NewStats: 3,264,065 , 8,182,472 topics. Date: Monday, 09 June 2025 at 01:58 PM 422y2w

Nigeria’s equities market now boasts 11 unicorns, see list

Naira devaluation fails to dim appetite for NGX large caps as investors push more firms toward unicorn status

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 Nairametrics 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 in 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, solidifying their place in the SWOOTs category and bringing them within reach of unicorn status in dollar .

Fundamentals and capitalization drive the surge

Analysis from Nairalytics, the research arm of Nairametrics, 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.

Billion-dollar club expands

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.

BUA Foods follows with N7.52 trillion, buoyed by robust profit margins and sustained growth in the consumer goods segment.

Dangote Cement and MTN Nigeria come next at N7.29 trillion and N5.09 trillion, respectively, even though Dangote Cement saw a 34% drop in value from the previous year.

Other of the billion-dollar SWOOTs club include Seplat Energy (N3.35 trillion), Geregu Power (N2.85 trillion), BUA Cement (N2.83 trillion), GTCO (N2.23 trillion), Zenith Bank (N1.96 trillion), Transcorp Power (N1.99 trillion), and Aradel Holdings (N1.947 trillion).

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.



SWOOTs knocking on the unicorn door

Seven other SWOOTs are nearing the $1 billion mark and could cross the threshold with continued market momentum:

Lafarge Africa (WAPCO) – N1.332 trillion
Nigerian Breweries – N1.332 trillion
International Breweries – N1.242 trillion
Access Holdings – N1.199 trillion
UBA – N1.197 trillion
FBN Holdings – N1.041 trillion
Fidelity Bank – N1.001 trillion

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.

Concentrated gains

The rise in unicorns is part of a broader trend of capital concentration on the NGX. By May 9, the top 19 companies ed 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.

Currency impact softened by recapitalization

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.

More unicorns likely before year-end?

The expansion of the unicorn 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.

- If current trends hold, and assuming exchange rate stability, Nigeria could see its number of dollar-valued unicorns exceed 15 by year-end.
- Banking and brewing companies already buoyed by recapitalizations and earnings growth are the most likely to make the leap.
- Outside the NGX, Nigeria also boasts notable unlisted unicorns such as Flutterwave (valued at $3 billion), Interswitch (over $1 billion), Andela ($1.5 billion), Moniepoint ($1 billion), and the Dangote Oil Refinery, which is widely believed to command a multibillion-dollar valuation.

Both Flutterwave and Dangote Oil Refinery have announced plans to list, potentially expanding the pool of billion-dollar companies on the exchange.

Data compiled from NGX filings and market close values as of April 30, 2025.

Source: https://nairametrics.com/2025/05/12/nigerias-equities-market-now-boasts-11-unicorns-see-list

Hmmm.
Paper economics

richmond500:
Hmmm.
Paper economics

still better than Anambra brewery economy

fuckJones:
still better than Anambra brewery economy

Oga rest, no be everything u go defend or comment on.
Most of u think, when someone criticize Tinubu, they are automatically Obidients.

It's a very senseless assertions.

Nigeria has paper economics cos the growth only reflects on paper but not on daily lives of the citizens.

richmond500:
Oga rest, no be everything u go defend or comment on.
Most of u think, when someone criticize Tinubu, they are automatically Obidients.

It's a very senseless assertions

are you not one of the handle mob?

fuckJones:
are you not one of the handle mob?

it's a very senseless to think we can't criticize Tinubu.
This is the same rubbish the Obidients always do, whoever criticize Obi/ Tinubu is meant to recieve insults.

Very senseless assertion

richmond500:
Hmmm.
Paper economics

Why are you guys always sad about any good news about Nigeria?

Whether you are sad or happy, Peter Obi will still never be president, so why are you just torturing yourself?

H

richmond500:
Oga rest, no be everything u go defend or comment on.
Most of u think, when someone criticize Tinubu, they are automatically Obidients.

It's a very senseless assertions

Unfortunately, Mr.Obi had created a niche for himself and it has become the Obi ers trademark! Mr Negatives

With abject poverty ravaging the lives of ordinary Nigerians APC will never end well.

Yet Nigeria is the poverty capital of the world

DaddyJapan:


Source: https://nairametrics.com/2025/05/12/nigerias-equities-market-now-boasts-11-unicorns-see-list

interesting development

richmond500:
Oga rest, no be everything u go defend or comment on.
Most of u think, when someone criticize Tinubu, they are automatically Obidients.

It's a very senseless assertions

You should be the one to rest, no be everything u go dey criticize blindly

So, gtco is even bigger than Access and Uba? Wonderful! Even bigger than zenith too. Those guys are silent pushers o.

richmond500:
Hmmm.
Paper economics

Smh. It's obvious that you don’t understand this

richmond500:
Oga rest, no be everything u go defend or comment on.
Most of u think, when someone criticize Tinubu, they are automatically Obidients.

It's a very senseless assertions.

Nigeria has paper economics cos the growth only reflects on paper but not on daily lives of the citizens.

It is Normal to be like that because of how Nigeria have been mismanaged over the years even when a bag of rice was 18k how many Nigerians could afford it? Everything is not about cheap food and petrol let this development be consistent for 10 years and see If Nigeria won't be on par with south Africa, for now we are at least 10 years behind country like south Africa.

Imagine this is just two years, the problem I have now is after Tinubu tenure the Northerner that would take over shouldn't be an alimajiri advocate, in fact I don't mind the president of Nigeria being a Tinubu puppet as long as the consistent development in Nigeria continues

richmond500:
Oga rest, no be everything u go defend or comment on.
Most of u think, when someone criticize Tinubu, they are automatically Obidients.

