Nigeria’s capital market witnessed a significant leadership shift as BUA Foods Plc surged to the top of the Nigerian Exchange (NGX), overtaking Dangote Cement Plc and MTN Nigeria Communications Plc to become the most capitalized company, valued at N12.5 trillion, according to Nairametrics.

This milestone places BUA Foods at the forefront of the Stocks Worth Over One Trillion (SWOOT) group, a prestigious index of heavyweight equities that collectively account for over N78.92 trillion in market value.

Some other SWOOT members include: GTCO Plc, Zenith Bank, Access Holdings Plc, UBA, Fidelity Bank, Seplat Energy, Geregu, Transcorp Power, Presco Plc, etc.

It is important to note that BUA Foods has one of the least shares per float on the NGX, with as high as 90% held by its core investors. Shares with small floats often attract low liquidity, which often impacts valuation.

BUA Foods’ meteoric rise
Listed on the NGX since January 5, 2022, the stock now represents 12.7% of the total market capitalization of the Nigerian Exchange. The consumer goods leader began the year at N415 per share and climbed steadily to N692.50 by October 31, 2025, a 66.9% year-to-date (YTD) gain that places it among the top 100 gainers on the Exchange.

Within the last four weeks, the stock appreciated an additional 10%, maintaining strong investor confidence despite moderate trading volumes.

Over the past three months, BUA Foods has traded 7.33 million shares in 27,459 deals, valued at N4.24 billion, averaging 116,000 shares per session. Its 18 billion outstanding shares reinforce its dominant market capitalization.

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Although recent sessions show price stagnation around N692.50, analysts attribute this to profit-taking and investor rotation within the consumer goods segment.

The company operates across five divisions — Sugar, Flour, Pasta, Rice, and Edible Oils — and remains a key subsidiary of BUA Group, one of Nigeria’s largest conglomerates.

Dangote Cement holds strong at N11.1 trillion market cap
Dangote Cement Plc, formerly the NGX’s most valuable stock, now ranks second with a N11.1 trillion capitalization and a N660 per share price as of October 31. The stock has gained 37.8% YTD, buoyed by sustained domestic demand and a strong export base.

Trading activity remains robust, with 112 million shares exchanged in 49,921 deals, valued at N61.6 billion between August and October. The stock has oscillated between N600 and N660 in recent weeks, maintaining stability amid market rotation toward consumer equities.

Dangote Cement’s performance places it 91st on the NGX YTD chart, though it remains the largest company by output in Nigeria’s industrial sector, supported by a 16.9 billion share base.

MTN Nigeria climbs on telecoms rebound
MTN Nigeria Communications Plc follows closely as the third most valuable equity, with a N10.9 trillion market cap and a N520.10 share price as of October 31. The telecom giant’s 160% YTD gain marks one of the most dramatic recoveries of 2025, following earlier losses tied to foreign exchange exposure in its 2024 results.

The rebound was driven by improved H1 earnings, foreign exchange stabilization, and a government-approved 50% tariff hike. Between August and October, MTN traded 149 million shares in 91,923 deals, worth N66.4 billion, with an average daily volume of 2.36 million shares.

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Analysts say MTN’s resurgence reflects investor repositioning toward growth-oriented sectors, with Airtel Africa serving as its main market rival, valued at N8.68 trillion and trading at N2,310.50 per share.

Consumer stocks dominate market performance
The rise of BUA Foods also mirrors a broader trend in the NGX Consumer Goods sector, which has delivered some of the year’s most spectacular returns.

Champion Breweries (+294%), NASCON (+251%), and Honeywell Flour (+217%) are among the top gainers, alongside Presco (+212%), Cadbury (+191%), FTN Cocoa (+175%), and Guinness Nigeria (+146%).

Analysts attribute this rally to strong domestic consumption, improved profit margins, and foreign portfolio inflows targeting consumer goods and financial services equities. The sector’s resilience has made it a haven for investors seeking protection from naira volatility and policy uncertainty.

