In 2025, the Nigerian Exchange (NGX) advanced by 51.2 percent, marking its strongest performance since 2007. The rally was broad-based, underpinned by exceptional gains across the market, with more than 40 stocks delivering triple-digit returns over the year.
Having recorded gains for seven consecutive years, the outlook for 2026 remains positive. Analysts expect the NGX to sustain its upward momentum, supported by a pipeline of anticipated new listings and corporate actions with the potential to materially reprice select stocks. Against this backdrop, here are 10 companies to watch in 2026.
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Custodian Investment
With its share price at N43, Custodian Investment delivered a 151 percent return in 2025. It was the stock’s best year on the Nigerian Exchange. A few names matched that run.
The story, however, may be far from over. Custodian remains one to watch in 2026. Its participation in the acquisition of FBNQuest Merchant Bank is expected to leave a meaningful imprint on its financials.
The exact size of Custodian’s stake in EverQuest Acquisition LLP, the vehicle acquiring FBNQuest, has not been disclosed. Even so, the potential impact is difficult to ignore. By nine months (9M) of 2025, Custodian’s total assets had risen to N501.8 billion, up from N407.3 billion in the financial year (FY) 2024. FBNQuest Merchant Bank, as of FYE 2024, reported total assets of N498 billion.
At its current scale, Custodian trades a price-to-earnings multiple of just 5.67x and a price-to-book ratio of 1.44x. Those numbers stand out. Among listed stocks with a similar asset profile, the stock remains one of the market’s most underpriced names.
That valuation gap could narrow quickly. With its expanding balance sheet and recent strategic moves, Custodian could approach an asset size of N1 trillion in 2026.
UAC Nigeria
After its acquisition of CHI Limited, UAC Nigeria saw its revenue jump 3.2x, from N223 billion to N717 billion. Its EBITDA hit N67 billion, 2.7x jump from the N25 billion recorded before the transaction.
In 2026, UAC is one of the Nigerian companies to look out for, as the new member of the group will have significant material impact on its operations in the year. With its share price at N91, and market capitalisation at N266 billion, UACN is highly underpriced.
Aradel Holdings
Following the expansion of its stake in ND Western to 81.67 percent, Aradel has effectively increased its economic interest in the Renaissance Africa Energy Consortium (Renaissance).
Prior to the transaction, Aradel had held a 12.5 percent direct stake in Renaissance, alongside a 20.8 percent indirect interest through ND Western. The higher ownership level in ND Western is expected to translate into a stronger controlling position in the consortium, which was the former Shell Petroleum Development Company (SPDC).
The implications for 2026 are significant. The enlarged stake is expected to have a material impact on Aradel’s balance sheet and earnings profile. With additional oil blocks expected to be acquired from 2025’s bidding round, the company’s growth outlook remains robust, reinforcing its position as one of the more compelling energy plays to watch.
Read also: NCR Nigeria leads ICT stock rally on NGX in 2025
Abbey Mortgage Bank
Abbey Mortgage Bank is preparing to transition into a commercial bank with a regional license, marking a significant shift in its growth trajectory. In January 2025, shareholders approved the move, alongside a proposed rebrand to Abbey Bank Plc.
The bank currently has a paid-up share capital of N6.6 billion and must raise an additional N43.4 billion to meet regulatory requirements for the transition. How and when it plans to mobilise this capital remains a key question as the process unfolds in 2026.
Ellah Lakes
Ellah Lakes is one of the companies closely watched by market participants heading into 2026. The firm remained in the spotlight throughout 2025, driven by plans for a N235 billion public offer intended to fund the acquisition of ARPN.
Before the current management, led by Chuka Mordi, assumed control in 2019, the company recorded several years of negligible revenue before posting N67 million in 2024. The proposed acquisition of ARPN’s existing facility is expected to mark a turning point, with Ellah Lakes projecting revenue of N24 billion by 2026.
Champion Breweries
Champion Breweries, which emerged as the most profitable brewer between 2023 and 2024, is enjoying renewed momentum under its current management. The turnaround reflects a clear strategic shift. The company is moving beyond its traditional South-South stronghold. It is now targeting broader African market opportunities through the acquisition of the Bullet brand.
To support this expansion, Champion Breweries launched a N16 billion capital-raising exercise in late 2025. The funds are intended, in part, to finance the Bullet acquisition. The deal is expected to significantly strengthen the company’s distribution footprint. It also diversifies its product portfolio.
With a wider market reach and improving operational scale, Champion Breweries is well positioned for accelerated growth in 2026. This trajectory reinforces its appeal to both investors and industry watchers.
Eunisell Interlinked
Eunisell Interlinked has captured significant market attention, delivering a staggering 3,494 percent share price appreciation between the start of 2024 and the end of 2025. This is by far the highest among listed entities during that period. The rally, however, has left analysts and market watchers questioning its underlying drivers.
The company’s fundamentals offer little support for such a surge. Its net income of N115 million for 9M 2025 represented a six percent decline from the N122 million recorded in the same period of 2024. Adding to the intrigue, company executives appear to be taking profits; the chairman sold N20 million worth of shares on December 24, 2025, according to corporate disclosures.