10 Leading Companies By Market Cap in Nigeria

Leading Companies By Market Cap in Nigeria: In five months, MTN Nigeria, Dangote Cement Plc, and eight other companies market capitalization totaled N23.371 trillion, accounting for 81.8 percent of the entire Nigerian Exchange (NGX) market capitalization.
Airtel Africa Plc Communications (MTNN), BUA Cement, Nestle Nigeria, BUA Foods, Seplat Energy, Zenith Bank, Guaranty Trust Holding Company (GTCO), and Nigerian Breweries are the other eight companies.

The Nigerian stock market ended the month of September 30, 2022, on a pessimistic note, with the All-Share Index falling 1.63% to conclude the month at 49,024.16 index points. As a result, Airtel Africa, the telco behemoth, has lost its status as the most capitalized corporation listed on the stock market, with a valuation of N2.3 trillion.

As of May 30, 2022, the NGX had 165 businesses with a total capitalization of N28.573 trillion. The NGX market capitalization of equities refers to the total worth of all 165 businesses listed on the Exchange’s equities.

READ MORE: Top 10 Leading Banks in the world and Their Net Worth

Graphical representation of the 10 Leading Companies By Market Cap in Nigeria

10 Leading Companies By Market Cap in Nigeria

The table below shows the ranking order of the 10 largest Companies By Market Cap in Nigeria along with their current CEO as of this writing.

1. Airtel Africa-₦ 6.76 Trillion

Leading Companies By Market Cap in Nigeria

Headquarters: United Kingdom
Founded: 8 June 2010
Number of employees: 3,757
Market cap: ₦ 6.76 Trillion

With over 131 million customers and operations in 14 African nations, Airtel Africa reported $1.2 billion in revenue in the first half of 2022, up 13% over the same period the previous year. The company reported a 77 billion profit, a 25% increase.

With a valuation of ₦ 6.76 trillion as of the time of this writing, Airtel Africa is still the Leading Companies By Market Cap in Nigeria listed on the Nigerian Exchange. Based on information from the NGX, the company increased its value by ₦2.5 trillion in July 2022 and maintained its ranking as one of Nigeria’s Leading Companies By Market Cap. Since the year’s start, the share price of the company has increased significantly.

2. MTN Nigeria-₦ 5.5 Trillion

Leading Companies By Market Cap in Nigeria

Headquarters: MTN Plaza Awolowo Road Ikoyi Lagos
Founded: 2000
Number of employees: 19,288
Market cap: ₦ 5.5 Trillion

The most significant cellular telecommunications provider in Africa is the MTN Group, which includes MTN Nigeria. Following the well-praised Nigerian GSM auction held by the Nigerian Communications Commission earlier in the year, MTN made history on May 16 by making the first GSM call. After that, the corporation started running full-fledged businesses, starting in Lagos, Abuja, and Port Harcourt.

Broadband fixed wireless access, telecommunications, and mobile financial services are all offered in Nigeria by MTN Nigeria Communications PLC. It provides network, value-added, and digital services for mobile telecommunications. Voice, data, and SMS are included in the company’s network services, along with value-added services like airtime lending, mobile money, subscriber identification module backup services, and voice-based services.

Unstructured supplemental service data, interactive voice response, rich media, insurance, and e-commerce services are included in the company’s digital services. Along with offering interconnection and roaming services, it also sells mobile devices and accessories. The business is headquartered in Lagos, Nigeria, and it was founded in 2000. A division of MTN International (Mauritius) Limited is MTN Nigeria Communications PLC.

3. Dangote Cement-₦ 4.1Trillion

Headquarters:  Lagos
Founded: 1981
Number of employees: 16,700
Market cap: ₦ 4.1Trillion

Nigerian multinational cement producer Dangote Cement Plc is based in Lagos and is publicly listed for trade on NGX. In addition to having facilities or import terminals in nine other African nations, the corporation is involved in the production, preparation, import, packaging, and distribution of cement and associated products in Nigeria and across Africa at large.