Outlook: BUA Foods poised to consolidate with earnings growth
While Dangote Cement and MTN Nigeria remain formidable challengers, BUA’s sustained earnings momentum and consumer demand tailwinds could keep it atop the NGX valuation table through year-end.

Key highlights of BUA Foods financial result: 9M 2025 vs. 9M 2024
Revenue: N1.42 trillion (+32.7% YoY)
Cost of Sales: N900.09 billion (+22.2% YoY)
Gross Profit: N520.65 billion (+56.0% YoY)
Operating Profit: N437.58 billion (+38.9% YoY)
Earnings Per Share (EPS): N22.52 (+101.3% YoY)
Total Assets: N1.24 trillion (+13.4% YoY)
Total Liabilities: N642.20 billion (+1.5% YoY)
Shareholders’ Funds: N600.33 billion (+40.0% YoY)

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Despite the considerable challenges and hardships that Nigerians are currently grappling with as a result of various economic policies, there is compelling evidence that positive shifts are beginning to occur within the market.

The recent appreciation of the Naira is a significant development, reflecting not only improved investor confidence but also a broader trend toward market stabilization.

Such shifts suggest that, while challenges remain, progress is being made that could provide a foundation for future growth and resilience within the Nigerian economy.

Specifically, the Nigerian Naira achieved a notable milestone by closing at ₦1,421.73 per U.S. dollar on Friday during trading at the official Investors and Exporters (I&E) window. This marks its strongest position since early February, showcasing a dramatic turnaround from the currency’s previous volatility observed earlier this year.

The 1.07% gain or ₦15.23, against Tuesday’s rate of ₦1,436.97 extends a five-day rally that has shaved nearly 2.2% off the dollar’s value in just one week, signaling renewed investor confidence in Africa’s largest economy.

Central Bank of Nigeria (CBN) data underscores the momentum: The Naira opened Monday at ₦1,452.79, dipped slightly to ₦1,448.20 on Tuesday, and climbed to ₦1,444.42 by Wednesday before accelerating to Friday’s peak.

This trajectory mirrors gains in the parallel market, where the local currency traded between ₦1,479 and ₦1,490 per dollar, down from highs above ₦1,500 just two weeks ago.

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Trading volumes surged 12% week-on-week at the official window, reflecting heightened foreign inflows and reduced dollar demand amid stabilizing global oil prices.

Economists are hailing the uptick as a “turning point” for Nigeria’s battered currency, which lost over 70% of its value against the dollar in 2024 amid fuel subsidy cuts and foreign reserve drains.

Nigeria’s delisting from the Financial Action Task Force (FATF) “grey list” on October 24, after three years of compliance hurdles on anti-money laundering, has been a game-changer, analysts say.

The move restores access to international capital markets, slashing compliance costs for banks by up to 20% and drawing in $1.2 billion in fresh FDI pledges within days.

The rally’s broader implications are profound. Inflation, which peaked at 34.2% in June, eased to 28.1% last month, buoyed by cheaper imports and a 5% drop in food prices.Groceries

The sharp increase in cooking gas prices in Nigeria is significantly jeopardizing the nation’s clean energy transition efforts.

As prices soar beyond what many households can afford, experts caution that millions of Nigerians are turning back to firewood and charcoal.

This trend not only threatens environmental sustainability but also poses serious risks to public health.

Field interviews by Nairametrics across Abuja’s Karu, Mararaba, Nyanya, and Gwarimpa areas reveal that Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has recorded a steep price increase in recent weeks.

As of late October, a 12.5kg cylinder that sold for between N9,000 and N10,000 in early September now costs between N15,000 and N16,500, depending on the area. At A.A Rano filling station along the Keffi–Abuja Expressway, LPG retailed at N1,200 per kilogram, while outlets like Onas Gas in Nyanya charged as high as N1,600/kg.

In Lagos, price fluctuations have also been pronounced. Earlier in October, residents paid between N2,500 and N3,000 per kilogram.

