Nigeria’s equities market in 2025 reflected a year of remarkable resilience, strategic execution, and selective sectoral momentum.Despite economic headwinds, stocks across multiple sectors surged, driven by earnings strength, improved 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%, with some stocks returning more than 1,000% in a record-setting year.
It was a relatively good year, with the All-Share Index (ASI) settling at 155,613.03 points, delivering a 51.19% year-to-date gain. Market capitalisation also expanded strongly, rising to N99.38 trillion by year-end. This marked a year-on-year increase of approximately 58.4%, compared with the N62.76 trillion market capitalisation recorded as of December 31, 2024.Beyond the headline numbers, these remarkable stock gains were driven by the vision, strategy, and execution of the executives at the helm. From pharmaceuticals to manufacturing, insurance, and technology, the top-performing companies of the year were led by CEOs and Managing Directors whose leadership inspired operational excellence and investor confidence.
Share price growth is often the clearest reflection of effective leadership, and 2025 provided a vivid showcase of executives turning strategy into tangible market results.What follows is Nairametrics’ curated list of top-performing CEOs and Managing Directors of the year leaders who drove commendable market returns through vision, discipline, and execution.1. Abdulqudus Ashimi
Performance– N72.70 (+1,354%)
Abdulqudus Ashimi – Executive Director NCR Nigeria Plc Performance– N72.70 (+1,354%) Abdulqudus Ashimi serves as the Executive Director of NCR Nigeria Plc, a technology and services company focused on optimizing business-to-customer transactions across the banking, retail, and hospitality sectors.He assumed leadership following the resignation of former director Jimmy James Kallumkal, bringing a strong cross-sector background and a focus on operational efficiency.Under his tenure, NCR Nigeria recorded N2.15 billion in revenue in 2024, ranking sixth among listed ICT firms on the Nigerian Exchange.
Despite this, the company faced profitability challenges, posting a net profit margin of -101.03%, reflecting significant operational and financial pressures. Ashimi holds a Master’s degree in Industrial and Labour Relations and a Bachelor’s degree from the University of Lagos.NCR Nigeria shares began 2025 at approximately N5.00 and rallied to N72.70 by year-end, delivering a 1,354% gain. NCR Nigeria Plc recorded the highest percentage gain among the group, with its market capitalisation rising from N540 million in December 2024 to N7.85 billion by December 2025, representing a 1,354% increase.Jump to section 1. Abdulqudus Ashimi – Executive Director NCR Nigeria Plc
2. Chris Okoro
Performance-N115.00 (+497%)
Chris Okoro- CEO Eunisell Interlinked Plc Performance – N115.00 (+497%) Chris Okoro is the Managing Director and Chief Executive Officer of Eunisell Interlinked Plc, a position he has held since June 2019. He leads the company’s strategic direction, oversees its offshore subsidiary, manages relationships with foreign partners, and drives growth, profitability, and stakeholder engagement across the power and oil & gas sectors.Prior to joining Eunisell, Mr. Okoro held multiple leadership roles in the banking sector, including Head of Bankwide Retail Sales at Keystone Bank, where he supervised a 250-member team and transformed retail strategy across 160 branches.He also served as Technical Assistant to the Deputy Managing Director, Head of Electronic Payments & Agency Banking, and held management positions at Access Bank, Ecobank, and Fortune International Bank, where he built award-winning retail and loan portfolios.He holds a Master’s degree in International Business Management with distinction from Middlesex University and a certificate in Strategy from Harvard Business School Online.Eunisell Interlinked shares opened 2025 at approximately N19.30 and climbed to N115.00 by year-end, delivering a 497% gain. It saw its market value increase from N4.56 billion to N27.22 billion, translating to a 497% gain in 2025.Jump to section 2. Chris Okoro- CEO Eunisell Interlinked Plc
3. Alexander Gendis
Performance-N370.00 (+470%)
