The bullish run on the Nigerian Exchange Limited has seen the elite club of listed companies worth N1tn swell with the entrance of Access Holdings, United Bank for Africa, Geregu Plc and Transcorp Hotels Plc.

The N1tn capitalisation companies, also known as ‘stocks worth over one trillion’ consisted of Dangote Cement, BUA Foods, BUA Cement, Airtel Africa, MTN Nigeria, Seplat, Zenith Bank and Guaranty Trust Holdings Plc at the close of 2023.

However, a sustained bullish trend in the market has resulted in at least three financial institutions: Access Holdings, United Bank for Africa and FBN Holdings joining the N1tn club, although the latter dropped below the milestone subsequently.

Transcorp Hotels, which was one of the highest-performing stocks in 2023, also became the first hospitality business to hit N1tn in market value.

Geregu Power Plc, which is the first power stock on the exchange, joined the N1tn club this month.

It closed 2023 at N997.500bn and closed trading on Monday with a market cap worth N1.174tn at N469.70 per unit.


Speaking on the market’s bullish trend, the acting Managing Director of the NGX, Jude Chiemeka, said that the exchange was committed to providing a capital market that thrives on innovation and responds to the needs of stakeholders in accessing and utilising capital

“Our market continues to be resilient in providing stakeholders with platforms to raise capital and invest. Last year, the NGX facilitated needed financing of N3.85tn in capital raised by government and corporates across assets classes.

“In our bid to fuel corporate development, the top five companies in Nigeria listed on our exchange paid taxes of over N262bn and they paid dividends over N962bn. So, the exchange continues to be a major contributor to the revenue drive of the government.”

In his comments, the Chief Executive Officer of Wyoming Capital and Partners, Tajudeen Olayinka, said, “They are probably worth less in relative terms, as those valuations are naira valuations, and naira has suffered massive local inflation as well as devaluation against other international currencies.

“So, those valuations are understandable. You’ll recall also that some of them have also had massive improvements in their naira earnings over the last one year.”