However, recent checks show a partial decline, with rates in Apapa, Ketu, Fadeyi, Somolu, Bariga, and Surulere averaging between N1,300 and N1,500 per kilogram.

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Filling stations along Ikorodu Road, Palmgrove, Anthony, and Apapa now sell between N1,100 and N1,300/kg. Consequently, the cost of refilling a 12.5kg cylinder dropped from about N27,500 to around N20,500 as of October 27.

Small businesses and food vendors bear the brunt
The rising prices have hit food vendors and small restaurant owners particularly hard. Mrs. Blessing Ogar, a food vendor in Mararaba, lamented that cooking gas, once considered the cheapest and cleanest option, has now become a luxury.

“I tried to return to using charcoal, but even that is becoming expensive,” she said.

Similarly, Ms. Esther, another vendor in Gwarimpa, said she recently paid N18,125 to refill her 12.5kg cylinder, a sharp increase from N15,000 previously.

“Customers will leave if I raise my prices too much. At this point, profit margins are disappearing,” she added.

For civil servants and low-income earners, the impact has been equally distressing. Mr. Musa Abdul, a resident of Nyanya, said,
“I used to fill my cylinder with N8,500 last year. Now it’s N15,000. How are ordinary people supposed to survive this?”

Retailers defend price hike
Meanwhile, gas retailers insist they are not responsible for the surge, attributing the increases to higher depot and transportation costs.

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“If I get gas from the depot at N1,000, I can’t sell it at that same price. We sell what we buy,” explained Mr. John Okafor, a retailer in Nyanya.

He noted that the cost of refilling a truckload of gas has risen dramatically, threatening the survival of small operators.

“Transportation and depot charges are killing small businesses. Without government support, many of us will close shop,” he warned.

Some other gas retailers also shared similar sentiments in Mararaba axis.

Experts call for FG’s urgent intervention
Energy and environmental experts have warned that the persistent rise in Liquefied Petroleum Gas (LPG) prices could jeopardize Nigeria’s clean cooking and energy transition goals, which aim to ensure that at least 30 million households adopt cleaner cooking fuels by 2030.

Dr. Bala Zakka, an energy analyst, said the situation reflects a deeper structural failure in Nigeria’s gas policy.
“It is tragic that a country with over 200 trillion cubic feet of proven natural gas reserves is still struggling to make LPG affordable for its citizens,” he said.

“Without strong government intervention, Nigeria’s energy transition targets will become unrealistic.”

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Dr. Nnimmo Brimah, an environmental analyst at Nasarawa State University, noted that Nigeria’s over-reliance on imported LPG and poor investment in local gas processing are major contributors to the crisis.
“Despite having one of the largest natural gas reserves in Africa, Nigeria continues to depend on imports for domestic consumption. This is both unsustainable and economically reckless,” Bassey said.

He urged the Federal Government to accelerate investment in domestic gas infrastructure, promote modular LPG plants, and support local distributors through tax reliefs and incentives.

Another expert, Mrs. Adaobi Okonkwo, an energy policy analyst, emphasized that the situation calls for an urgent review of fiscal policies affecting gas production and distribution.
“The high cost of foreign exchange and the removal of energy subsidies have worsened LPG affordability. The government must work with private stakeholders to stabilize prices and ensure access for low-income households,” she explained.

Environmentalist and director of SafeEarth, Dr. Umo Bassey, noted that the government’s failure to prioritize domestic gas supply is crippling its own environmental commitments.
“We are supposed to be transitioning to cleaner energy sources, but current realities show that affordability is a huge barrier. Without access, the transition plan is just a slogan,” he warned.

FG to intensify clampdown on hoarders
Earlier this month, Nairametrics reported that Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has ordered a clampdown on marketers hoarding or exploiting consumers following the recent surge in the price of cooking gas.