It was once known as Obajana Cement Plc and, in July 2010, it changed its name to Dangote Cement Plc. Incorporated in 1992 is Obajana Cement Plc. The biggest firm quoted on the Nigerian Stock Exchange is a subsidiary of the Dangote Group called Dangote Cement Plc.

Between 2007 and 2012, Aliko Dangote contributed 6.5 billion US dollars to the business. As of 2011, the Dangote Group’s business was largely comprised 80% of cement Production and with a market cap of ₦ 4.1Trillion, Dangote cement is one of the Leading Companies By Market Cap in Nigeria

4. BUA Cement-₦ 1.91 Trillion

Leading Companies By Market Cap in Nigeria

Headquarters: Victoria Island Lagos
Founded: 2008
Number of employees: 2,500
Market cap: ₦ 1.91 Trillion

Nigerian-based BUA Cement PLC is a publicly-traded company that manufactures and sells cement products there. After Dangote Cement, it is the second-largest producer in Nigeria. The majority-owned Cement Corporation of Northern Nigeria, promoted by the BUA Group, Obu Cement Company, and the Kalambaina Company, and its cement interests were combined to form the company.

The BUA Group first entered the cement market in 2008 after receiving permission from the government to import cement for a particular group of business owners. Before buying a full stake in the troubled Edo Cement factory, BUA first started its operations with floating cement clinker and re-bagged the products.

The majority of the company’s raw materials are found nearby the plant locations in the states of Edo and Sokoto. As one of the top leading Companies By Market Cap in Nigeria on the NGX, BUA Cement, a Nigerian cement firm, also retained its position in fourth place with a market valuation of 1.91 trillion as of this writing.

5. BUA Foods-₦ 1.05 Trillion

Headquarters: 3rd Floor BUA Towers, PC 32 Churchgate St, Victoria Island, Lagos
Founded: 2005
Number of employees: 2,000
Market cap: ₦ 1.05 Trillion

A top producer, manufacturer, and distributor of packaged food as well as processed and fresh produce, BUA Foods Plc is a giant in the food and fast-moving consumer goods industries. Five divisions make up the company’s business operations: sugar, flour, pasta, rice, and edible oils. BUA Foods is a part of the BUA Group, a significant economic conglomerate in Nigeria with operations in the infrastructure and food industries.

Since January 5th, 2022, BUA Foods has been listed on the Nigerian Stock Exchange (NGX). The ticker symbol for the company on the NGX is “BUAFOODS.” NGX: ISIN BUAFOODS’s (International Securities Identification Number) is NGBUAFOODS04.

BUA Foods has a market value of ₦ 1.05 trillion, or roughly 4.05% of the equity market on the Nigerian Stock Exchange, making it the fifth on the list of Leading Companies By Market Cap in Nigeria on the NGX at the moment.

6. Nestle Nigeria-₦ 963 Billion

Leading Companies By Market Cap in Nigeria

Headquarters: Lagos
Founded: 1961
Number of employees: 2,201
Market cap: ₦ 963 Billion

Lagos-based Nestle Nigeria Plc is a publicly traded food and beverage specialist company. It is primarily held by a holding company with Swiss roots that are connected to the Tolaram Group. The business was established in 1961 and operated as Nestle Products Nigeria Limited. Its major factory is located in Ogun State’s Agbara Industrial Estate. The company produces infant food, food flavoring, breakfast cereal, and hydrolyzed plant protein blend. Initially operating under the brand name Nestle Products Nigeria, the company changed its name to Food Specialties Limited in 1969.

In 1979, as a result of an indigenization promotion directive, it started trading on the Nigerian Stock Exchange. The company was renamed Nestle Foods Nigeria in 1991, and ten years later it changed its name to Nestle Nigeria PLC. When it first began, the company’s business consisted of distributing and selling Nestle items that had previously been imported into the nation by merchants.

With a market capitalization of ₦ 963 Billion, Nestle Nigeria maintained its sixth-place ranking from the previous year among the Leading Companies By Market Cap in Nigeria on the Nigerian Exchange.

