Nigeria’s equity market is becoming increasingly concentrated in a relatively small group of heavyweight stocks. As of February 16, 2026, twenty six listed companies had crossed the N1 trillion market capitalization threshold, with a combined value of about N110.54 trillion.
Out of a total market capitalization of N122.13 trillion, this select group now represents roughly 85.5% of the entire market, an unusually high level of concentration. This underscores how overall exchange performance is now closely tied to the fortunes of a handful of blue-chip companies.
The banking sector has been the single most important driver of the SWOOT (stocks worth over one trillion naira) expansion. Fidelity Bank Plc, Wema Bank Plc, Ecobank Transnational Incorporated, and Dangote Sugar Refinery Plc all crossed the N1 trillion threshold this year.
Fidelity Bank’s valuation climbed to about N1.07 trillion after its share price rose to N21.30. Wema Bank surged 34.6% year to date, lifting its market capitalization to roughly N1.1 trillion. Ecobank Transnational Incorporated joined the league at about N1.04 trillion despite a recent moderation in its share price.
One reason for this dynamic is the market’s strong preference for dividend-paying stocks. Companies that consistently deliver attractive dividends tend to rise quickly in prominence because many investors approach the equity market almost like a fixed-income environment, focusing on income rather than long-term share price appreciation. While this model has rewarded banks and established industrial firms, it also narrows the pathway for emerging sectors to attract capital.
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If Nigeria is to cultivate new categories of market leaders, the investment thesis must broaden. Under today’s logic, a company like US-based Amazon, unprofitable at IPO and not positioned to pay dividends, might have struggled to list or gain traction locally. To enable fintechs, logistics firms, and other innovation-driven businesses to scale into SWOOT (stocks worth over one trillion naira)-class companies, the market must evolve to value growth, reinvestment, and long-horizon innovation alongside dividends.
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