The market capitalisation of the five stocks trading in the conglomerate sector rose from N102.8 billion in 2023 to N627.7 billion in 2026, representing a 511-percentage increase.

This may have brought relief to investors who had endured years of losses before 2023.

The five stocks, UACN, SCOA, Chellarams, Unilever and Johnholt, have recorded unprecedented growth from 2023 to 2026, an indication of renewed optimism for long-term value creation in the market.

The surge is in contrast with the downturn that attended the segment from 2015 to 2023, when most of the stocks lost over 80 per cent of their value amid prolonged low investor confidence.

Policy reforms introduced by the government since 2023 may have ignited an unprecedented rally in the capital market, particularly in the conglomerates sub-sector.

The reforms, which include the unification of the foreign exchange window, removal of fuel subsidies and an aggressive push for private sector-led growth, have helped to restore investor confidence, drive capital inflows and re-price previously undervalued equities.

Data from the Nigerian Exchange Limited (NGX) showed that UACN’s stock price surged from N8 on April 27, 2023, to N99 as of Thursday, April 2, 2026, marking a gain of 1,137.5 per cent over the three years.

Similarly, SCOA’s shares rose from 99 kobo to N22.65, representing a remarkable 2,188 per cent increase over the same period.

Chellarams rose from N1.81 to N13.20, representing a 629 per cent gain, while Unilever’s shares improved from N13.50 to N103.40, an increase of 666 per cent. John Holt also recorded significant growth, with its stock rising from 93 kobo to N15.45, a gain of approximately 1,561 per cent over the period.

UACN stock price had plummeted from N43 in 2015 to N8 in 2023, while SCOA price plunged from N4.16 kobo in 2015 to 99 kobo. Chellarams’ stock price depreciated from N4 to N1.81 kobo, while Unilever Nigeria Plc depreciated from N40 in the period to 13.50 kobo.

The improved performance is also reflected in their full-year 2025 result as Unilever achieved a turnover of N214 billion in 2025, representing 43 per cent rise when compared to N150 billion recorded in the corresponding period of 2024. The net profit doubled to N32 billion, up from N15 billion in the same period in 2024.

Further analysis of the three-year growth of these firms showed that UACN’s market capitalisation, which stood at N22.44 billion when the stock price was N8 in 2023, has increased to N290.06 billion with its stock price hitting N99 in April 2026.

Similarly, SCOA market capitalisation rose to N14.72 billion with a stock price of N22.65 kobo, higher than the N64.3 million it recorded in 2023 when the stock price was 99 kobo.

Also, Chellarams’ market capitalisation garnered N9.53 billion at a stock price of N13.30 kobo from N1.31 billion it achieved in 2023 when the price was N1.81 kobo. Unilever market capitalisation appreciated from N77.6 billion to N594.6 billion from a stock price of N13.50 kobo to N103.40.

SCOA Nigeria Plc reported a pre-tax profit of N723.8 million in its unaudited results for the 2025 financial year, compared with N27.1 million in the prior year.

The company’s pretax profit increased to N723.8 million from N27.1 million posted in 2024, while post-tax profit rose from N24.9 million to N477.9 million.

President of the New Dimension Shareholders Association of Nigeria, Patrick Ajudua, stated that the conglomerate sector has delivered substantial returns to investors over recent years.

He attributed this performance to the sustained stability of the foreign exchange rate, the reversal of earlier exchange losses that had previously eroded shareholder value, and, most importantly, the strategic capital restructuring undertaken by the companies, which included converting debt into equity.