BUA Foods Plc has become the most valuable company on the Nigerian Exchange Limited (NGX) after its market capitalisation crossed the N10 trillion mark, a milestone that first placed the food manufacturer above long-time heavyweight MTN Nigeria.
The company’s shares closed at N574.90 on Thursday after an intraday surge that lifted its market value to about N10.3–N10.4 trillion, according to market data and reporting by business media.
Trading data showed that the sharp re-rating was driven by an 8.7% one-day jump in BUA Foods’ share price, which saw the stock move from roughly N528.90 to N574.90, a move that pushed its market capitalisation from about N9.52 trillion to the low-double-digit trillion level.
The rise meant BUA Foods overtook MTN Nigeria, which was quoted with a market value near N10.1 trillion on the same trading session.
Traders and analysts said the move reflects growing investor appetite for Nigerian consumer-goods names that are showing durable revenue and profit growth.
BUA Foods itself flagged the achievement on its social media channels, writing: “We recently attained a historic milestone — the highest market capitalization on the NGX!
This achievement is a testament to the trust of our shareholders, the dedication of our employees, and the loyalty of our customers. Our journey is far from over — the best is yet to come!”
The market surge has a clear earnings underpin. BUA Foods reported exceptional first-half 2025 results, with reported profit measures more than doubling year-on-year and revenue rising — figures that market commentators say helped validate the higher share price.
Company financial releases and independent reporting show profit before tax and other headline metrics expanding markedly in H1 2025, driven by broad-based growth across sugar, flour, pasta, rice and edible oil segments.
The strength of the rice business in particular was singled out in reporting as a standout driver of volume and revenue improvements.
The ascent of BUA Foods is also reshaping the wealth map among Nigeria’s corporate tycoons. The stock’s re-rating has increased the NGX-based wealth attributed to Abdul Samad Rabiu, the BUA Group founder, making him, at least on paper and by exchange valuations, one of the top holders of market value on the bourse and prompting commentary about a shift in relative billionaires’ rankings.
Observers note that movements in the equity prices of major listed groups can change headline “rich lists” quickly, but stress that such measures reflect market value rather than realizable cash.
BUA Foods is a relatively recent addition to the NGX heavyweight list. The company listed by introduction on January 5, 2022, selling 18 billion ordinary shares into the market and rapidly becoming a major consumer-goods equity as its results and market interest gathered momentum.
Since listing, the company has posted aggressive growth in topline metrics and has benefited from investor rotation into domestically focused consumer stocks in 2024–2025.
Market participants give several explanations for the stock’s run. Analysts point to demonstrable improvements in operational performance, the release of stronger half-year numbers, and the broader market rally that has been powered by domestic flows and a “fear-of-missing-out” dynamic among local investors.
Optimus by Afrinvest and other market commentators have previously said that sustained interest from domestic investors — along with news-driven re-rating of bellwether stocks — can amplify share price moves in an otherwise concentrated market.
