Top 10 richest companies in Nigeria (2024)

Nigeria is a country that is known for its vast resources and thriving economy. It is home to some of the wealthiest companies in the world. These companies have made their mark in various industries such as oil and gas, banking, telecommunications, and more. In this article, we will take a look at the top 10 richest companies in Nigeria and how they have become so successful. 

Nigeria’s richest companies

Rank	Company	Market capitalization(₦)
1.	Dangote Cement	5.155 Trillion
2.	MTN Nigeria	4.786 Trillion
3.	Airtel Africa	3.175 Trillion
4.	BUA Cement	2.623 Trillion
5.	Nestle Nigeria	1.196 Trillion
6.	BUA Foods	1.150 Trillion
7.	Zenith Bank	736.4 Billion
8.	Guaranty Trust Bank	690.4 Billion
9.	FBN Holdings	492.4 Billion
10.	Stanbic IBTC Holdings	487.896 Billion

1. Dangote Cement

Market capitalization: ₦5.155 Trillion

NGX: DANGCEM

The Dangote Cement was founded by Aliko Dangote in 1981. The company is a member of the Dangote Group, a conglomerate involved in various industries such as cement, sugar, flour, and salt. With a market capitalization of over ₦3.155 Trillion, Dangote Cement is considered the wealthiest company in Nigeria and one of the largest in Africa. 

The company  is the largest cement producer in Africa and the third largest in the world. The company also has significant influence on the Nigerian and African business space. Dangote Cement has expanded its operations in several African countries and has plans for expansion in Asia and Europe.

2. MTN

Market capitalization: ₦4.786 Trillion

NGX: MTNN

This telecommunications company is a subsidiary of South Africa’s MTN Group. With over 60 million subscribers, it is one of the largest telecommunications companies in the country. MTN Nigeria is the leader in the Nigerian telecommunications market with a market share of about 35%. 

The company’s main source of revenue is from voice services, data services and digital services. MTN Nigeria’s market capitalization is estimated at ₦4.786 Trillion.

3. Airtel Africa

Market capitalization: ₦3.175 Trillion

NGX: AIRTELAFRI

A subsidiary of Bharti Airtel, it is one of the largest telecommunications companies in Nigeria. Airtel Nigeria’s main source of revenue is from voice services, data services, and digital services.

The company has been able to establish itself as a key player in the Nigerian telecommunications market and has a market share of about 20%. Airtel Nigeria’s market capitalization is estimated at ₦3.175 Trillion.

4. BUA Cement

Market capitalization: ₦2.623 Trillion

NGX: BUACEMENT

BUA Cement is one of the largest companies in Nigeria by market capitalization. It is a member of the BUA Group which has presence in cement manufacturing, sugar and others. BUA Cement manufacturing acts as the main source of revenue to the BUA Group.

The company has been able to establish itself as a key player in the Nigerian manufacturing sector and across Africa. BUA Cement’s market capitalization is estimated at ₦2.623 Trillion.

5. Nestle Nigeria

Market capitalization: ₦1.196 Trillion

NGX: NESTLE

Nestle Nigeria is the largest food production company in Nigeria and a subsidiary of the Nestle Group with headquarters in the United Kingdom. Nestle produces popular brands such as Maggi, Milo, Golden Morn and others. 

The company’s main operation is in Ota in Ogun state, with distribution branches in 32 locations all over Nigeria. Nestle Nigeria’s market capitalization is estimated at over ₦1.196 Trillion.

6. BUA Foods

Market capitalization: ₦1.150 Trillion

NGX: BUAFOODS

BUA foods is the second largest food production company in Nigeria. The company is headquartered in Victoria Island, Lagos and has production companies scattered across Nigeria. BUA Foods produces flour, sugar, pasta, rice and others.

The company has a market capitalization of over ₦1.150 Trillion. 

7. Zenith Bank

Market capitalization: ₦736.4 Billion

NGX: ZENITHBANK

This bank is known for its strong retail banking and investment banking services. Zenith Bank is one of the largest banks in Nigeria by assets and has a strong presence in the Nigerian banking sector. The bank’s main source of revenue is from retail banking, corporate banking, investment banking and other financial services. 

Zenith Bank has been able to establish a reputation for providing excellent customer service and has been able to maintain a strong presence in the Nigerian banking sector. Zenith Bank’s market capitalization is estimated at ₦736.4 Billion.

8. Guaranty Trust Holding Company

Market capitalization: ₦690.4 Billion

NGX: GTCO

GTB is one of the most profitable banks in Nigeria and has a strong presence in the retail banking sector. The bank’s main source of revenue is from retail banking, corporate banking, investment banking and other financial services.

GTB has been able to establish a reputation for providing excellent customer service and has been able to maintain a strong presence in the Nigerian banking sector. GTB’s market capitalization is estimated at ₦690.4 Billion.

9. FBN Holdings

Market capitalization: ₦492.4 Billion

NGX: FBNH

Founded in 1894, it is the oldest bank in Nigeria and one of the largest in terms of assets. The bank’s main source of revenue is from retail banking, corporate banking, investment banking and other financial services. 

The bank is headquartered in Lagos and has branches all over the country. FBN Holdings also offers non-banking services ranging from Trustees, insurance and others. First Bank of Nigeria has been able to establish a reputation for providing excellent customer service and has been able to maintain a strong presence in the Nigerian banking sector. First Bank of Nigeria’s market capitalization is estimated at ₦690.4 Billion.

10. Stanbic IBTC Holdings

Market capitalization: ₦487.896 Billion

NGX: STANBIC

Stanbic has significant presence in both the retail and corporate banking sectors. The bank’s main source of revenue is from retail banking, corporate banking, investment banking and other financial services. Stanbic has its headquarters in Victoria Island, Lagos and branches across the country. The company also offers non-banking services from Trusts to insurance and others.

Stanbic has been able to establish a reputation for providing excellent customer service and has maintained a strong presence in the Nigerian banking sector. The company has a market capitalization is estimated at over ₦487.896 Billion.

Conclusion 

Nigeria is home to several successful and wealthy companies, with the Dangote Cement leading the pack with a market capitalization of over ₦5 Trillion. Other notable companies include MTN Nigeria, BUA Cement, Guaranty Trust Bank, and Nigerian Breweries.

These companies have a significant impact on the Nigerian economy and are considered key players in their respective industries.