In the world of high finance, if you aren’t talking about the All-Share Index, you aren’t in the room.
On February 4, 2026, the Nigerian Exchange Group (NGX) gathered the heavyweights of the 30-share index for its annual Made of Africa (MOA) Awards.
It wasn’t just a night of champagne and corporate ties; it was a victory lap for a market that defied gravity in 2025, closing with a 51% gain, ranking it the second-best performing stock market globally.
Here’s how the big tech and industrial players moved the needle.
MTN Nigeria: The Transparency Flex
While most telcos are judged by their ARPU (Average Revenue Per User), MTN is increasingly being judged by its ESG (Environmental, Social, and Governance) score.
The Y’ello giant walked away with the award for Leadership in Sustainability Reporting, beating out heavy hitters like Seplat and Transcorp.
In a market where investors are getting pickier about green-washing, MTN’s adherence to global reporting standards is a strategic move to keep foreign portfolio investment (FPI) flowing.
“This isn’t just about reporting; it’s about faith in the Nigerian economy,” says Tobe Okigbo, MTN’s Chief Corporate Services & Sustainability Officer.
The Industrialists: Compliance as a Competitive Advantage
If MTN won on transparency, the “Cement Kings” won on discipline.
- BUA Cement took home the trophy for Most Compliant Listed Company. In a regulatory environment that is notoriously vibes-heavy, BUA is doubling down on being the teacher’s pet of the NGX.
- Dangote Cement dominated the debt market, named Best Issuer for Fixed Income Listings. It turns out, when Aliko Dangote goes to the market for capital, everybody listens.
The Market Makers: Chapel Hill’s Triple Threat
You can’t have a $1 trillion economy aspiration without the “plumbing” working correctly. Chapel Hill Denham emerged as the night’s MVP, winning for:
- Fund Manager with Largest Listed Fund Size
- Highest Value of Foreign Portfolio Investment (FPI) Transactions
Essentially, if global money is moving into Nigeria, it’s likely moving through Chapel Hill’s pipes.
Chasing the Trillion-Dollar Dream
NGX CEO Jude Chiemeka didn’t mince words: the goal is a $1 trillion Nigerian economy.
The 2025 honorees aren’t just companies; they are the infrastructure of the Nigerian dream. Despite a challenging economic environment, like FX volatility and inflation, these giants are proving that if you stay compliant and transparent, the capital will follow.
As the NGX moves toward greater accountability, the gap between the standard-compliant giants and the laggards is widening.
For the Nigerian market to hit that $1 trillion valuation, it needs more than just high yields, it needs the institutional trust that MTN and BUA are currently building.
