By Wasiu Alli & Chima Chima

Copyright businessday

Nigeria’s stock market has become increasingly concentrated, with just ten companies accounting for more than N56.3 trillion in value, roughly 63 percent of the Nigerian Exchange’s total market capitalisation of N89.8 trillion as of 25th September 2025.

The concentration underscores how the performance of a handful of firms can sway the fortunes of investors and shape the trajectory of Africa’s fourth-largest economy.

Behind the numbers are executives whose leadership styles and strategic decisions have steered their firms through inflation, currency swings, and regulatory uncertainty. From cement to food, banking to telecoms, these leaders have delivered results that have not only kept their companies profitable but also underpinned Nigeria’s capital markets’ resilience.

Ayodele Abioye – BUA Foods Plc

With a market capitalisation of about N11.3 trillion, BUA Foods has emerged as Nigeria’s most valuable listed company. Since assuming the role of managing director in 2021, Ayodele Abioye has guided the company through rapid expansion. In the first half of 2025, revenue climbed to N912.5 billion, up 36 percent from a year earlier, while profit after tax surged to N260.1 billion.

The company’s stock has risen more than 51 percent this year to close at N629.70, reflecting investor confidence in the food giant’s operational discipline and the breadth of BUA’s product portfolio, which spans sugar, flour, and pasta. A trained engineer with an MBA, Abioye’s two decades in fast-moving consumer goods and supply chain management are evident in the firm’s ability to sustain efficiency despite inflation and currency headwinds.

Arvind Pathak – Dangote Cement Plc

At a valuation of around N8.9 trillion, Dangote Cement remains Africa’s largest industrial firm. Under Arvind Pathak’s leadership, the company reported N1.7 trillion in revenue for the first half of 2025, with profit after tax rising 22 percent year-on-year to N277 billion.

The stock is up nearly 10 percent this year, buoyed by Pathak’s emphasis on regional expansion, tighter energy cost control, and efficiency improvements across plants. An engineer with an MBA in strategic management, Pathak has decades of experience in cement operations, and his steady hand continues to reassure investors even as infrastructure challenges weigh on the industry.

Karl Toriola – MTN Nigeria Communications Plc

Karl Toriola, who has led MTN Nigeria through regulatory scrutiny and operational hurdles, presides over a company valued at N8.82 trillion. In the first half of 2025, service revenue grew significantly to approximately N2.4 trillion, while profit after tax rebounded to N414.9 billion, marking a sharp turnaround from a loss in the prior year.

MTN shares have gained about 110 percent this year as Toriola doubles down on mobile money, digital services, and network efficiency. With a master’s degree in electrical engineering and a career bridging technical operations and corporate strategy, he has become a steady hand in Nigeria’s most competitive sector.

Sunil Taldar – Airtel Africa Plc

Airtel Africa, valued at around N8.68 trillion, operates across 14 markets, with Nigeria as its largest. Under Sunil Taldar, the group reported $2.37 billion in revenue for the first half of 2025 in reported currency. Full-year profit after tax for 2025 stood at $328 million, reflecting the drag from foreign exchange translation losses.

Despite these headwinds, Airtel shares have delivered more than 7 percent returns in 2025. Taldar, a former director of Transformation, is an alumnus of Delhi University and has over 30 years of experience in the Fast-Moving Consumer Goods (FMCG) and telecommunications industries, has focused on expanding mobile money and data services, which now make up a significant share of revenue. His ability to balance regulatory pressures with growth has helped Airtel remain resilient in turbulent conditions.

Read also: Zenith’s Umeoji, GTCO’s Agbaje top highest-earning Nigerian bank CEOs

Yusuf Binji – BUA Cement Plc

With a valuation of about N5.1 trillion, BUA Cement has grown into Nigeria’s second-largest cement producer. Under Yusuf Binji, the company reported N425 billion in revenue in the first half of 2025 and profit after tax of N151 billion, representing year-on-year improvement across key indicators.

Shares are up 63.2 percent since January, supported by Binji’s emphasis on operational efficiency, capacity expansion, and stronger market penetration. An engineer with over 15 years in industrial operations, Binji has positioned BUA Cement as a formidable challenger in Nigeria’s cement landscape.

Segun Agbaje – Guaranty Trust Holding Company Plc

GTCO, valued at about N3.4 trillion, is the biggest bank by market value, and remains one of Nigeria’s most technology-driven banks. In the first half of 2025, the group reported N450 billion in revenue and N449 billion in profit after tax, down from the extraordinary gains booked in 2024 due to currency revaluation effects.

Shares of GTCO have soared 63.2 percent following the lender’s dual listing on the London Stock Exchange. Segun Agbaje continues to bet on digital innovation and expansion to drive growth. With a master’s in finance and decades of experience in corporate banking, Agbaje has built a reputation for combining innovation with prudence, keeping investor confidence intact even amid earnings volatility.

Roger Brown – Seplat Energy Plc

Seplat Energy, valued at around N3.23 trillion, reported $480 million in revenue in the first half of 2025, with profit after tax of $230 million, even though the stock has shed almost 6 percent of its value this year. Roger Brown, whose career spans upstream and midstream operations, is widely credited with aligning Seplat’s performance with shareholder expectations while positioning gas as the company’s next growth engine.

Adaora Umeoji – Zenith Bank Plc

With a market capitalisation of N2.87 trillion, Zenith Bank continues to embody stability under Adaora Umeoji. The lender posted N1.05 trillion in revenue and N532 billion in profit after tax in the first half of 2025, only slightly lower than the prior year. Shares are up 53.5 percent this year, supported by consistent dividend payments. Umeoji, an all-round scholar with three first degrees in Sociology, Accounting, and Law, and an alumna of Harvard Business School, has built her leadership on risk management and operational discipline. Her cautious approach appeals to investors seeking safety in a high-interest-rate environment.

Akin Akinfenwa – Geregu Power Plc

At a market capitalisation of about N2.85 trillion, Geregu Power has become one of the NGX’s most prominent energy plays. In H1 2025, the company posted N142 billion in revenue and N68 billion in profit after tax, nearly double the prior year. Its stock fell 0.74 percent year-to-date to close at N1,141.

Akin Akinfenwa, a trained engineer and an alumnus of the Said Business School, University of Oxford, has, through his operational management, turned Geregu into a darling of the equities market. His bold bets in deregulated power generation have delivered returns that few anticipated.

Adegbite Falade– Aradel Holdings Plc

Aradel Holdings, formerly Niger Delta Exploration & Production, has transformed under Adegbite Falade. Valued at about N2.43 trillion, the company reported N130 billion in revenue and N54 billion in profit after tax for the first half of 2025. Though earnings were positive, the stock has shed 6.35 percent of its value this year.

Falade has pushed diversification into downstream and gas operations, insulating Aradel from oil price swings. His disciplined execution and long-term vision have turned the company into one of the NGX’s fastest-rising energy firms.