Stock market winners and losers in Nigeria in 2025

The year 2025 is shaping up to be the Nigerian stock market’s strongest year since 2020. As of December 25, the NGX had gained 49.17 percent year-to-date, with about 40 listed stocks delivering returns of more than 100 percent over the same period.

The market’s rally in 2025 has been driven largely by standout performances in consumer goods, healthcare, and agriculture stocks. While banking stocks also recorded pockets of strong gains, their performance lagged that of consumer goods. Outside of Golden Guinea Breweries, every listed brewer posted year-to-date gains of over 100 percent, underscoring the sector’s dominance.

A more stable exchange rate, easing inflation, and improving macroeconomic conditions have put several consumer goods companies on firmer footing. This marks a sharp contrast with the pressures that defined 2024.

On the other end of the market, however, a prolonged price war between Dangote Refinery and Nigeria’s petrol marketers weighed on petroleum retailers. Companies such as Conoil and TotalEnergies consequently recorded lower revenues than in 2024. Among the laggards were several of 2024’s top performers, which, lacking the underlying fundamentals to sustain elevated valuations, experienced sharp price corrections in 2025.

Beta Glass (+470%)

Beta Glass Plc, Nigeria’s leading glass manufacturer, operates in a market with limited competition. This positioning has allowed the company to capture a significant share of the ongoing boom in Nigeria’s consumer goods sector. In 2025, Beta Glass capitalised on this momentum, growing revenue by 43 percent, while net profit surged by 227 percent.

In the equity market, the stock reflected this strong performance. Beta Glass shares rose 470 percent year-to-date, reaching N370 per share, after hitting a record high of N486. On the back of these gains, private equity firm Helios Investment Partners is set to acquire Frigoglass’ 70.05 percent stake in the company for a cash consideration of €100 million. The transaction implies a valuation of approximately €143 million for Beta Glass.

Guinness Nigeria (+354%)

With a year-to-date gain of 354 percent on the NGX, Guinness Nigeria stands as the best-performing brewer in 2025. The stock also earns its place on the list as the company shows early signs of a turnaround, reversing a period of sustained net losses.

For the year ended June 30, 2024, Guinness reported revenue of N496.5 billion, representing a 66 percent increase from the prior year. More importantly, the brewer swung back to profitability in 2025. It posted a net profit of N16.2 billion, compared with a net loss of N54.8 billion in the 2024 financial year.

For Tolaram, the acquisition of a majority stake in Guinness Nigeria in 2024 has proven to be a game-changing move. The group acquired a 58 percent stake for N103.7 billion at a share price of N81.60. Since then, the value of that investment has surged, with Tolaram’s stake now valued at approximately N404.4 billion.

Presco (+205%)

In 2025, Presco became the first agribusiness in Nigeria to attain a $1 billion valuation. With its share price at N1,450, the stock has gained 205 percent year-to-date, underscoring strong investor confidence in the company’s growth trajectory.

Presco earns its place on this list as it leads Nigeria’s oil palm renaissance. The integration of Ghana Oil Palm Development Company (GOPDC) has strengthened its regional footprint and positioned the company to tap into export markets, with GOPDC deriving about 41 percent of its revenue from exports. Beyond this, Presco expanded its domestic operations through the acquisition of 10,000 hectares of oil palm plantations in Nsadop and Boki, Cross River State.

These strategic moves have translated into strong financial performance. For the nine months ended September 2025, Presco’s revenue surged 60 percent year-on-year to N165.3 billion, up from N104.8 billion in the corresponding period of 2024. Net profit also rose by 42 percent to N61.4 billion, compared with N43.2 billion a year earlier.

Champion Breweries (+294%)

In 2025, Champion Breweries emerged as one of the standout winners on the Nigerian stock market. Once a lowly player in the brewery scene, the company has found renewed momentum under its new management, EnjoyCORP. On the NGX, Champion Breweries’ shares have climbed 294 percent year-to-date, reaching N15 per share, after touching an all-time high of N19.74 earlier in the year.

The rally has been supported by a sharp improvement in fundamentals. For the nine months ended 2025, revenue rose by about 53 percent year-on-year to N21.4 billion, up from N14 billion in the corresponding period of 2024. Profitability improved even more dramatically, with net income jumping tenfold to N2.05 billion, compared with just N21.5 million in 9M 2024.

