BUA Foods Plc has emerged as the most valuable listed company on the Nigerian Exchange (NGX) as it surpassed MTN Nigeria Communications Plc and Dangote Cement Plc with a market capitalisation of ₦10.348 trillion as of the close of trading on Friday.
Data from the NGX showed the consumer goods giant’s valuation rose on the back of increased investor activity in the consumer goods index as it topped the trillion-naira club.
Market analysts attribute the surge to investor confidence in the company’s earnings potential, which is expected to maintain year-on-year growth despite its limited free float.
Abdulsamad Rabiu, Chairman of BUA Group, holds 89.85% of BUA Foods’ shares directly and an additional 2.78% indirectly, while Rabiu Abdulsamad Isyaku owns 2.63%.
The company’s free float stood at 5.02%, valued at ₦390.44 billion as of 30 June 2025, meeting NGX Main Board requirements.
MTN Nigeria saw its valuation drop to ₦9.66 trillion, down from ₦10.077 trillion as profit-taking activities weighed on the stock following a period of earnings recovery in the first and second quarters of 2025.
Market sentiment remains positive on the telecom operator with expectations of a dividend payout and a potential public offer later in the year.
Dangote Cement Plc with a market value of ₦9.736 trillion, remains one of the top three most valuable stocks. The company’s valuation has been supported by strong earnings in the first half of the year.
Dangote Industries Limited owns 87.28% of the cement manufacturer, while Stanbic IBTC Nominees holds 5.43%, leaving a free float of 4.79%.
Airtel Africa Plc’s market value remained unchanged at ₦8.683 trillion with limited trading activity following its buyback of Nigerian minority interests.
The shift in market leadership reinforces the dominance of closely held stocks in Nigeria’s equity market, where billionaire-backed companies continue to command significant market capitalisation despite low free float levels.