The NGX has created more millionaires and billionaires in the past six months, with significant growth in ASI and Market cap
While big-time investors like Aliko Dangote, Tony Elumelu, and others have become richer, even small-time investors are also smiling
Meanwhile, stock market analysts are opting for a cautious, optimistic outlook for the second half of 2025. …CONTINUE READING
The Nigerian Exchange (NGX) has had a massive bull run from January to June 2025, bringing massive gains for investors.
Data from the NGX shows that market capitalisation has grown from N62.763 trillion at the close of December 2024 to N75.862 trillion as of Monday, June 30, 2025.
This marks a 20.89% increase Year to Date (YTD), making the NGX one of Africa’s top-performing stock markets in 2025.
The NGX all-share index also climbed significantly, gaining 17.1% from 102,926.4 basis points to close at 119,839.1 points.
In terms of equity value, investors have gained N13.1 trillion in the first six months of 2025, reaping the dividends of several economic reforms and policy interventions.
In the month of June 2025 alone, market capitalisation grew by ₦5.5 trillion.
Analysts posit that the sustained growth is the result of greater foreign exchange liquidity thanks to the Central Bank of Nigeria (CBN) reforms and intervention that have improved macroeconomic indicators.
The unification of the exchange rate has also improved investor trust and appetite for the Nigerian capital market.
According to the Guardian, David Adonri, the Vice President of Highcap Securities Limited, linked the sustained growth to the resolution of investors’ trapped funds.
This, he said, helped to reignite interest in the NGX, leading to increased institutional participation and higher trading volumes.
He said: “If this momentum is sustained, Nigeria could re-emerge as a powerhouse among emerging market economies. The current growth highlights what is possible when reforms are matched by consistency and execution. It sends a message to global investors that Nigeria is serious about reclaiming its place as a premier investment destination in Africa.”
MTN Nigeria has seen its share price appreciate from ₦242 in January to ₦357.50 by the end of June 2025.
Some others have doubled in value, including Honeywell Flour Mills from N10 to N21.20, and Caverton from ₦2.38 to ₦5.22 by the end of June 2025.
Banking stocks have also been among the top gainers in this quarter, with two Nigerian banks, Stanbic IBTC and Guaranty Trust Holding Company PLC, now closer to the N100 share price mark.
Recall that Thursday, June 26, 2025, saw many investors taking profits after the bull run of the week
The selling activities led to a N300 billion drop in market capitalisation, with companies like Nigerian Aviation Handling Company Plc (NAHCO), Oando Plc, and others showing the most volume.
List of the richest NGX investors
Aliko Dangote
Abdul Samad Rabiu
Tony Elumelu
Banking sector major shareholders
Abolanle Matel-Okoh
Adaora Umeoji
Nneka Onyeali-Ikpe
