Nigeria is Africa’s largest economy and investment destination for many multinational companies in the energy, FMCG, telecoms, agriculture and tech sectors, to mention the least. It has international companies like MTN, Airtel Africa, Nestle, Guinness, Lafarge, Seplat, Unilever and International breweries listed amongst its top most valuable companies on its stock market, Nigerian Exchange Group (NGX).
Most of these companies did not necessarily enter the West African market because it has better conditions compared to other African countries – which is not necessarily the case- but to harness its enormous market size.
Nigeria is the most populous African nation and home to over 200 million people, with an annual population growth of 2.5 per as of 2022. This makes it the largest economy on the continent asides from being one of the favourable investment destinations for foreign investors seeking a vast market, it is also home to some large Nigerian-owned conglomerates.
Despite its market size, the Nigerian Exchange Group (NGX) is the second largest stock market on the continent, next only to the Johannesburg stock market. Below is a list of the ten most valuable Nigerian-owned companies in the NGX as of the last close, on Tuesday, 30th of May, 2023:
1#Access Holdings Plc (Holdco)
Access Holdings Plc (Holdco) is a Nigeria-based financial holding company that principally holds investments (directly or indirectly) in financial and non-financial institutions. Access Holdings was acquired by Nigerian banking mogul Herbert Onyewumbu Wigwe (CON), in a joint partnership with his friend and former colleague, Aigboje Aig-Imoukhuede in 2002. The Holdco does not engage in any revenue-generating activity but allows Access Bank Plc (the Bank) to be operated separately from other non-bank subsidiaries including Access Insurance Brokers Ltd, Payment Services Company Ltd, and Grow Microfinance Bank Limited.
The Bank is a full-service commercial bank operating across 12 countries with operations in Nigeria, Sub-Saharan Africa and the United Kingdom with representative offices in China, Lebanon and India. The Bank serves its various markets through five business segments: personal, business, commercial, corporate & investment banking, operations, and information technology (IT).
As of the last close, the company had a 423.46 billion market capitalization and generated N724.01 billion in revenue as of the last close.
BUA Cement Plc is a Nigeria-based cement manufacturing company closely owned by Nigerian billionaire Alhaji Abdul Samad Abubakar. It had a 3.12 trillion market capitalization and had generated N360.99 billion in revenue as of the last close.
The company is primarily engaged in the manufacturing and sale of cement to the general public. It produces CEM II type of cement under the BUA Cement brand and its manufacturing plants are located in two states in Nigeria including, Kalambaina, Sokoto State and Okpella, Edo State. The company also has depots across several states in Nigeria including Lagos, Abuja, Ilorin, Ibadan and Sagamu in Ogun State.
3#BUA Foods PLC
BUA Foods PLC processes manufactures, produces and distributes food materials in Nigeria. The company is still privately owned by Nigerian billionaire tycoon, Alhaji Abdul Samad Abubakar. As of the last close, BUA Foods PLC had a Market Capitalisation of 2.21 trillion and had N472.60 billion in revenue.
BUA Foods PLC operates through Flour, Sugar, Pasta, and other segments. It offers fortified and non-fortified sugar, as well as by-products, such as bagasse, molasses, and mud cakes under the BUA brand name; flour and bran; pasta and macaroni; edible oils, including palm olein, stearin, distilled fatty acid, and others for direct and industrial uses, including soap manufacturing; rice; and packaged foods. The company was incorporated in 2005 and is based in Lagos, Nigeria.
4#Custodian and Allied Plc
Custodian Investment Plc is an investment holding company with interests in life and non-life insurance, pension fund administration, trusteeship and property holding companies. The company was founded by Wole Oshin Wole, a multimillionaire Nigerian businessman and insurance mogul.
Thr company’s segments include Non-Life Business, Life Business, Pension Administration, Property Development and Management, and Trustees and others which offer a diverse range of high-ended products and services to customers.
As of the last close, Custodian and Allied Plc had a Market Capitalisation of 35.59 billion and generated N66.64 billion in revenue.
Dangote Cement Plc is a Nigeria-based cement company founded by Nigerian billionaire and Africa’s richest man Alhaji Aliko Dangote. The principal activity of the Company and its subsidiaries is to operate plants for the preparation, manufacture and distribution of cement and related products. The Company operates through two segments: Nigeria and Pan Africa.