Alexander Gendis- CEO Beta Glass Plc Performance- N370.00 (+470%) Alexander GendAlexander Gendis- CEO Beta Glass Plc Performance- N370.00 (+470%) Alexander Gendis is the Chief Executive Officer of Beta Glass, bringing over 25 years of experience in manufacturing and packaging, with expertise in general management, supply chain, marketing, and team leadership.His career spans East and West Africa, Europe, Southeast Asia, and Australia, reflecting a strong track record in driving operational excellence across diverse markets.Mr. Gendis has held senior executive roles at Engee PET Manufacturing Company, Bel Impex, Pepsi Seven-Up Bottling Company, DHL Nigeria, and Verde Beef Processing in Ethiopia. He began his career at PZ Cussons, holding key leadership positions across multiple countries. In September 2024, he assumed leadership as CEO of Beta Glass, the glass packaging arm of the Frigoglass Group.He oversaw the world-record 48-day rebuild of the company’s DF1 glass furnace, a major operational milestone that boosts production capacity. Gendis drove Beta Glass’s sustainability agenda, contributing to significant economic and social impact–including supporting thousands of jobs and over N1 trillion in economic value to Nigeria’s economy through expanded operationsBeta Glass shares began 2025 at about N65.00 and closed the year at N370.00, representing a 470% surge. It experienced a significant re-rating in 2025, with its market capitalisation rising from N38.94 billion to N221.99 billion, representing a 470% increase.Jump to section 3. Alexander Gendis- CEO Beta Glass Plc
4. Reuben M. Ossai
Performance- N13.30 (+432%)
Reuben M. Ossai The Initiates Plc Performance- N13.30 (+432%) Reuben M. Ossai is the Managing Director and Chief Executive Officer with over 20 years of professional experience in environmental engineering and waste management. A Chartered Environmentalist and Waste Manager, he holds a Master of Engineering in Environmental Engineering and a Postgraduate Diploma in Petroleum and Environmental Law.He is a professional member of the Chartered Institution of Waste Management (UK), the International Solid Waste Association (ISWA, Vienna), and the Nigerian Institute of Architects.Mr. Ossai’s career spans the design and construction of wastewater treatment plants, development of regional solid waste management programs, and the implementation of factory waste minimization initiatives. He is the first African certified as an International Waste Manager by ISWA and served as President of the Waste Management Society of Nigeria.The Initiates Plc shares opened 2025 at approximately N2.50 and rose to N13.30 by year-end, delivering a 432% gain. The Initiates Plc posted a solid market capitalisation expansion from N2.23 billion in December 2024 to N11.84 billion by December 2025, a 432% increase.Jump to section.
5. Femi Asenuga
Performance – N3.10 (+408%)
Femi Asenuga is the Managing Director and Chief Executive Officer of Mutual Benefits Assurance Plc, with over 30 years of experience in Nigeria’s insurance sector.
He holds a B.Sc in Insurance and an M.Sc in Business Administration from the University of Lagos and is an Associate of the Chartered Insurance Institute, Nigeria.
He graduated as the best student in his B.Sc finals, receiving the Femi Johnson & Co. Prize and the Unity Life & Fire Insurance award for overall excellence.
Mr. Asenuga began his career at Metropolitan Trust Insurance Company in 1993, later joining Custodian and Allied Insurance in 1995 as a pioneer assistant manager.
He joined Mutual Benefits Assurance Plc in 1997 as deputy manager and rose through the ranks. In 2007, he became pioneer managing director of the company’s life insurance subsidiary and was appointed MD/CEO of the main company in December 2019.
Mutual Benefits Assurance shares opened 2025 at approximately N0.61 and climbed to N3.10 by year-end, delivering a 408% gain. Mutual Benefits Assurance Plc recorded a strong re-pricing in 2025, as its market value increased from N12.24 billion to N62.19 billion, representing a 408% growth.
Girish Sharma
Performance-N349.90 (+398%)
6. Girish Sharma- MD/CEO Guinness Nigeria Plc Performance-N349.90 (+398%) Girish Sharma is a seasoned executive with extensive experience in consumer goods and manufacturing, holding an MBA in Marketing from the University of Kent and executive leadership credentials from Harvard, Stanford, and Cambridge Universities, with a focus on leadership, sustainability, and business management.He served as CEO of Tolaram’s joint venture with Colgate-Palmolive, achieving a remarkable 70% compound annual growth rate in top-line revenue over five years.Prior to this, Mr. Sharma was Chief Operating Officer of Tolaram Manufacturing Company, Dufil, where he played a pivotal role in growing Indomie, Tolaram’s flagship instant noodle brand, into a household name and market leader in Nigeria and Ghana.Led by Sharma Guinness Nigeria shares opened 2025 at approximately N70.30 and rallied sharply through the year to close at N349.90, representing a 398% gain. It also delivered one of the most dramatic valuation expansions on the Nigerian Exchange in 2025, with its market capitalisation jumping from N153.87 billion to N766.42 billion, a 398% increase.
