Telcos, Banks, Others Dominate NGX as 16 Firms Account for N96.8tn Market Value

Kayode Tokede

Nigeria’s equities market is increasingly being defined by a narrow band of corporate heavyweights, with just 16 companies spanning telecommunications, banking, oil and gas, cement, and consumer goods accounting for a remarkable N96.8 trillion of total market capitalisation.

Data from the Nigerian Exchange Limited showed that as of March 18, 2026, total equity market capitalisation stood at N129.13 trillion, with these firms contributing 74.98 per cent. The figures underscore the growing dominance of large-cap stocks and their decisive role in shaping market direction.
The rally in these stocks reflected sustained investor confidence in companies with strong fundamentals, resilient earnings, and the capacity to navigate Nigeria’s challenging macroeconomic terrain.

Leading the chart is MTN Nigeria Communications Plc, which retained its position as the most capitalised listed company, with a market value of N15.9 trillion. The telecoms giant has also recorded an impressive year-to-date share price appreciation of 48.3 per cent, rising from N511 to N758 per share by the close of 2025.

The surge in investor interest was underpinned by a sharp turnaround in its financial performance. MTN Nigeria posted a profit before tax of N1.7 trillion for the 2025 financial year, marking a dramatic recovery from a loss of N550.3 billion recorded in 2024. Revenue also climbed significantly to N5.2 trillion, up by nearly 55 per cent from N3.36 trillion in the previous year.
Describing the performance as a turning point, the company’s Chief Executive Officer, Dr. Karl Toriola, noted that the year reflected resilience and recovery, supported by a stronger balance sheet and increased investment in network infrastructure to improve service quality and customer experience.

Trailing MTN Nigeria is BUA Foods Plc, with a market capitalisation of N14.36 trillion, reaffirming the strong investor appetite for food and consumer staples. Dangote Cement Plc followed closely at N13.67 trillion, while BUA Cement Plc stood at N11.06 trillion, reflecting the cement sector’s continued strength amid sustained infrastructure demand.

Also featuring prominently is Airtel Africa Plc, valued at N8.53 trillion, further consolidating the telecoms sector’s influence on the Exchange. In the industrial segment, Lafarge Africa Plc posted a market capitalisation of N3.65 trillion.
In the oil and gas space, Seplat Energy Plc and Aradel Holdings Plc recorded N5.46 trillion and N5.26 trillion, respectively, reflecting renewed investor confidence in energy stocks amid relatively firm crude oil prices.

The banking sector remains a critical pillar, with nine financial institutions collectively accounting for N18.92 trillion in market value. Guaranty Trust Holding Company Plc and Zenith Bank Plc led the segment with N4.52 trillion each, maintaining their status as investor favourites.

United Bank for Africa Plc posted over N2.15 trillion in profit. Other banks above the N1 trillion valuation mark include Stanbic IBTC Holdings Plc, Access Holdings Plc, Ecobank Transnational Incorporated, Fidelity Bank Plc, and Wema Bank Plc.

Market watchers noted that the concentration of value in a handful of companies highlights both strength and vulnerability. While these firms provided stability and drove liquidity, their dominance also reflected limited market breadth, with smaller stocks struggling to attract comparable investor attention.