7. Globacom Limited-₦ 778 Billion

Leading Companies By Market Cap in Nigeria

Headquarters: Lagos
Founded: 29 August 2003
Number of employees: 3,500
Market cap: ₦ 778 Billion

Next on our list of Leading Companies By Market Cap in Nigeria is Globacom Limited with a ₦ 778 Billion market cap. Mike Adenuga launched the global Nigerian telecommunications business now known as Glo, on August 29, 2003. The company had more than 3,500 employees worldwide as of June 2018.

As of December 2018, GLO had over 45 million subscribers, making it Nigeria’s second-largest network operator. Glo-1, an $800 million high-capacity fiber-optic cable that runs from the United Kingdom to Nigeria, was built by GLO as the first telecom firm in 2011. It is the first successful submarine cable to connect Nigeria and the United Kingdom.

8. Seplat Energy-₦ 706 Billion

Headquarters: 16A Temple Road Ikoyi Lagos Nigeria
Founded: June 2009
Number of employees: 532
Market cap: ₦ 706 Billion

Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited joined together to form SEPLAT in June 2009 with the express purpose of pursuing upstream oil and gas opportunities in Nigeria, particularly diversification opportunities arising out of the portfolio management of the monopolistic Major IOC.

A portfolio of three onshore producing oil and gas blocks in the Niger Delta, which includes a number of producing fields and possible future development opportunities, was acquired by SEPLAT in July 2010 for a 45 percent partaking interest, and SEPLAT was designated operator of the blocks.

SEPLAT increased oil output to a peak of 85,200 barrels of oil per day with the completion of a targeted re-development work program and a significant drilling campaign, and as of the end of 2015, had virtually doubled its residual reserves. In OPL 283, the Umuseti/Igbuku marginal field area, SEPLAT obtained an interest in June 2013. In OML 53 and OML 55, SEPLAT acquired interests in February 2015.

9. Zenith Bank-₦ 613 Billion

Leading Companies By Market Cap in Nigeria

Headquarters: 87 Ajose Adeogun St, Victoria Island 106104, Lagos
Founded: May 1990
Number of employees: 10,000
Market cap: ₦ 613 Billion

A large-scale major financial service provider institution in Nigeria and Anglophone West Africa is Zenith Bank Plc. The Central Bank of Nigeria, the country’s financial watchdog, has granted it a commercial bank license. Its total assets were $16.1 billion as of December 31, 2019, with a ₦ 613 Billion market cap, it is ranked ninth before GT holding company as one of the Leading Companies By Market Cap in Nigeria, and its shareholders’ equity was $854 million. Both the Nigeria Stock Exchange and the London Stock Exchange list the company.

10. GT Holdings-₦ 504 Billion

Headquarters: Plot 635, Akin Adesola Victoria Island, Lagos
Founded: July 20, 1990
Number of employees: 12,000
Market cap: ₦ 504 Billion

Guaranty Trust Holding Company PLC, usually known as GTCO PLC, is a global financial institutions company with its headquarters in Victoria Island, Lagos, Nigeria. It provides retail and commercial management, pension management, wealth management, and transactional services. GTCO Plc was established,  following the corporate transformation of Guaranty Trust Bank PLC into a Holding Company in July 2021.

Due to its reorganization, GTCO Plc provides more services including banking, with a payments business being the group’s major priority. Because of a 2010 regulation by the Central Bank of Nigeria (CBN), which ordered banks to stop operating their non-banking companies, it was unable to operate non-lending activities under its previous structure. They had to restructure as a holdings firm or divest themselves of non-core lending services.

SUMMARY

Here is a summary list of the 10 Leading Companies By Market Cap in Nigeria

1. Airtel Africa-₦ 6.76 Trillion
2. MTN Nigeria-₦ 5.5 Trillion
3. Dangote Cement-₦ 4.1Trillion
4. BUA Cement-₦ 1.91 Trillion
5. BUA Foods-₦ 1.05 Trillion
6. Nestle Nigeria-₦ 963 Billion
7. Globacom Limited-₦ 778 Billion
8. Seplat Energy-₦ 706 Billion
9. Zenith Bank-₦ 613 Billion
10. GT Holdings-₦ 504 Billion