Nigeria’s capital market recorded a historic shake-up as BUA Foods Plc surged to the top of the Nigerian Exchange (NGX), surpassing Dangote Cement Plc and MTN Nigeria Communications Plc to emerge as the most capitalized company, valued at ₦12.5 trillion.
This landmark achievement positions BUA Foods as the new leader within the Stocks Worth Over One Trillion (SWOOT) group — a premier category of high-value equities collectively representing over ₦78.92 trillion in market capitalization. Other SWOOT members include GTCO Plc, Zenith Bank, Access Holdings Plc, UBA, Fidelity Bank, Seplat Energy, Geregu Power, Transcorp Power, and Presco Plc.
BUA Foods’ meteoric rise
Listed on the NGX on January 5, 2022, BUA Foods now commands 12.7% of the total market capitalization of the Exchange. The consumer goods giant began 2025 at ₦415 per share and climbed steadily to ₦692.50 by October 31, 2025, reflecting a 66.9% year-to-date gain, making it one of the top 100 gainers on the NGX.
Over the past three months, BUA Foods has traded 7.33 million shares in 27,459 deals, worth ₦4.24 billion, averaging 116,000 shares per session. Despite limited float — with about 90% of shares held by core investors the stock has shown remarkable stability, even amid profit-taking and sector rotation.
Operating across five key divisions Sugar, Flour, Pasta, Rice, and Edible Oils BUA Foods remains a major subsidiary of BUA Group, one of Nigeria’s most diversified industrial conglomerates.
Dangote Cement holds strong
Dangote Cement Plc, the former NGX heavyweight, now sits second with a ₦11.1 trillion market capitalization and a share price of ₦660 as of October 31, 2025. The stock has delivered a 37.8% YTD gain, supported by robust local demand and steady export volumes.
Between August and October, Dangote Cement recorded 112 million shares traded in nearly 50,000 deals, worth ₦61.6 billion. Though it currently ranks 91st on the NGX YTD chart, it remains Nigeria’s largest industrial producer, underpinned by a 16.9 billion share base.
MTN Nigeria rebounds
MTN Nigeria Communications Plc follows closely in third position, with a ₦10.9 trillion market cap and a share price of ₦520.10 as of October 31. The telecom giant posted a remarkable 160% YTD gain, marking one of the most dramatic recoveries of 2025 after FX-related setbacks in 2024.
MTN’s rebound was driven by stronger H1 earnings, FX stabilization, and a 50% tariff hike approved by the government. From August to October, it traded 149 million shares worth ₦66.4 billion across 91,923 deals. Analysts attribute its momentum to investor re-entry into growth-oriented sectors, with Airtel Africa — valued at ₦8.68 trillion serving as its main competitor.
Consumer stocks dominate
BUA Foods’ rise mirrors a wider rally in the Consumer Goods sector, which has become the NGX’s best-performing segment in 2025.
Top gainers include Champion Breweries (+294%), NASCON (+251%), Honeywell Flour (+217%), Presco (+212%), Cadbury (+191%), FTN Cocoa (+175%), and Guinness Nigeria (+146%). Analysts link the surge to strong domestic consumption, rising profit margins, and renewed foreign portfolio inflows targeting Nigeria’s consumer and financial equities.
Outlook: BUA Foods eyes consolidation
Analysts project that BUA Foods may maintain its lead through the end of 2025, buoyed by earnings growth, consumer demand, and investor confidence in its diversified operations.
Key Financial Highlights (9M 2025 vs. 9M 2024):
- Revenue: ₦1.42 trillion (+32.7% YoY)
- Cost of Sales: ₦900.09 billion (+22.2% YoY)
- Gross Profit: ₦520.65 billion (+56.0% YoY)
- Operating Profit: ₦437.58 billion (+38.9% YoY)
- Earnings Per Share (EPS): ₦22.52 (+101.3% YoY)
- Total Assets: ₦1.24 trillion (+13.4% YoY)
- Total Liabilities: ₦642.20 billion (+1.5% YoY)
- Shareholders’ Funds: ₦600.33 billion (+40.0% YoY)**
With this performance, BUA Foods has not only redefined competition at the top of the NGX but also underscored the resilience of Nigeria’s consumer market amid economic headwinds.