Its Nigerian operations include its three manufacturing plants in Nigeria: Obajana Cement Plant in Kogi State, Ibese plant in Ogun State, and Gboko Cement Plant in Benue State. Whereas, its an-African operations include its factories or import facilities in Cameroon, Ethiopia, Ghana, Senegal, South Africa, Tanzania, and Zambia. It is also focused on operating in Congo and Sierra Leone.
As of the last close, Dangote Cement had a Market Capitalisation of 4.89 trillion and generated N1,630.19 billion in revenue.
Dangote Sugar Refinery Plc is a Nigeria-based company also owned by Nigerian tycoon and Africa’s richest man, Aliko Dangote. The company is engaged in the refining of raw sugar into edible sugar and the selling of refined sugar. As of the last close, Dangote Sugar had a Market Capitalisation of 266.02 billion and generated N411.02 billion in revenue.
The Company’s products are sold through distributors across the country. Its business provides value-added support services, including logistics, supply chain management, credit and risk advice, sales and merchandising. Its refining operations are supported by warehouses located strategically across the country.
Zenith Bank Plc (Zenith) is a Nigeria-based company and leading tier-1 bank engaged in the business of commercial banking. The bank was founded by Nigerian banking tycoon Jim James Ovia in May 1990 and commenced operations in July of the same year as a commercial bank. As of the last close, Zenith Bank had a Market Capitalisation of 932.48 billion and generated N659.14 billion in revenue.
The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Its services include granting of loans and advances, corporate finance and money market activities. Its core businesses include corporate, investment and retail banking; commercial and consumer banking; personal and private banking; trade services and foreign exchange; treasury and cash management services; and other non-bank financial services.
Zenith Bank has six subsidiary companies namely, Zenith Bank (Ghana) Ltd, Zenith Pensions Custodian Ltd, Zenith Bank (UK) Ltd, Zenith Bank (Sierra Leone) Ltd, Zenith Bank (The Gambia) Ltd and Zenith Nominees Ltd. The Bank also has a representative office in China in addition to operating a branch of Zenith Bank (UK) Limited in the United Arab Emirates.
8#FBN Holdings Plc
FBN Holdings Plc. is a Nigeria-based diversified financial services company and parent company of First Bank of Nigeria Ltd and other subsidiaries. The bank is owned by shareholders, however, Nnamdi Okonkwo is the Group Managing Director (GMD) of the holding company.
The principal activities of FBN Holdings Plc are mainly the provision of commercial banking services, investment banking services, and provision of other financial services and corporate banking. As of the last close, FBN Holdings had a Market Capitalisation of 531.25 billion and generated N118.03 billion in revenue.
9#United Bank for Africa Plc (UBA)
United Bank for Africa Plc (the Bank) is a Nigeria-based pan-African financial services institution. The Bank is closely associated with Nigerian businessman, Anthony Onyemaechi Elumelu (Tony Elumelu) its current Chairman.
The Bank provides corporate, commercial, small and medium-sized enterprises (SME), consumer and personal (retail) banking services to more than 27 million customers, served through diverse channels: over 1,000 business offices and customer touch point with 2,669 automated teller machines (ATMs), 87,223 points of sale (PoS), and robust online banking services. As of the last close, UBA had a Market Capitalisation of 348.83 billion and generated N566.16 billion in revenue.
In 1997, Elumelu led a small group of investors to take over a struggling Crystal Bank (later renamed Standard Trust Bank). Within a few years, the bank became profitable and in 2005 he led one of the largest mergers in the banking sector in Sub-Saharan Africa by acquiring United Bank for Africa Plc (UBA).
Elumelu led the company as Group Managing Director from a single-country banking group to a pan-African bank with subsidiaries in 20 African countries, France, the United States (US) and the UK.
10#First City Monument Bank (FCMB) Group Plc
FCMB Group Plc is a Nigerian commercial banking group that provides various banking and financial services to wholesale and retail customers in Nigeria and Europe, through its subsidiaries. It has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking(which offers banking services to structured large corporate organizations) and asset and wealth management.
The commercial bank was founded by Otunba (Dr) Michael Olasubomi Balogun, a Nigerian banking tycoon and philanthropist. As of the last close, FCMB had a Market Capitalisation of 91.49 billion and generated N162.73 billion in revenue.