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The 10 Most Valuable Companies in Nigeria as of October 2023 

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline, News
Reading Time: 3 mins read
The 10 Most Valuable Companies in Nigeria as of October 2023 
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The 10 most valuable companies in Nigeria as of October 2023 

Discover the top ten most valuable companies in Nigeria as of October 2023, with Dangote Cement, MTN Nigeria, and Airtel leading the pack. This ranking provides insights into the country’s economic landscape.

Introduction

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The economic landscape in Nigeria continues to evolve, and as of October 2023, we witness significant changes in the list of the country’s most valuable companies. Dangote Cement, MTN Nigeria, and Airtel have emerged as the frontrunners, jointly representing 45% of the total equities market capitalization. As the Nigerian stock market gained N2.96 trillion in value between July and September, these corporations have played pivotal roles in shaping the nation’s financial terrain.

 

The 10 Most Valuable Companies in Nigeria as of October 2023 

The Top 10 Most Valuable Companies in Nigeria

1. Dangote Cement – N5.79 trillion (Industrial goods)

Climbing to the pinnacle, Dangote Cement is now the most valuable company in Nigeria, boasting a market capitalization of N5.79 trillion. It achieved this remarkable feat by gaining 19.3% (N937.2 billion) in valuation. Dangote Cement accounts for a significant 16% of the entire market capitalization.

2. MTN Nigeria – N5.54 trillion (ICT)

Despite holding the top spot in June 2023, MTN Nigeria currently stands as the second most capitalized company in the stock market, with a capitalization of N5.54 trillion. This accounts for 15% of the market. MTN’s valuation experienced a slight decline of 0.4% during the quarter under review.

3. Airtel Africa – N4.85 trillion (ICT)

Airtel Africa, a major player in Nigeria’s telecommunications industry, ranked third in terms of market valuation as of September 2023. It recorded a market capitalization of N4.85 trillion, representing 13% of the entire market. The company experienced a 2.3% decline in stock price compared to the previous quarter.

4. BUA Foods – N3.65 trillion (Consumer goods)

BUA Foods claimed the fourth position on the list of the most valuable companies in September 2023, with a market valuation of N3.65 trillion. It now accounts for 10% of the entire market capitalization. BUA Foods moved up one spot compared to the previous quarter, indicating its growing prominence.

5. BUA Cement – N2.89 trillion (Industrial goods)

Cement producer BUA Cement, previously ranked fourth, fell to the fifth position in September. Despite a 7.3% dip in market capitalization during the quarter, it remains a significant player, accounting for 8% of the total equities market capitalization.

6. Seplat – N1.08 trillion (Oil & gas)

Seplat Petroleum, an oil and gas company, achieved a remarkable milestone during Q3 2023, joining the exclusive N1 trillion valuation club. It recorded a staggering 31.2% increase in the quarter, leading to a valuation of N1.08 trillion. The company represents 3% of the entire market.

7. GT Holdings – N1.01 trillion (Banking)

Guaranty Trust Holding, commonly known as GTCo, maintained its position as the most valuable listed bank in Nigeria, with a market valuation of N1.01 trillion. Despite a 1.6% dip in stock price during Q3 2023, GTCo continues to account for 3% of the entire market capitalization.

8. Stanbic IBTC – N1.01 trillion (Banking)

Stanbic IBTC Holdings made a substantial leap in the third quarter, securing its spot in the N1 trillion valuation club. With a 44.4% price appreciation, its market valuation reached N1.01 trillion. The company now represents 3% of the entire Nigerian stock market.

9. Zenith Bank – N987.42 billion (Banking)

Nigerian banking giant Zenith Bank ranked ninth with a market valuation of N987.42 billion. This figure reflects an N87.91 billion loss compared to the previous quarter. Zenith Bank still accounts for 3% of the market, standing as one of three banks in this elite ranking.

10. Geregu Power – N848.75 billion (Energy)

Geregu Power completes the list of the top ten elite companies in the Nigerian stock market, with a valuation of N848.75 billion as of September 2023. This figure accounts for 2% of the total market and represents a 13.2% stock appreciation.

Conclusion

The landscape of Nigeria’s most valuable companies continues to evolve, reflecting changes in market dynamics and the country’s economic growth. These corporations play a pivotal role in shaping Nigeria’s financial future and market performance.

 

Please consider giving it a share on your social media. Sharing is caring, and your support helps our community grow and brings valuable information to more people. Let’s spread the knowledge! Thanks for being awesome!

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