Nigeria’s equity market appears undervalued under the traditional Buffett Indicator; however, analysis reveals this is a structural illusion caused by low listing density and extreme market concentration. The Nigerian Exchange (NGX) is dominated by a small group of large-cap stocks known as SWOOTs (Stocks Worth Over One Trillion), which account for 72 percent of total market capitalization. With 94 percent of market value held by the top 30 firms and a persistent drought of new IPOs, the exchange fails to represent the broader domestic economy. The impending Dangote Petroleum Refinery listing is expected to exacerbate this concentration risk rather than broaden market participation. Analysts argue that future market re-rating depends on improved listing discipline, increased free-float enforcement, and expanding the pipeline beyond current mega-cap constituents.