The most valuable companies by market cap in Nigeria in 2018

Business Insider SSA by Pulse looks at the economic activities of large-cap stocks on the Nigerian market and brings to you the top 10 valuable companies by market cap in 2018.

The Most Valuable Company By Market Cap In Nigeria In 2018
  • Dangote Cement controls a huge market value on the Nigerian stock exchange with a capitalisation of over N3 trillion.
  • There is a wide margin of N2 trillion between Dangote Cement and Nestle Nigeria, the two most valuable companies by market cap.

Dangote Cement, an arm of the Dangote Group, still maintains its market leader as the most valuable company in Nigeria with a capitalisation of over N3 trillion.

Market capitalisation or value is the share price and the number of shares outstanding of listed domestic companies trading on the country's exchange.

As at the first week of December 2018, Aliko Dangote's cement company controls a huge market value on the Nigerian stock exchange and one of the movers and shakers of the Nigerian economy.


These companies are part of the large-cap stocks and among the industry and sector movers.

Business Insider Sub-Saharan Africa’s analysis shows that there is a wide-margin of almost N2 trillion between the most valuable company by market cap, Dangote Cement, and the next most valuable company, Nestle Nigeria.

Other Dangote businesses include Dangote Sugar with a market cap of N157.20 billion and Dangote Flour with N31.5 billion market value trading separately on the Nigerian Stock Exchange.

Business Insider takes a look at the economic activities of large-cap stocks on the Nigerian market and brings to you the top 10 valuable companies by market cap in 2018.


These companies are:

1. Dangote Cement Plc

  • Market cap: N3.23 trillion
  • Sector: Industrial goods
  • Board of directors: Abdu Dantata, D. V. G. Edwin, Emmanuel Ikazoboh, Ernest Ebi, Joseph Makoju, Olakunle Alake, Olusegun Olusanya and Sani Dangote.

Dangote Cement Plc is Nigeria's largest cement producer and a multinational company that engages in manufacturing, import and packaging and distribution of cement and related products across Africa.


Formerly Obajana Cement Plc, in 2017, the company produced and sold 29.3 million metric tonnes of cement in Nigeria and 45.6MTA total capacity across Africa, with revenues of N805 billion ($2.2 billion). It currently has more than 24,000 in Africa with operations in 10 countries.

The owner, Aliko Dangote and Africa's richest billionaire, is investing several billion dollars to build manufacturing plants and import terminals across Africa. He is currently divesting into the oil sector and building a refinery in Lekki with a production capacity of 650,000 per day.

2. Nestle Nigeria Plc

  • Market cap: N1.17 trillion
  • Sector: Consumer goods
  • Board of Directors: Mr David Ifezulike, Mr Gbenga Oyebode, Mr Jagdish Singla, Mr Mauricio Alarcon, Mr Remy Ejel, Mr Ricardo Chavez, Mrs Ndidi Nwune.

Nestle Nigeria Plc is one of the largest food and beverage firms in Africa and over 25 years it has been delighting Nigerian consumers with various products in the sector. The company manufactures cereal, baby food products, food seasoning and hydrolysed plant protein mix.


Some of its long-standing brands in Nigeria include Maggi, Nescafe, Nestle Waters and Milo products.

With more than 2,300 direct employees and three manufacturing sites in the country, the company recorded N33 billion profit in 2017.

It is being led in Nigeria by Mauricio Alarcon, Nestlé Nigeria's Managing Director and Chief Executive Officer.

3. Guaranty Trust Bank

  • Market cap: N1.03 trillion
  • Sector: Financial Services
  • Board of Directors: Haruna Musa, Adebayo Adeola, Adebowale Oyedeji, Babatunde Soyoye, Ademola Odeyemi, Ibrahim Hassan, Mobolaji Jubril Lawal, Olabode Agusto, Olusegun Agbaje, Olutola Omotola, Imoni Lolia Akpofure, Olusola Hezekiah Oyinlola and Osaretin Afusat Demuren.

Guaranty Trust Bank Plc (GTBank or GTB) is one of Nigeria's finest and leading financial institution in Africa.