According to him, the sharp increase in price was caused by two main factors: the industrial action by PENGASSAN at the Dangote refinery and the ongoing maintenance activities at the Nigeria LNG Train 4 facility.

The minister explained that the strike by PENGASSAN at the Dangote refinery temporarily halted LPG loading, while the maintenance work at NLNG reduced the volume of gas available in the domestic market.

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Nigeria’s energy transition plan under threat
Nigeria’s Energy Transition Plan, launched in 2021 and updated in 2022, seeks to achieve net-zero carbon emissions by 2060, with gas serving as the nation’s bridge fuel. The plan also targets the adoption of clean cooking energy by 30 million households by 2030.

However, with prices spiraling and households reverting to firewood and charcoal, experts fear that Nigeria’s energy transition goals are slipping out of reach.

“If clean energy becomes a privilege for the rich, Nigeria’s sustainability efforts will collapse,” warned Dr. Brimah. “The government must treat the cooking gas crisis as an emergency — not just an economic issue, but a public health and environmental one.”

Until decisive action is taken to stabilize the market and expand local gas production, millions of Nigerian households may continue to suffocate under the weight of rising energy costs, and the country’s clean energy dream may remain just a dream.

Zenith Bank Plc has released its Group financial results for the nine months ended 30 September 2025, according to Nairametrics.

According to the unaudited report, the Group recorded a pre-tax profit of N917.4 billion in 9M 2025.

For Q3 alone, the Group posted a pre-tax profit of N291.78 billion, which represents a 6% growth from the N275.8 billion recorded in Q3 2024.

On the revenue front, Zenith Bank reported a significant 16.29% growth in gross earnings, which totaled N3.37 trillion in 9M 2025, up from N2.89 trillion in the same period of 2024.

Key Highlights (9M 2025 vs. 9M 2024)

• Gross Earnings: N3.37 trillion (+16.29% YoY)
• Net Interest Income: N1.93 trillion (+50.4% YoY)
• Non-Interest Revenue: N539.7 billion (+18.4% YoY)
• Operating Profit (Pre-Impairment): N1.31 trillion (+15.2% YoY)
• Profit Before Income Tax: N917.4 billion (-8.5% YoY)
• Profit After Tax: N764.2 billion (-7.6% YoY)
• Total Assets: N31.18 trillion (+2.6% YoY)
• Customer Deposits: N23.69 trillion (+9.8% YoY)
• Loans and Advances to Customers: N9.37 trillion (-1.1% YoY)

Commenting on the results, Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said:

“Zenith delivered a solid nine-month performance despite a demanding backdrop. We stayed disciplined on risk, deepened customer relationships across retail and corporate segments, and deployed our balance sheet where we saw quality opportunities.”

On the Outlook of the Bank
“As we enter the final quarter, our priorities are clear: service excellence, prudent growth, and sustained value creation for our shareholders,” the CEO further noted.

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Cursory analysis of the key drivers
Zenith Bank’s profit growth was mainly driven by a sharp increase in interest income, which grew by 40.7% to N2.74 trillion, compared to N1.95 trillion in the same period in 2024. This increase was largely attributed to:

Interest income on loans and advances: N1.36 trillion
Interest income from investment securities (including treasury bills): N740.5 billion (from treasury bills) and N400.3 billion (from investment securities)
On the expense side, interest expenses rose by 22.2% to N814.2 billion for the period. This increase was primarily due to higher costs associated with customer deposits, which surged by 9.8% YoY to N23.69 trillion.

Despite the increase in interest expenses, Zenith Bank maintained a strong net interest income:

The net interest income for the nine months ended September 30, 2025, stood at N1.93 trillion, reflecting a solid 50.4% YoY growth.

After accounting for impairment charges of N781.5 billion, net interest income after impairment reached N1.15 trillion, an increase of 42.2% from the previous year’s N802.9 billion.

Notably, though impairment charges increased for the nine-month period, in Q3, impairment dropped to N20.71 billion compared to N62.5 billion in Q3 2024, suggesting easing in impairment.

