By Erewunmi Peace

In a stunning turn of events on the Nigerian Exchange Limited (NGX), BUA Foods Plc has officially become Nigeria’s most valuable listed company, surpassing long-standing giants such as MTN Nigeria and Dangote Cement.

The company, which debuted on the stock exchange in January 2022, has seen its market capitalization soar to over ₦11.3 trillion, rewriting history in just three years.

BUA Foods’ meteoric growth has surprised many in the financial sector. Starting with a modest valuation at listing, the company’s shares have consistently climbed, fueled by strong investor confidence and the group’s aggressive expansion in the food and fast-moving consumer goods sector.

This surge in value places BUA Foods ahead of traditional heavyweights:

MTN Nigeria, previously the most valuable stock on the NGX

Dangote Cement, a dominant player in construction materials

Leading Nigerian banks, which have historically set the pace in valuation rankings

Analysts suggest that BUA Foods’ performance reflects both the resilience of the consumer goods sector and changing investor appetite amid Nigeria’s economic uncertainties. While telecoms and cement remain vital sectors, the food and beverage market has shown remarkable potential as demand continues to rise.

However, experts also caution that market capitalization is highly sensitive to share price fluctuations. Today’s leader could easily be overtaken if market sentiment shifts.

While the business community celebrates BUA Foods’ achievement, public opinion has been divided. Some Nigerians question the fairness of such rapid wealth accumulation in a period marked by widespread inflation, unemployment, and economic hardship.

Despite these concerns, the company’s achievement underscores a major shift in Nigeria’s capital market dynamics.