The bank offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management services and is known for its numerous innovations.

Established about 28 years ago by the likes of Tayo Aderinokun, Fola Adeola, Femi Pedro, Gbolade, it has over the years been among the leading bankers' bank and the first Nigerian bank to be listed on London Stock Exchange and Deutsche Börse.

With over 10,000 workers on its payroll, the bank is the biggest financial institution in Nigeria by market capitalisation.


GTBank has business outlays in Nigeria, Côte d'Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Uganda, Sierra Leone, Tanzania and the United Kingdom with an asset base of N3.5 trillion.

Led by Segun Agbaje, the company recorded N170 billion as profit in its 2017 financial year.

4. Zenith Bank Plc

  • Market cap: N784.80 billion
  • Sector: Financial Services
  • Board of Directors: Jim Ovia, Gabriel Ita Asuquo Ukpeh and Professor Oyewusi Ibidapo-Obe.

Zenith Bank is a multinational financial institution with outlays across Anglophone West Africa. Established in 1990, Zenith Bank maintains subsidiaries in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone and The Gambia. The Bank also has representative offices in South Africa and China.


The financial service provider currently has a shareholder base of about 1 million and Nigeria's biggest bank by tier-1 following its successful IPO listing in 2014. Zenith Bank is also listed on the London Stock Exchange.

Founded by Jim Ovia, Zenith Bank is the country's second-largest bank by market capitalisation and Nigeria's largest by shareholders' fund and profitability.

The company posted a profit of N177 billion in 2017 financial year.

5. Nigerian Breweries Plc

  • Market cap: N639.75 billion
  • Sector: Consumer goods
  • Board of Directors: Atedo Peterside, Chief Kolawole B. JAMODU, Chief Samuel O. Bolarinde, Dr Obadiah O. Mailafia, Franco Maria Maggi, Jordi Borrut Bel, Mrs Ifueko M. Omoigui Okauru, Mrs Ndidi O. Nwuneli, Rob Kleinjan, Roland Pirmez, and Sijbe Hiemstra.

Nigerian Breweries is the pioneer and largest brewing company in Nigeria serving Nigerian consumers and exporting to other parts of West Africa.

Some of its rich-quality brands in every home include Maltina, Amstel Malta and Fayrouz. For the high-lifers, Heineken Lager Beer, Star Lager and Gulder serve their taste.

Heineken Brouwerijen B.V has about 30% interest in the company. Johan Antonie Doyer is currently the country's director and has over 3,000 employees as at 2014 with about 11 breweries in Nigeria.

In 2017, the company made N33 billion as profit on a revenue of N344 billion.


6. Stanbic IBTC Holdings Plc

  • Market cap: N480. 4 billion
  • Sector: Financial Services
  • Board of Directors: Arnold Gain, Atedo Peterside CON, Dominic Bruynseels, Ifeoma Esiri, Maryam Uwais MFR, Moses Adedoyin, Ratan Mahtani, Sam Cookey, Sim Tshabalala, Sola David-Borha.

Stanbic IBTC is a leading provider of integrated financial services, pensions and wealth management products and services.

Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa with operations in 20 African countries and 13 countries outside Africa. The Bank is known for its pension products in Nigeria as one of the leading Pension Fund Administrators (PFAs).

Stanbic IBTC posted a profit of N24.11 billion for the 2017 financial year.


7. Ecobank Transnational Incorporated

  • Market cap: N396. 68 billion
  • Sector: Financial Services
  • Board of Directors: Dolika Banda, Dr. Daniel Mmushi MATJILA, Mr Abdulla Mubarak Al Khalifa, Mr Ade Ayeyemi, Mr Alain Francis Nkontchou, Mr Brian Kennedy, Mr David O’Sullivan, Mr Emmanuel Ikazoboh, Mr Kadita Tshibaka, Mr Mfundo Nkuhlu, Mr Monish Dutt, Mr Tei Mante, Mr. Bashir Mamman IFO, Mr. Greg Davis, Mrs Catherine Ngahu.

Ecobank is a pan-African banking conglomerate, with banking operations in 36 African countries and headquartered in Lome, Togo. It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers subsidiaries in Eastern and Southern Africa.

