Nigeria’s equities market in 2025 reflected a year of remarkable resilience, strategic execution, and selective sectoral momentum. Despite prevailing economic headwinds, stocks across multiple sectors recorded strong rallies, driven by earnings growth, improved market liquidity, and reform-induced investor confidence.
According to data compiled by Nairametrics from the Nigerian Exchange Limited (NGX), no fewer than 45 listed companies posted gains of over 100 per cent, with several stocks delivering returns in excess of 1,000 per cent in what became a record-setting year for the market.
Overall, equities closed the year on a strong note, with the All-Share Index (ASI) settling at 155,613.03 points, delivering a 51.19 per cent year-to-date gain. Market capitalisation also expanded significantly, rising to N99.38 trillion by year-end, representing a year-on-year increase of about 58.4 per cent, compared with the N62.76 trillion recorded as of December 31, 2024.
Beyond the headline numbers, these impressive stock gains were largely driven by leadership at the corporate level. Across sectors such as pharmaceuticals, manufacturing, insurance, consumer goods, and technology, top-performing companies were steered by chief executives and managing directors whose vision, discipline, and execution translated into improved operations and renewed investor confidence.
Share price appreciation remains one of the clearest reflections of effective leadership, and 2025 offered a vivid showcase of executives converting strategy into tangible market value. It is against this backdrop that Nairametrics’ curated list of Top 10 CEOs and Managing Directors driving Nigeria’s best-performing stocks in 2025 highlights leaders who delivered commendable market returns through strategic clarity and disciplined execution.
Among them is Femi Asenuga, the Managing Director and Chief Executive Officer of Mutual Benefits Assurance Plc, whose leadership helped position the insurer as one of the Nigerian Exchange’s standout performers in 2025.
Mutual Benefits Assurance Plc recorded a remarkable re-pricing during the year, with its share price rising from approximately N0.61 at the start of 2025 to N3.10 by year-end, representing a 408 per cent gain. The rally also translated into a sharp expansion in the company’s market capitalisation, which grew from about N12.24 billion to N62.19 billion, reflecting a 408 per cent increase over the period.
The insurer’s strong performance earned Asenuga a place among the Top 10 CEOs behind Nigeria’s best-performing stocks in 2025, as investors responded positively to improved fundamentals, sector reforms, and renewed confidence in the company’s long-term strategy.
Asenuga brings over 30 years of experience in Nigeria’s insurance industry. He holds a Bachelor’s degree in Insurance and a Master’s degree in Business Administration from the University of Lagos, and is an Associate of the Chartered Insurance Institute of Nigeria (CIIN). He began his career in 1993 at Metropolitan Trust Insurance Company, later joining Custodian and Allied Insurance Plc, before moving to Mutual Benefits Assurance Plc in 1997, where he rose through the ranks.
Other chief executives and managing directors who featured on Nairametrics’ list of Top 10 CEOs driving Nigeria’s 2025 market gains cut across a wide range of sectors, underscoring the broad-based nature of the equities rally.
They include Abdulqudus Ashimi of NCR Nigeria Plc; Chris Okoro, CEO of Eunisell Interlinked Plc; Alexander Gendis, CEO of Beta Glass Plc; and Reuben M. Ossai, Managing Director of The Initiates Plc.
Also on the list are Girish Sharma, Managing Director/CEO of Guinness Nigeria Plc; Dukor Anderline and Arjun Udani, Co-CEOs of MeCure Industries Plc; Chuka Mordi, CEO of Ellah Lakes Plc; Taiwo Adeniyi, Group Managing Director of Vitafoam Nigeria Plc; and Biola Adebayo, CEO of Fidson Healthcare Plc.
Collectively, these executives led companies that recorded triple-digit share price appreciation in 2025, benefitting from sector-specific tailwinds, improved earnings performance, and renewed investor appetite for fundamentally strong stocks.
Their inclusion reinforces the view that effective leadership, corporate governance, and disciplined execution remain critical drivers of shareholder value, particularly in a market environment shaped by reform, volatility, and selective opportunity.