The number of Nigerian companies valued above $1 billion has risen to 11, as a strong equities rally continues to lift the valuation of the NGX’s largest players, collectively referred to by Naijaonpoint as SWOOTs (Stocks Worth Over One Trillion Naira).
At the end of April 2025, 11 firms listed on the Nigerian Exchange (NGX) had market capitalizations exceeding N1.55 trillion, crossing the symbolic $1 billion threshold when converted at an average exchange rate of N1,550/$1.
This represents a rise from nine such companies about a year ago and reflects a growing investor preference for highly capitalized, liquid, and dividend-yielding stocks.
A further seven companies are also knocking on the door, with valuations ranging between N1 trillion and N1.55 trillion.
This solidifies their place in the SWOOTs category and brings them within reach of a billion dollars in valuation terms.
Analysis from Nairalytics, the research arm of Naijaonpoint, indicates that the current momentum driven by a combination of strong fundamentals and improved capitalization could push more companies across the billion-dollar mark in the second half of 2025.
Many of these SWOOTs posted significantly higher revenues year-on-year, while also raising fresh capital through public offers and rights issues.
These actions not only strengthened their balance sheets but also helped swell their overall market capitalizations.
At the top of the list remains Airtel Africa, valued at N8.11 trillion, despite a marginal 1.96% year-on-year decline.
The telecoms group returned to profitability in early 2025 with a pre-tax profit of $661 million after a turbulent 2024 marked by currency devaluation losses.
Several of these companies—particularly Seplat, Geregu, GTCO, and Zenith—have attracted investor attention due to their strong dividend history, capital adequacy, and resilience in the face of FX and inflationary pressures.
Seven other SWOOTs are nearing the $1 billion mark and could cross the threshold with continued market momentum:
Notably, International Breweries recorded a near 900% year-on-year rise in valuation following a significant recapitalization, while Fidelity Bank crossed N1 trillion for the first time after a rights issue and over 120% rise in share price.
The rise in billion-dollar companies is part of a broader trend of capital concentration on the NGX.
By May 9, the top 19 companies accounted for 84% of the NGX’s total market capitalization of N68.35 trillion, underlining the dominance of SWOOTs in shaping market performance.
By May 9, the top 19 companies accounted for 84% of the NGX’s total market capitalization of N68.35 trillion, underlining the dominance of SWOOTs in shaping market performance.
This skewed distribution highlights investor caution amid ongoing macroeconomic uncertainty, including inflation, currency volatility, and high interest rates.
However, for NGX’s largest and best-capitalized firms, these headwinds have been largely offset by strong earnings and investor-friendly policies.
While the naira weakened considerably over the past year, many companies mitigated the impact through recapitalization.
Firms such as GTCO, Access Holdings, International Breweries, and Fidelity Bank issued billions of new shares via rights issues and public offers, increasing float and valuation even with modest price appreciation.
In contrast, firms that did not raise capital or fell short on earnings expectations struggled to maintain or grow their market value.
The expansion of the list offers insight into the evolving dynamics of Nigeria’s capital markets. Investor interest is becoming more refined, focusing on liquidity, governance, and consistent financial performance.
Both Flutterwave and Dangote Oil Refinery have announced plans to list, potentially expanding the pool of billion-dollar companies on the exchange.
Note: Data compiled from NGX filings and market close values as of April 30, 2025. This article was updated to correct the
Editor’s Note: We received feedback from readers regarding using the term “Unicorns” in a previous version of this article. They are right to point out that “Unicorn” typically refers to privately held startups valued at $1 billion or more. The companies featured here are publicly listed on the Nigerian Exchange, and the article has been updated to reflect this distinction.