In 2025, the Nigerian Exchange (NGX) led the way with a gain of 51.2 percent, its strongest performance since 2007. The rally was broad, building on extraordinary gains across the market, with more than 40 stocks posting triple-digit returns for the year.
After recording profits for seven consecutive years, the outlook for 2026 remains positive. Analysts expect NGX to maintain its upward momentum, supported by a pipeline of anticipated new listings and corporate actions, which have the potential to materially revalue select stocks. Against this backdrop, here are 10 companies to watch in 2026.
Also read: NGX Group: Market driven by 51.19% rise to overtake the world in 2025
guardian investment
With its share price at N43, Custodian Investments promises a return of 151 per cent in 2025. It was the stock's best year ever on the Nigerian exchange. Some names matched that race.
However, the story is not over yet. Custodians to keep an eye on in 2026. Its participation in the acquisition of FBNQuest Merchant Bank is expected to leave a meaningful impact on its financial position.
The exact size of the custodian's stake in EverQuest Acquisition LLP, the vehicle that acquired FBNQuest, has not been disclosed. Still, the potential impact is hard to ignore. By nine months (9M) of 2025, the custodian's total assets had increased to N501.8 billion, up from N407.3 billion in the financial year (FY) 2024. FBNQuest Merchant Bank reported total assets of N498 billion as of FYE 2024.
At its current scale, Custodian trades at a price-to-earnings multiple of just 5.67x and a price-to-book ratio of 1.44x. Those numbers come out. Among listed stocks with similar asset profiles, the stock remains one of the most undervalued names in the market.
That valuation gap could narrow quickly. With its expanded balance sheet and recent strategic moves, the custodian could reach an asset size of N1 trillion in 2026.
UAC Nigeria
Following the acquisition of CHI Limited, UAC Nigeria saw its revenue increase by 3.2 times, from N223 billion to N717 billion. Its EBITDA reached N67 billion, which is 2.7 times higher than the N25 billion recorded before the transaction.
In 2026, UAC is one of the Nigerian companies to keep an eye on, as the new member of the group will have a significant impact on its operations in the year. With its share price of N91 and market capitalization of N266 billion, UACN is highly undervalued.
Airadale Holdings
By expanding its stake in ND Western to 81.67 percent, Aradel has effectively increased its economic interest in Renaissance Africa Energy Consortium (Renaissance).
Prior to the transaction, Aradel held a 12.5 percent direct stake in Renaissance, with a 20.8 percent indirect interest through ND Western. The higher ownership level in ND Western is expected to translate into a stronger controlling position in the consortium, which was the former Shell Petroleum Development Company (SPDC).
The implications for 2026 are significant. The increased stake is expected to have a significant impact on Aradel's balance sheet and earnings profile. With additional oil blocks expected to be secured from a 2025 bid round, the company's growth outlook remains strong, cementing its position as one of the more attractive energy plays to watch.
Also read: NCR Nigeria leads ICT stock rally on NGX in 2025
Abbey Mortgage Bank
Abe Mortgage Bank is preparing to transform into a commercial bank with a regional license, marking a significant change in its development path. In January 2025, shareholders approved the move, along with a proposed rebrand of AB Bank plc.
The bank currently has a paid-up share capital of N6.6 billion and will need to raise an additional N43.4 billion to meet regulatory requirements for the transition. How and when it plans to raise this capital remains a key question as the process unfolds in 2026.
Ella Lakes
Ella Lex is one of the companies that market participants are keeping a close eye on in 2026. The firm was in the news until 2025, driven by plans for a N235 billion public offering aimed at financing the acquisition of ARPN.
Before the current management led by Chuka Mordi took control in 2019, the company had recorded negligible revenues for several years before posting N67 million in 2024. The proposed acquisition of ARPN's existing facility is expected to prove a turning point, with Ella Lakes projected to generate revenues of N24 billion by 2026.
Champion Breweries
Champion Breweries, which emerged as the most profitable brewer between 2023 and 2024, is enjoying new momentum under its current management. This change reflects a clear strategic shift. The company is expanding beyond its traditional South-South stronghold. It is now targeting the broader African market opportunities through the acquisition of the Bullet brand.
To support this expansion, Champion Breweries embarked on a capital raising exercise of N16 billion by the end of 2025. The purpose of the fund is, in part, to finance Bullet acquisitions. The deal is expected to significantly strengthen the distribution footprint of the company. It also diversifies its product portfolio.
With broader market reach and improving operational scale, Champion Breweries is well positioned for accelerated growth in 2026. This trajectory strengthens its appeal to both investors and industry watchers.
Unicel Interlinked
Unicel Interlinked has attracted significant market attention by delivering a stunning share price increase of 3,494 percent between the beginning of 2024 and the end of 2025. This is the highest ever among listed entities during that period. However, the rally has left analysts and market watchers questioning its underlying drivers.
The company's fundamentals provide little support for such an upside. Its net income of N115 million for 9M 2025 represents a six per cent decline from the N122 million recorded in the same period of 2024. Adding to the intrigue, company executives are taking advantage; According to corporate disclosures, the chairman sold shares worth N20 million on December 24, 2025.
With a gap between market performance and operating results, investors and analysts are taking a closer look at Unicel to understand the factors sustaining its extraordinary rally.
Providus-Unity Bank
Following the merger with Unity Bank, Providus Bank is on track to become a publicly listed entity on the Nigerian Exchange (NGX), pending the final shareholder structure of the expanded bank.
Under the terms of the merger, Unity Bank shareholders can either receive a cash payment of N3.18 per share or a share exchange of 18 Providus Bank shares for every 17 Unity Bank shares. If all shareholders opt for the shares, the issued shares of Providus Bank will increase to 54.2 billion, with a paid-up capital of N27.1 billion, taking the combined shareholder base far above the minimum 50 required for public company registration.
The merged entity, named Providus-Unity Bank, will emerge as Nigeria's ninth largest bank by assets, with N4.49 trillion and 230 branches across the country.
Existing Providus shareholders will retain majority control, while Unity Bank shareholders will hold a 22.8 percent stake. The merger positions the bank as a mid-tier powerhouse, poised to compete aggressively in the Nigerian banking sector.
Also Read: Wema, Stanbic Top NGX Banking Stocks in 2025
geregu power
Following a major change in ownership and leadership, Geregu Power Plc is poised to be an exceptional company to watch in 2026. In a historic transaction concluded on December 29, 2025, billionaire Femi Otedola sold his 77 per cent controlling stake in Geregu Power through the sale of 95 per cent equity interest in Emperion Power Distribution Company Limited to Abuja-based integrated energy firm MA'AM Energy Limited.
The final change in beneficial ownership prompted a complete board overhaul, with Senator Abdulaziz Abubakar Yari appointed as chairman. It remains to be seen what the strategic direction of the company is under the new management.
Dangote Fertilizer
On this list, Dangote Fertilizer stands out as the only unlisted entity, although its planned listing on the Nigerian Exchange (NGX) has lagged behind earlier expectations.
The stock market launch was initially targeted for the first quarter (Q1) of 2025, but it was pushed to the fourth quarter (Q4) of 2025 and missed the deadline.
Despite the delay, market participants still view Dangote Fertilizer's final public offering as a potentially transformative milestone for NGX, giving investors broader access to one of Africa's largest industrial assets.