It's a very senseless assertions.

Nigeria has paper economics cos the growth only reflects on paper but not on daily lives of the citizens.

But na only Obidients dey unreasonable In their criticism and tell outright LIES as criticism, nobody will allow that.
Criticize constructively

Besides , this is good news to investors , you can think of whatever or hold whatever opinion but the fact is that the Nigerian bourse is among the best performing globally and you don't want a government in power to take credit ?
Only God knows what will please you people, but if you think this unreasonable criticism is what you will use to get to power, think twice

Tinubu is working

Until the average Nigerian can afford 3 square meals in day. There is nothing to celebrate about.

Emmanuel900:


It is Normal to be like that because of how Nigeria have been mismanaged over the years even when a bag of rice was 18k how many Nigerians could afford it? Everything is not about cheap food and petrol let this development be consistent for 10 years and see If Nigeria won't be on par with south Africa, for now we are at least 10 years behind country like south Africa.

Imagine this is just two years, the problem I have now is after Tinubu tenure the Northerner that would take over shouldn't be an alimajiri advocate, in fact I don't mind the president of Nigeria being a Tinubu puppet as long as the consistent development in Nigeria continues

What development?


You were just told you don’t have refineries, you don’t have basic education, you don’t have basic healthcare, you don’t have power, you’re loosing doctors and nurses. Your handlers call you names like useful idiot and G & H.

And you dream to sur a whole South Africa that recently went head to head with USA and only got a slap on the wrist.

You probably own a power bank, pay for 5000 data but only received 4000 worth and you want to sur South Africa.

If Dangote was a South African he would 3ce as wealthy as he is today, and South would not import a pint of fuel let alone kerosene.

Barely understand how civilizations proceed and you dare speak. Keep your quack hypotheses for your drug induced girlfriends

Seniormanchi:



What development?


You were just told you don’t have refineries, you don’t have basic education, you don’t have basic healthcare, you don’t have power, you’re loosing doctors and nurses. Your handlers call you names like useful idiot and G & H.

And you dream to sur a whole South Africa that recently went head to head with USA and only got a slap on the wrist.

You probably own a power bank, pay for 5000 data but only received 4000 worth and you want to sur South Africa.

If Dangote was a South African he would 3ce as wealthy as he is today, and South would not import a pint of fuel let alone kerosene.

Barely understand how civilizations proceed and you dare speak. Keep your quack hypotheses for your drug induced girlfriends

Keep wailing like a typical sore loser

Don't worry Nigeria will just become USA overnight and all the problem will just disappear because Obi says so, did Anambra problems disappeared after Obi spent 8 years there.

Obi failed to pay healthworkers for 13 months, he didn't initiate any development in Anambra that still continue till today but yet a big failure like that is your role model and how will a failure like Obi even achieve anything in a very unstable country like Nigeria?

Seniormanchi:



What development?


You were just told you don’t have refineries, you don’t have basic education, you don’t have basic healthcare, you don’t have power, you’re loosing doctors and nurses. Your handlers call you names like useful idiot and G & H.

And you dream to sur a whole South Africa that recently went head to head with USA and only got a slap on the wrist.

You probably own a power bank, pay for 5000 data but only received 4000 worth and you want to sur South Africa.

If Dangote was a South African he would 3ce as wealthy as he is today, and South would not import a pint of fuel let alone kerosene.

Barely understand how civilizations proceed and you dare speak. Keep your quack hypotheses for your drug induced girlfriends

So you expect all this to happen in Nigeria overnight…
Let me start with you when last did you pay your taxes??

Classic rich getting richer economy
The naira depreciation and price gorging seems to have favoured those at the top of the food chain while those at the middle and bottom ate left to writh and whine as they bear the full brunt with no succour in sight
Classical oligarchy on display

Believe in Tinubu

He knows what he's doing

richmond500:
it's a very senseless to think we can't criticize Tinubu.
This is the same rubbish the Obidients always do, whoever criticize Obi/ Tinubu is meant to recieve insults.

Very senseless assertion

Private companies are smiling to the banks most of them owned by Nigerians probably younger than you and there you are shouting paper economy as if these companies are hidden under your bed. No go find someone useful to do with your life. Dey there dey shout paper economy while more and more Nigerians becomes billionaires in dollars. Your sadness won't reduce the numbers of people who are progressing even if you are bitter than bitter Obi. I

ssogundele2003:
So, gtco is even bigger than Access and Uba? Wonderful! Even bigger than zenith too. Those guys are silent pushers o.

Lol you dey mind those ones? They wanted to use agenda to pull down GTB, I just dey laff

Growth way no affect the Naira nor be growth NGN is the lowest currency in West Africa even Afghanistan and Yemen currency are valuable than the Naira

Just so you know: A "unicorn company" is a privately-held startup valued at over $1 billion.

It's not a term used for random old organisations or public organisations.

Oritna94:
Until the average Nigerian can afford 3 square meals in day. There is nothing to celebrate about.

Who are working in these companies? Are they not being paid? Are they not doing well even as the companies that they are working for are doing well. Until the idle man on the street that has no skill can afford 3 square meals that's when you will celebrate?

The thread has been infested by maggots.

Their mouth runs like a fault tap online and when they meet in their coven of deceit. They dare not air their opinions in the public, else they risk getting lynched by those being oppressed by their paymasters.

The Mannabbgrils guy did more than this... He defended Buhari with his last breath.

Ya'll aren't the first.