Top Richest Companies In Nigeria
1. Dangote Cement
Market cap: ₦3.23 trillion
Dangote Cement Plc is a Nigerian multinational publicly traded cement manufacturer headquartered in Lagos, the largest cement producer in the country. The company is engaged in the manufacture, preparation, import, packaging, and distribution of cement and related products across the African continent. Dangote Cement Plc was formerly known as Obajana Cement Plc and changed its name to Dangote Cement Plc in July 2010. Obajana Cement Plc was incorporated in 1992. Dangote Cement Plc is a subsidiary of Dangote Industries Limited and is the largest company traded on the Nigerian Stock Exchange. In 2013, the company produced and sold 13.3 million metric tonnes of cement, with revenues of ₦869.83 billion. As of 2014, Dangote Cement had a market capitalization of ₦7.25 trillion. In 2012, Forbes Africa named Dangote Cement as one of the top five listed companies in West Africa.
2. Nestlé Nigeria
Market cap: ₦1.17 trillion
Nestlé Nigeria Plc is a publicly listed food and beverage specialty company headquartered in Lagos. It is majority owned by Nestle S.A. of Switzerland. The company was founded in 1961 and conducted trading under the name of Nestle Products Nigeria Limited. It has its main factory in Agbara Industrial Estate, Ogun State. The firm manufactures breakfast cereal, baby food products, food seasoning and hydrolyzed plant protein mix. The company began business under the trade name of Nestle Products Nigeria, in 1969, the name was changed to Food Specialties Limited. It began trading on the Nigerian Stock Exchange in 1979 following an indigenization promotion decree. In 1991, the company’s name was changed to Nestle Foods Nigeria and ten years later it became Nestle Nigeria Plc.
3. Guaranty Trust Bank
Market cap: ₦1.03 trillion
Guaranty Trust Bank plc also known as GTBank or simply GTB is a Nigerian multinational financial institution, that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management services, with its head office in Victoria Island, Lagos. The bank was formed in 1988 by over 35 young Nigerians in their thirties, spearheaded mostly by Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others. Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations in February 1991.
4. Zenith Bank
Market cap: ₦784.80 billion
Zenith Bank is a Nigerian multinational financial services provider. It is licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator. Zenith Bank is a large financial service provider in Nigeria and Anglophone West Africa. As at 31 December 2016, its total assets were ₦4.74 trillion with shareholders’ equity of ₦0.6 trillion. The shares of stock of the company are listed on the Nigeria Stock Exchange and the London Stock Exchange. The bank was established in May 1990 and commenced banking operations in July of the same year. On 17 June 2004, following a successful IPO, the bank became a public limited company. On 21 October 2004 its shares of stock were listed on the Nigeria Stock Exchange (NSE). The bank’s shares are traded on the London Stock Exchange (LSE) following a listing in 2013.
5. Nigerian Breweries
Market cap: ₦639.75 billion
Nigerian Breweries Plc, is the pioneer and largest brewing company in Nigeria. It serves the Nigerian market and exports to other parts of West Africa. Nigerian Breweries was incorporated in 1946 and the first bottle of its brand, the STAR Lager, rolled off the bottling lines of its Lagos brewery in June 1949. As the company expanded into other regions, it established more breweries such as Aba Brewery in 1957 and Kaduna Brewery in 1963. By 1971, the company was one of the largest industries within the country in terms of capital investment. In 1982, another brewery was added in Ibadan. In September 1993, the company acquired its fifth brewery in Enugu, and in October 2003, its sixth brewery, sited at Ameke in Enugu. Ama Brewery began brewing on the 22 March 2003 and at 3 million hectolitres is the largest brewery in Nigeria.
6. Stanbic IBTC Holdings
Market cap: ₦480.40 billion
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa’s largest banking group ranked by assets and earnings operations in 20 African countries and 13 countries outside Africa. Stanbic IBTC Holdings Plc came to being as the result of a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc. in 2007, then adopting a holding company structure in 2012 to comply with the revised regulatory framework advised by the Central Bank of Nigeria requiring banks to either divest from non-core banking financial services or adopt a holdings company structure.
7. Ecobank Nigeria
Market cap: ₦396.68 billion
Ecobank Nigeria Plc, commonly referred to as Ecobank Nigeria, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator. The bank began operations in 1986. It operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. During the fourth quarter of 2011, Ecobank Nigeria acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Plc. As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately ₦1.32 trillion, making it one of the five largest banks in Nigeria at the time. At that time the bank had 610 free-standing branches, making it the second-largest bank in the country by branch network.
8. Seplat Petroleum Development Company
Market cap: ₦352.41 billion
Seplat Petroleum Development Company (SEPLAT) is a Nigerian independent oil and gas company listed on both the London and Nigerian stock exchanges with a strategic focus in the Niger Delta of Nigeria. SEPLAT was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically pursue upstream oil and gas opportunities in Nigeria, and in particular divestment opportunities arising out of the incumbent Major IOC’s portfolios. Alongside its oil business, the Company has also successfully begun to commercialize, develop and monetize the substantial gas reserves that exist in its blocks.
9. United Bank for Africa
Market cap: ₦281.16 billion
United Bank for Africa (UBA) Plc, is a leading pan-African financial services group headquartered in Nigeria. It is one of Africa’s best and most resilient banking Groups with operations in 20 African countries and offices in three global financial centers; London, Paris and New York. United Bank for Africa (UBA) Plc is one of Africa’s largest financial institutions with operations in 20 African countries and 3 global financial centers: New York, London and Paris. UBA has more than fourteen million customers and over 1,000 business offices and customer touch points globally.
10. First Bank of Nigeria
Market cap: ₦276.39 billion
First Bank of Nigeria, sometimes referred to as FirstBank, is a Nigerian multinational bank and financial services company headquartered in Lagos. It is the biggest bank in Nigeria by total deposits and gross earnings. It operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg set up to capture trade-related business between geographies. The bank specializes in retail banking and has the largest retail client base in Nigeria. The Nigerian banking business operates nationally, with an active customer base of over 10 million, and employs over 7,000 staff. FirstBank operates along four key Strategic Business Units (SBUs) – Retail Banking, Corporate Banking, Commercial Banking and Public Sector Banking. It was previously structured as an operating holding company before the implementation of a non-operating Holding Company structure (FBN Holdings) in 2011/2012.