This illustrates how net interest income after impairment was bolstered by both the growth in interest income and the reduction in impairment charges, despite the rise in interest expenses.

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Non-interest income
Zenith Bank recorded N539.7 billion in non-interest income, a decline of 38%. The drop was driven by a 60% decline in trading income, especially the decline in gain on other trading books to N261 billion from N755 billion in 9M 2024. In fact, in Q3, the bank recorded a loss of N222.4 billion in the other trading books.

However, fees and commission income, which is part of non-interest income, grew by 10.45% to N299 billion in 9M 2025, driven by:

Account maintenance fees (N64 billion)
Fees on electronic products (N59 billion)

Balance sheet
Zenith Bank’s total assets rose by 2.6% to N31.18 trillion, driven by:

Growth in cash and bank balances increased to N6.85 trillion from N5.38 trillion in the previous year.
An increase in loans and advances, which amounted to N9.37 trillion.

Investment securities (up 2% to N4.86 trillion) and treasury bills (up 46% to N4.2 trillion), reflecting a continued push for liquidity management.

Liabilities saw an increase, with customer deposits driving the balance sheet and growing by 9.8% to N23.69 trillion.

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Market performance
Zenith Bank’s share price surged by 38.5% YTD, closing at N63 as of the last session, up from the beginning of the year when the share price stood at N45.50.

Source: Nairametrics

Bokku Mart, the Nigerian grocery store, has come under heavy criticism on social media after posting what users described as a “tribalistic” advertisement video.

The video, which has since been deleted, featured influencer Defolah comparing the store’s prices to those in local markets.

In the clip, she made a remark implying that Igbo traders cheat their customers.

“So you mean I can get beans and garri Ijebu at Bokku without any Omo Igbo cheating me?” the content creator said.

“It’s so relaxing to shop without someone pulling you from the left and right, shouting my colour.”

The comment triggered widespread outrage online, with several users accusing Bokku of promoting ethnic bias and disrespecting the Igbo community.

Following the backlash, Defolah issued a public apology, saying her statement was not intended to promote tribalism.

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“I sincerely apologize. It was never my intention to promote any form of tribal bias or disrespect to the Igbo people,” she said.

Despite her apology, Bokku has continued to attract criticism on social media, with many users vowing to boycott its stores.

One user wrote: “Bokku Mart posted an advert insulting Igbos with slurs. Any Igbo who still patronizes them is an enemy of their tribe”.

“Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves,” another user added.

@firstladyship argued the store’s marketing strategy was “lazy and divisive”.

“By engaging in stereotyping by calling another tribe ‘cheaters,’ you reduced your business to another ethnocentric brand in existence to service just a section of the country,” she wrote.

Another user said: If you’re an Igbo person and you give your money to Bokku so they can use it and run ads to call us cheats, then you have yourself to blame.”

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See more reactions below:

“Do you know how brazen the Igbophobia is for a brand to endorse such? It’s like ShopRite doing an Ad in Nigeria and letting their influencer call Nigerians thieves,” another user added.

@firstladyship argued the store’s marketing strategy was “lazy and divisive”.

“By engaging in stereotyping by calling another tribe ‘cheaters,’ you reduced your business to another ethnocentric brand in existence to service just a section of the country,” she wrote.

Another user said: If you’re an Igbo person and you give your money to Bokku so they can use it and run ads to call us cheats, then you have yourself to blame.”

The Bureau De Change (BDC) operators have lamented that they are close to going out of operations as most of its members are struggling to stay afloat and meet up with overhead expenses.

These licensed currency traders have attributed this mainly to the suspension of dollar allocation by the Central Bank of Nigeria (CBN) to the BDCs, as they struggle to have access to foreign exchange from the official window.

The operators lamented that with the huge drop in income level, paying staff salaries, office rent, licenses and other compliance expenses has become a major challenge.

This is further compounded by the uncertainty in the retail sub-sector of the forex market, with many of the BDC operators still battling to meet up with the recapitalization and license processes.

