Airtel Africa Leads N122.56tn Market Cap Surge in 2026

As of September 30, 2026, Airtel Africa Plc and ten other blue-chip companies accounted for N122.56 trillion, representing 75.14% of the Nigerian Exchange Limited’s (NGX) total market capitalisation of N163.105 trillion. This analysis indicates a significant increase in the market capitalisation of these companies, which include Dangote Cement Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, BUA Cement Plc, BUA Foods Plc, Aradel Holdings Plc, HBM Nigeria Plc, FBN Holding Plc, Zenith Bank Plc, and Guaranty Trust Holdings Plc (GTCO).

Between December 2025 and September 2026, the combined valuation of these companies rose by 84.7%, from N66.37 trillion to N122.56 trillion. Airtel Africa emerged as the most capitalised stock with a market capitalisation of N23.68 trillion, a 177.5% increase from N8.53 trillion.

Dangote Cement followed with a market capitalisation of N17.99 trillion, up 75.2% from N10.28 trillion. The growth reflects sustained investor interest and improving macroeconomic conditions in Nigeria.