With 34 years in banking operations, the bank has grown to a network of over 1,000 branches, employing over 10,000 people with representative offices in Angola, China, Dubai, France, South Africa, and the United Kingdom.


In 2011, the bank expanded by surpassing $8.1 billion in total assets value, making it the second-largest bank in the country by branch network following a merger with Oceanic Bank.

The company made N70 billion as profit in 2017.

8. Seplat Petroleum Development Company Plc

  • Market cap: N352. 41 billion
  • Sector: Oil and Gas
  • Board of Directors: Dr Ambrosie Bryant Chukwueloka Orjiako, Austin Ojunekwu Avuru, Roger Thompson Brown, Effiong Okon, Michael Richard Alexander, Basil Omiyi, Lord Mark Malloch-Brown, Charles Okeahalam, Ifueko Omoigui Okauru, Damian D. Dodo, Macaulay Agbada Ofurhie and Michael Hochard.

Seplat is an independent indigenous Nigerian upstream exploration and production company with a focus on Nigeria with oil wells in OMLs 4, 38 and 41, OPL 283 (Pillar), OML 53 and 55 across the Niger Delta regions.


The firm currently operates the blocks on behalf of the Seplat/NPDC joint venture.

The oil firm was founded in 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 commercialise, develop and monetise the substantial gas reserves that exist in its blocks. Seplat is one of the leading suppliers of natural gas to the Nigerian market and a key driver of energy supply nationwide.

The company raked in N81.11 billion as profit in its full-year 2017 financial results

9. United Bank for Africa Plc

  • Market cap: N281.16 billion
  • Sector: Financial Services
  • Board of Directors: Amb. Joe Keshi, Kolawole b. Jamodu, Emeke Iweriebor, High Chief Samuel Oni, FCA, Mr Adekunle Olumide (OON), Mr Dan Okeke, Mr Ja'afaru Aliyu Paki, Mr Kennedy Uzoka, Tony o. Elumelu, Mrs Foluke Abdulrazaq, Mrs Owanari Duke, Mrs Rose Okwechime and Yahaya Zekeri.

United Bank for Africa (UBA) Plc, is Nigeria's leading financial services with operations in 20 African countries and offices in three global financial centres: London, Paris and New York.

With more than fourteen million customers and over 1,000 business offices and customer touch points globally, UBA is the third indigenous financial institution by market capitalisation.

Founded by the stylish billionaire banker, Tony Elumelu, Nigeria's UBA is known as a role model for African businesses with its leading and dominant financial services across the continent.


UBA reported N78.6 billion profit for the 2017 financial year.

10. FBN Holdings Plc

  • Market cap: N276. 39 billion
  • Sector: Financial Services
  • Board of Directors: Dr Adesola Adeduntan, FCA, Dr Sule Wuro Bokki, Dr Oba A. Otudeko, CFR, Mr Chidi Anya, Mr Muhammad K. Ahmad, OON, Mr Omatseyin Akene Ayida, Mr Oye Hassan-Odukale, MFR, Mr U.K Eke, MFR, Mrs Oluwande Muoyo, Ms Cecilia Akintomide, Otunba (Mrs.) Bosede Adebola Osibogun.

FBN Holdings Plc. is the non-operating financial holding company and of Africa's largest banking and financial services organisations with operations in 7 countries and the United Kingdom.

FBN Holdings oversees business groups that collaborate to deliver innovative financial solutions. The businesses include First Bank of Nigeria, New Villa Limited, FBN Insurance Brokers Limited, FBN Capital Limited, FBNQuest Merchant Bank Limited, First Bank of Nigeria Plc, FBN Insurance Limited, FBN Funds Limited, FBN Finance Company B.V.


With more 9,000 employees across the Group; FBN Holdings is one of the biggest banks in Nigeria by deposits and 875 business locations.

Its operations cut across merchant banking, capital banking, commercial and insurance services. One of its business is First Bank of Nigeria Plc, Nigeria's tier-1 bank and one of the oldest bank in Africa.

The group made N47.7 billion as profit in 2017.


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