.

16. Stanbic IBTC Holdings ? $1.05 billion

Following UBA closely is Stanbic IBTC Holdings, with a market cap of N1.6 trillion, or $1.05 billion. In 2025, the stock has appreciated by 115 percent year-to-date from N746.3 billion at the start of the year.

17. Presco ? $1.01 billion

Palm oil giant, Presco Plc, appears on the list, cementing a stellar year for the company. With a market capitalization of N1.55 trillion, or $1.01 billion, the company has recorded a 226 percent year-to-date gain. At the start of 2025, the stock had a market cap of N475 billion, about $317 million.

18. Transcorp Hotels ? $1 billion

Transcorp Hotels Plc is the only hospitality group on the list with a N1.53 trillion market cap, or about $1.003 billion. In 2025, the stock has recorded a 29 percent year-to-date gain, after beginning the year with a N1.2 trillion market cap, about $792 million. (BUSINESS DAY)

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