Dangote Cement Overtakes MTN as NGX Market Value Surges 57.5% to N156.5trn

Dangote Cement has emerged as the most valuable company on the Nigerian Exchange Limited (NGX), overtaking MTN Nigeria as the equities market recorded a sharp 57.5 per cent increase in market capitalisation so far in 2026.

The NGX’s total market capitalisation rose by N57.141 trillion from N99.376 trillion at the end of December 2025 to N156.517 trillion as of August 17, 2026. Twenty-four companies accounted for N117.01 trillion of the total, representing about 74.8 per cent of the entire equities market.

The concentration highlights the dominant position of large-cap companies, particularly in the banking, consumer goods, industrial goods and energy sectors. It also means significant movements in a relatively small number of stocks could have a major effect on the broader market index.

Dangote Cement led the ranking, followed by MTN Nigeria, while BUA Foods and BUA Cement also featured among the biggest companies by market value. The 24-member group comprises nine banks, six consumer goods companies, three industrial goods firms, three energy companies, one consumer services company and one telecommunications company.

The companies on the list are Dangote Cement, MTN Nigeria, BUA Foods, BUA Cement, Aradel Holdings, First Holdco, HBM Nigeria, Zenith Bank, GTCO, Stanbic IBTC Holdings, Transcorp Hotels, Presco, Nestle Nigeria, Nigerian Breweries, Geregu Power, UBA, International Breweries, Transcorp Power, Access Holdings, Fidelity Bank, Okomu Oil Palm, Ecobank Transnational Incorporated and Wema Bank.

The banking sector had a strong presence among the highly capitalised stocks. First Holdco ranked highest among banks with a market capitalisation of N6.37 trillion, followed by Zenith Bank at N5.04 trillion and GTCO at N4.70 trillion.

Stanbic IBTC Holdings recorded N2.56 trillion, while UBA stood at N1.99 trillion. Access Holdings and Fidelity Bank had market capitalisations of N1.45 trillion and N1.38 trillion respectively, while Ecobank Transnational Incorporated and Wema Bank closed the ranking with N1.27 trillion and N1.16 trillion.

The surge in market value reflects the strong performance of several major stocks during the year. However, the heavy concentration of market capitalisation among a relatively small group of companies remains important for investors, as sharp gains or losses in the biggest stocks can quickly influence the direction of the wider NGX.