The BDC operators had always advocated for increased participation and involvement in the foreign exchange market to help sustain the success of the various policies being implemented by the CBN and help provide more liquidity.

This push by the BDCs followed the June 2023 unification of all segments of Nigeria’s foreign exchange market, consolidating all windows into one. This action by the apex bank was part of a series of immediate changes aimed at improving liquidity and stability in the Nigerian Foreign Exchange (FX) Market.

The currency traders had advised the CBN to always leverage the BDCs and allow them access to banks’ autonomous window and agencies of international money transfer operators.

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The CBN had in July 2021 stopped the sale of forex to BDC operators across the country, accusing them of becoming conduit for illegal financial flows, working with corrupt people to conduct money laundering in Nigeria.

In February 2024, the apex bank announced the resumption of forex sales to the BDCs following the revocation of operational licenses of over 4,173 of these licensed currency traders over their failure to comply with some regulatory guidelines. This was to help enhance liquidity in the retail segment of the forex market.

However, the CBN has since stopped the sales of forex to the licensed currency traders with little or no intervention till date. The BDC operators, who said that the CBN could not sustain the exercise, however, noted that they are `engaged in positive discussion with the apex bank for the return of their active participation in the BDCs in the retail end of the forex market.

Customers now prefer to use IMTOs
In an exclusive chat with Nairametrics, a BDC operator, Abubakar Ardo, said that most of them are barely managing to stay in business, as the non-sale of forex directly to the BDCs has affected their operations badly.

Apart from the challenge of getting forex from the official window, Ardo explained that the demand for forex has dropped sharply as most customers now prefer to do transfers or use online platforms or International Money Transfer Operator (IMTOs) instead of physical cash exchanges.

He said, ‘’Honestly, things have been extremely tough for us lately. Most operators are just managing to stay afloat. Since the CBN stopped selling forex directly to us, our operations have been badly affected. We used to depend largely on the official window to get foreign exchange at regulated rates, but that avenue has been shut for a long time.

‘’Right now, survival depends mostly on what we can get from walk-in customers — people coming in to sell small amounts of dollars, pounds, or euros. But that’s not structured or steady. Sometimes, you can go days without a single serious transaction. The market is very dislocated, and demand has dropped sharply because most people now prefer to do transfers or use online platforms or IMTOs instead of physical cash exchanges.

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‘’This may be good for the Naira, but sincerely, many of us are suffering. That’s why we’re proposing we get fully integrated.

‘’Meeting up with overhead costs has become a major challenge. Office rent, staff salaries, licenses, and other compliance expenses are still there, but the income isn’t coming in as before. As I talk with you, many operators have either closed shop temporarily or reduced their workforce just to cut costs.’’

He insisted that they are basically operating in survival mode — trying to keep their licenses active and hoping that the CBN will eventually re-integrate BDCs into the official market.

Going extinct
Making his own contribution, the President of the Association of Bureau Dec Change Operators of Nigeria (ABCON), Aminu Gwadebe, pointed out that the majority of its members are struggling to meet up with their overhead expenses, with their operations almost going extinct.

He said, ‘’The market is stable. As patriotic citizens, we align with policies that strengthen our sovereignty, which is the naira and commend both the regulatory and fiscal authorities on the naira stability and elimination of the exchange rate spikes.

‘’Our operations are currently near extinction, with the majority of our members struggling to meet up with overhead expenses. There is an ongoing positive collaboration between the CBN and the operators on the return of active participation of the BDCs in the retail end of the FX market.

‘’The BDCs, over time, remained the most potent tool of the CBN’s foreign exchange policy transmission mechanism. The majority of us are comatose as survival is largely dependent on the official foreign exchange market, which is not accessible to the BDCs, with only very few grappling with dislocated and unstructured walk-in customers.’’

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Gwadebe noted that the CBN discontinued the sales of forex to BDCs a long time ago, with little or no intervention to date.