Few firms dominate Nigeria’s equity market and Airtel Africa is the country’s number one corporate powerhouse with a valuation of $17.9 billion.
According to The Guardian, only eight companies listed on the Nigerian Exchange are now worth more than $5 billion each, accounting for roughly two-thirds of the value of Nigeria’s whole stock market.
As of September 2, the companies had a total market capitalisation of N103.12 trillion ($77.86 billion), according to a study of NGX data, corporate financial statements and Central Bank of Nigeria exchange-rate estimates.
The combined value accounts for around 64 per cent of the NGX market capitalisation of almost N160 trillion, indicating the increasing concentration of wealth among the country’s largest listed corporations.
Airtel Africa, the pan-African telecoms business, topped the list at a market value of $17.88 billion. It was followed by Dangote Cement at $13.17 billion and MTN Nigeria at $12.79 billion.
The other companies in the select club include BUA Foods, BUA Cement, Seplat Energy, First HoldCo and Aradel Holdings.
Airtel Africa tops
Its shares have jumped 177.53 per cent in naira terms since the start of the year, making Airtel Africa the most valued firm listed on the Nigerian Exchange.
The stock rose from N2,270 on January 2 to N6,300 on September 2, returning 199.43 per cent in dollar terms.
Telecommunications business, MTN Nigeria Communications Plc, has recorded a 31 per cent increase in revenue to N2.53tn for the quarter ended June 30, 2023, compared to N1.93tn in the corresponding period of 2022.
Profit after tax rose by 26.92 per cent to N270.67 billion while earnings per share jumped to N60.15.
In Airtel Africa’s financial statements, its latest results were converted into naira using a weighted average exchange rate of N1,367 to the dollar.
Dangote and MTN closing in
Dangote Cement was the second largest at $13.17 billion (N17.45 trillion).
Its share price appreciated by 69.79 per cent in naira terms for the year while dollar terms returns were at 83.18 per cent.
The cement company earned N2.51 trillion revenue in the first half of 2026, up 21.35 per cent from the corresponding time previous year.
Profit after tax increased by 22.69 percent to N638.53 billion.
MTN Nigeria was third with a market capitalisation of N16.94 trillion ($12.79 billion).
Its shares increased 57.93 per cent in naira terms, while its dollar return was 70.39 per cent.
Revenue grew by 25.88 per cent to N2.99 trillion in the first half and profit after tax rose by 70.55 per cent to N707.54 billion.
BUA Foods goes against the trend
Only BUA Foods, with a market value of $10.34 billion, had its share price fall in naira terms, out of the eight companies.
From N798.90 at the start of the year, its stock decreased 4.79 per cent to N760.60 on September 2.
However, the loss reversed to a 2.72 per cent dollar return due to the appreciation of the naira against the dollar.
Consumer goods company, recorded a 16.15 per cent decline in revenue to N765.12 billion in the first half of 2026.
Profit after tax, however, grew by 12.38 per cent to N292.27 billion, indicating improved margins despite the fall in sales.
Energy firms enter the $5bn club
Seplat Energy was sixth with a market capitalisation of N7.39 trillion ($5.58 billion).
Its shares more than doubled in the year, increasing 112.10 per cent in naira terms and 128.83 per cent in dollar terms.
Revenue grew 15.48 per cent to N2.50 trillion in the first half, while profit after tax grew 430.30 per cent to N225.48 billion.
Aradel Holdings hit the $5 billion mark and was valued at $5.05 billion, edging the $5 billion mark to grab eighth position.
Its shares increased by 129.84 percent in naira terms and 147.97 percent in dollar terms.
The oil and gas business recorded a huge growth in revenue which increased by 576.88 per cent to N2.49 trillion, mostly after consolidation of ND Western Limited and its controlling shareholding in Renaissance Africa Energy business.
First HoldCo sees highest share price gain
Seventh was First HoldCo with a valuation of $5.15 billion, but it had the best naira share price performance of all eight firms.
Its shares rose 212.94 per cent from N47.90 to N149.90 which is comparable to 237.63 per cent in dollar terms.
The banking company recorded revenue of N1.93 trillion in H1, up 16.66 per cent, while profit after tax increased 81.57 per cent to N526.13 billion.
A market increasingly controlled by a few titans
The data highlight the growing dominance of a few corporations on Nigeria’s stock market.
The dramatic re-rating of Nigeria’s top enterprises and the growing valuation gap between the market’s largest stocks and the rest of the exchange has meant fewer than 10 companies now account for over two-thirds of the total value of listed equities.
The eight companies range from telecoms, cement, consumer products, oil and gas and financial services, showing how Nigeria’s biggest listed enterprises are focused in a few capital-intensive areas.
The $5 billion threshold was calculated using the NAFEM exchange rate of N1,324.50/$ as at September 2 while dollar returns year-to-date was computed using the exchange rate of N1,429/$ at the beginning of the year and N1,324.50/$ as at September 2.
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