Nigeria's most hotly contested market capitalisation crown has changed hands again, and this time it is sugar, flour, and rice that have dethroned telecoms.

Market capitalisation of BUA Foods Plc, largely owned by Africa's third richest man, Abdul Samad Rabiu, has soared to ₦17.4 trillion as of Tuesday, April 28, following an 8.65% rise in its share price to ₦967, making it the most capitalised company on the Nigerian Exchange. The food manufacturer has now regained its position, effectively ending the more than two-month reign of telecom giant MTN Nigeria as the most valuable stock on the bourse.

The trigger was a dividend announcement of historic proportions. Subject to shareholder approval, BUA Foods is expected to hand investors ₦504 billion in dividends, after the food maker recorded a profit in 2025. This marks the continuity of the consumer goods dividend policy it has maintained for the past four years, despite economic headwinds that have held many firms from paying dividends to their shareholders.

The full-year numbers behind that payout are equally striking. Net income of the sugar, flour, and rice producer nearly doubled to ₦518.38 billion, according to its audited 2025 financial statement, as revenue rose to ₦1.77 trillion, up from ₦1.53 trillion in 2024, despite persistent pressure on household incomes.

The capacity story is drawing investors just as strongly as the earnings. Market watchers linked the share rise to BUA Foods' planned capacity expansion, aimed at capturing Nigeria's fast-moving consumer goods market estimated at ₦23 trillion, while adding hundreds of direct and indirect jobs to the economy. Managing Director Ayodele Abioye reinforced that narrative on an investors' call recently: "We are committed to coming to market with a capacity increase of over 50% across our business divisions."

Tuesday's move resets a rivalry that has defined the NGX leaderboard for the better part of two years. BUA Foods first overtook MTN Nigeria in August 2025, only to lose the top spot in February 2026 when MTN rallied sharply on the back of a landmark interim dividend announcement and a 38.7% year-to-date share price gain. At its peak, MTN Nigeria held a market capitalisation of ₦16.38 trillion, or roughly 12.7% of the entire NGX equity market.

With BUA Foods now commanding ₦17.4 trillion, the food conglomerate accounts for approximately 12% of the NGX's total market value, an extraordinary concentration of wealth in a single consumer goods name, and a testament to how completely the valuation hierarchy of Nigeria's equity market has been reordered since the currency reforms of 2023.

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