Beyond its financial turnaround, Champion Breweries also executed one of the most notable corporate deals of 2025. In August, the company announced plans to acquire the Bullet Energy Drink brand. With Bullet’s footprint spanning 14 African countries, the acquisition positions Champion Breweries to leverage the brand’s established distribution and logistics network to tap into export markets.

Okitipupa Oil Palm (+552%)

Okitipupa Oil Palm Plc stands out as the only major market winner in 2025 that is not listed on the NGX. Instead, the oil palm producer is quoted on the NASD OTC Exchange.

Despite being significantly smaller than NGX-listed peers such as Presco and Okomu Oil Palm, Okitipupa delivered an exceptional performance in 2025. The stock surged by 552 percent on the NASD, making it the best-performing security on that market for the year.

Operational improvements underpinned this rally. In 2025, the company installed four new palm oil mills across its plantations in Ondo State, a move that materially boosted processing capacity. As a result, Okitipupa reported a net income of N992 million in the first half of the year.

Losers

Conoil (-52%)

In 2025, downstream energy stocks were the biggest losers on the NGX. This marked a clear reversal from 2024. Last year, companies such as Conoil, TotalEnergies, MRS, and Oando posted triple-digit gains and ranked among the market’s top performers.

The downturn was driven largely by a slump in petroleum product prices. This followed the entry of the Dangote Refinery into the domestic market. Conoil offers a clear example of this shift. In 2024, the stock gained 362 percent, making it one of the NGX’s best performers. In 2025, the rally was unwound. The share price fell from N387.20 to N187.20 as of December 25, marking a 52% slump.

The pressure was also evident in the company’s financial situation. Revenue declined by 18 percent year-on-year in 9M 2025. Turnover fell to N203.8 billion from N249.1 billion in 9M 2024. Profitability weakened even further. Net income dropped to N1.5 billion in 9M 2025, compared with N12.1 billion a year earlier.

Sunu Assurances  (-52%)

Sunu Assurances was one of the biggest winners of 2024. In 2025, it became a notable laggard. Last year, the stock was the best performer on the NGX, posting an 877 percent gain. In 2025, that rally reversed. The shares fell by 52 percent. The price dropped from N10.75 to N5.16, as elevated valuations proved difficult to sustain without stronger fundamentals.

The correction reflected the company’s underlying performance. In the nine months ended 2025, Sunu Assurances reported net income of N1.3 billion. This marked a 72 percent decline from the N4.8 billion recorded in 9M 2024.

Oando (-42%)

Oando Plc, one of Nigeria’s oil majors, also featured among the market’s laggards in 2025. The stock declined by 42 percent during the year, falling from N66 at the start of 2025 to N38 as of December 25.

The share price weakness reflected pressure on topline performance. In 2025, Oando recorded a 20 percent decline in revenue, largely due to its complete halt of petrol imports during the year. For the nine months ended 2025, revenue stood at N2.5 trillion, down from N3.2 trillion in the corresponding period of 2024.

Despite the revenue contraction, profitability improved markedly. Net income rose by 164 percent year-on-year to N210 billion in 9M 2025, compared with N76 billion in 9M 2024. However, cashflow pressures and Oando’s debt profile weighed heavily on its balance sheet during the year.

John Holt (-37%)

Like Sunu Assurances, John Holt was among the standout performers of 2024, posting a 236 percent gain over the year. In 2025, however, the rally reversed. As of December 25, the company’s shares were down 37 percent year-to-date.

The decline reflects a broader pattern seen among several former high-flyers. After sharp price run-ups in 2024, John Holt experienced a significant correction in 2025 as valuations adjusted from elevated levels.

Julius Berger (-11%)

Construction giant Julius Berger faced a challenging 2025. From cancelled government contracts to the collapse of its cashew business, the company underwent a series of corporate restructurings during the year.

Following a strong 261 percent rally in 2024, the stock experienced a correction in 2025, declining by 10.5 percent over the year. Operationally, however, performance was more resilient. For the nine months ended 2025, Julius Berger’s revenue grew by 34 percent year-on-year to N540.8 billion, up from N405 billion in the corresponding period of 2024.