At the beginning of the year, while many Nigerians were consumed by the soaring cost of living, rent, school fees, transport and other familiar family and economic worries, some discerning investors were taking position in the stock market.
Few imagined that, amid the economic uncertainty, the Nigerian stock market would quietly produce some of the most spectacular wealth creation stories in recent history.
While millions watched from the sidelines, a handful of investors saw modest sums multiply into fortunes as several stocks posted triple-digit gains in just over six months. So, what if you had taken that leap of faith? How much would your N500,000, N1 million or even N2 million investment in the stock market at the beginning of the year be worth today? This week, I examine 10 stocks on the Nigerian Exchange Limited (NGX) that have delivered extraordinary returns to investors who got in early.
Leading the pack is little-followed stock, Zichis Agro-Allied Industries Plc. Surprised? So was I. This stock which was listed on the Crop Production sub-sector of the NGX in January this year, has had an interesting journey.
Precisely, it has appreciated by 1,322 percent from N1.81 per share in January this year, to N25.75 per share as at Thursday, July 16th, 2026, making it one of the top performers on the NGX.
The rapid rise in its share price had led to regulatory concerns, which had prompted the NGX to suspend trading on its shares in February and after weeks of regulatory review, the suspension was lifted on March 23, 2026, and trading resumed with renewed investors’ interest as it recorded a 9.91 percent appreciation on that day.
In its 2025 financial performance, Zichis Agro Allied Industries reported a surge in its profit after tax which jumped 478 per cent to N328.06 million. The company’s revenue also rose sharply by 134 per cent, moving from N288.99 million in the previous year to N675.62 million in 2025, underpinned by a 405 per cent increase in profit before tax, which climbed to N364.21 million. To reward investors, it approved a final dividend of N0.20 per share and a bonus issue of one new share for every existing share, while its shareholders have endorsed an ambitious 2026 expansion strategy, including a resolution to raise N50 billion through a mix of equity and debt.
Therefore, if Zichis Agro’s management can execute its expansion plans and maintain sustained profitability, it may continue to attract investors.
Another stock that has delivered an impressive return since this year is SCOA Nigeria Plc, which is listed on the Conglomerates sub-sector of Nigeria’s bourse. SCOA’s share price has recorded year-to-date appreciation of 955 percent, rising from N7.10 per share on the last trading day of 2025, to close at N33.05 per share this Thursday.
Findings show that the main attraction to this stock is its positive earnings. SCOA reported a pre-tax profit of N723.8 million in its results for the 2025 financial year, compared with N27.1 million in the prior year. The improvement reflected a combination of lower finance charges, finance income, and stronger revenue performance, as full-year turnover rose by 40.94 percent to N8.3 billion from N5.9 billion in 2024. A breakdown of revenue showed that equipment sales remained the primary contributor, accounting for 84.61 percent of total earnings, while automobile sales made up the rest.
Also, Fortis Global Insurance Plc, formerly known as International Energy Insurance (IEI) Plc, is another stock making waves on the NGX. It has seen a 244 per cent year-to-date appreciation, from 20 kobo at the end of 2025, to N2.84 per share on Thursday.
The company recently implemented a share reconstruction programme as part of broader efforts to streamline its share capital structuring. This entailed consolidating existing shares into a smaller number of shares with a higher nominal value.
Equally, stocks such as Union Dicon Salt Plc, RT Briscoe Plc, John Holt, Premier Paints Plc, and Morison Industries have all displayed remarkable performances, appreciating by 244 percent, 264 percent, 128 percent, 204 percent and 102 percent year-to-date respectively.
In the same vein, BUA Cement Plc and Beta Glass share prices have climbed by 54 per cent and 52 percent respectively to close at N256.60 per share and N562.80 per share.
From the foregoing, the stock market has proven that equities thrive not only on ideal conditions but on the perception of future gains, stability, and credible reforms. The roots of this current renewed investor confidence can be traced to a mix of policy consistency, macroeconomic recalibration, and corporate resilience. While Nigeria still faces significant challenges, particularly in security, infrastructure, and cost-of-living pressures, reforms in the monetary and fiscal space, as well as positive ratings from Fitch, S &P as well as other global bodies have reassured many of commitment to economic stability.
The Olayemi Cardoso-led Central Bank of Nigeria (CBN) has taken a more transparent approach to monetary policy, narrowing the gap between official and parallel exchange rates, while tightening measures to rein in inflation.
Local institutional investors, such as pension funds and asset managers, have also increased their equity exposure, driven by the need to hedge against inflation and take advantage of strong corporate earnings. Retail investors are also playing their part in broadening participation.
The psychological shift in the market is perhaps the most important development of all. For years, Nigerian equities were viewed with a sense of caution. Now, that narrative is being rewritten.
It would be misleading, however, to suggest that all is rosy. Risks remain, and they are not insignificant. The country still faces numerous macroeconomic challenges.
Therefore, in order to take advantage of the opportunities offered by the current trend in the stock market, potential investors must remain cautious and take out time to understand what they are investing in.
Additionally, investors must understand that the stock market is not a casino and should not be looked at from a short-term view. This is because history has shown that investors who go into the stock market without understanding what it is all about get their fingers burnt.
Most importantly, stock market investors must understand the behaviour of different stocks and sub-sectors on the NGX so that stockbrokers who are always out to get their commission do not mislead them into buying ‘dead’ stocks, as there are specific seasons and dispensation of different stocks and sub-sectors.
At this point, the advice from experts such as Michael Sheimo, who in his book, “Stock Market Rules,” warns that, “People should at least spend as much time selecting a stock as they do when buying a new refrigerator.”
“The research is extremely important, so that the investor doesn’t just buy the glitzy presentation of a particular business. Select stocks with good-looking fundamentals, reasonable prices and a fast-looking future. Buy the stock and watch the new developments,” he adds.
Likewise, in his book, ‘Market Panic – Wild Gyrations, Risks and Opportunities in Stock Markets’, Stephen Vines stresses the importance of investors being disciplined while in the market, saying “they should set targets for the profits they wish to achieve and set targets for the toleration of loss.”
“Discipline in setting targets and keeping them is especially important in fast-rising markets because they float on a wave of exaggerated expectations, leading investors to delay selling in the hope of securing dazzling gains,” he adds.