Dukor Anderline & Arjun Udani
7. Dukor Anderline & Arjun Udani – Co-CEOs, MeCure Industries PlcAnderline Dukor is Co-Chief Executive Officer (Operations) at MeCure Industries Plc, overseeing production, regulatory affairs, quality assurance, and human resources.She brings over a decade of experience in pharmacy and clinical research and holds a B.Sc. in Pharmacy from the University of Nigeria, alongside M.Sc. degrees in Clinical Pharmacy and Public Health. Her leadership has strengthened MeCure’s regulatory compliance and operational standards.Arjun Udani serves as Co-CEO (Commercial), with responsibility for finance, procurement, and sales. He has over 12 years’ experience in the pharmaceutical industry and holds a B.Sc. in Business Management from Mumbai University, as well as an Advanced Project Management certification from Stanford University.Dukor Anderline and Arjun Udani, Co-CEOs of MeCure Industries Plc, oversaw the issuance of a N10 billion, 269-day Series 6 Commercial Paper under the company’s N40 billion CP programme.Under their joint leadership, MeCure Industries’ share price rose from about N13.90 at the start of 2025 to N65.20, delivering a 369% return. Its market capitalisation rose from N55.6 billion as of December 31, 2024, to N260.8 billion by December 31, 2025, representing a 369% increase year-on-year.
Chuka Mordi
Performance- N13.40 (+324%)
8. Chuka Mordi- CEO Ellah Lakes Plc Chuka Mordi- CEO Ellah Lakes Plc Performance- N13.40 (+324%) Chuka Mordi is the Chief Executive Officer, bringing over 20 years of experience in investment management, financial advisory, and corporate leadership across Nigeria and the United Kingdom.He began his career at SBC Warburg and later worked as an Equities Analyst at Hardman & Co. Ltd., focusing on UK AIM stocks, before managing European equities at Société Générale Asset Management (SGAM).Chuka was a founding partner of CBO Capital, where he oversaw more than 50 client mandates, managing transactions exceeding $2 billion and deploying over $50 million in capital as a principal investor. Prior to that, he served as Head of Infrastructure Financing at First City Monument Bank (FCMB), Lagos.He holds a B.A. in Philosophy from King’s College, University of London and is a member of the Chartered Institute of Bankers of Nigeria (CIBN).Chuka Mordi, CEO of Ellah Lakes Plc, spearheaded the company’s landmark N235 billion public offer in late 2025, raising capital to acquire ARPN and expand processing capacityIn 2025 Ellah Lakes shares soared from N3.15 at the start of 2025 to N13.40, reflecting a 324% return. This saw its market capitalisation surge from N7.09 billion in December 2024 to N51.70 billion by December 2025, representing a 629% increase.
Taiwo Adeniyi
Performance- N92.00 (+300%)
Taiwo Ayodele Adeniyi is the Group Managing Director and Chief Executive Officer of Vitafoam Nigeria Plc, with extensive experience in pharmaceutical and manufacturing operations.
He holds a B.Sc. in Chemistry and an M.Sc. in Pharmaceutical Chemistry from the University of Lagos, as well as a Master’s in Supply Engineering and Logistics from the University of Warwick, UK. He is a recipient of the Chairman’s Award for Outstanding Employee (2009) and the Nigerian National Productivity Order of Merit (2010).
Mr. Adeniyi began his career at Pharma Deko Plc, gaining expertise in operations management and product development. He joined Vitafoam in 2007 as Logistics Manager, was promoted to Manufacturing Manager in 2010, and later became Executive Director and Technical Director. He was appointed Acting Managing Director on April 22, 2015, and confirmed as substantive Managing Director on June 4, 2015.
Under his leadership, Vitafoam shares surged from N23.95 at the start of 2025 to N92.00 by year-end, delivering a 300% return. This pushed its market value climbed from N28.77 billion to N115.08 billion, translating to a 300% gain year-on-year.
Biola Adebayo
Performance- N50.10(+223%)
10. Biola Adebayo is the Managing Director and CEO of Fidson Healthcare Plc, bringing over three decades of experience in the pharmaceutical sector.He graduated from the School of Pharmacy, University of Lagos (1988) and holds a Diploma in Advanced Computer Techniques and Applications from the University of Ibadan.Adebayo began his career at Glaxo Nigeria Plc in 1991 and later joined CAP Plc, honing his expertise in sales and marketing. He joined Fidson Healthcare Plc in 1996, rising through the ranks from Sales and Marketing Manager (2001) to Sales and Marketing Director (2004), Operations and Technical Director, Deputy Managing Director (2022), and ultimately CEO.He is a fellow of the Pharmaceutical Society of Nigeria and a financial member of the Institute of Directors (IOD). Mr. Adebayo has completed executive programs at Manchester Business School, Lagos Business School, IESE, Yale School of Management, and the African Global CEO Programme.During his tenure, Fidson Healthcare Plc made one of its most consequential capital market moves in recent years with the formal launch of a N21 billion Rights Issue in 2025.Under his leadership, Fidson Healthcare Plc delivered a strong re-rating in 2025, with its share price rising from N15.75 at the start of the year to N50.10 by year-end, translating into a 223% return for investors.This rally drove the company’s market capitalisation higher, expanding from N35.57 billion in December 2024 to N114.98 billion by December 2025, also representing a 223% increase
