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Insight & Analysis - June 8, 2022

Nigerian Companies with the Highest Market Share

The Nigerian stock market rose in May 2022, owing to increased investor confidence in the equity of companies. The All-Share index increased by 6.75 percent to 52,990.23 basis points at the end of the month, up from 49,638.94 basis points the previous month.

In addition, the market capitalisation ended the month at N28.6 trillion, which indicated a N1.6 trillion increase from N26.78 trillion at the end of the previous month.

According to the data, Airtel Africa, Dangote Cement, and MTN Nigeria topped the list of firms on the Nigerian stock exchange with the largest market share.

Here are the six Nigerian companies with the highest market share.


10 Most Profitable Companies in Nigeria

1. Airtel 

In the month of May 2022, the telco giant Airtel Africa became the most capitalised firm in the local market, gaining N1.43 trillion in valuation.

After rallying to N1,767 per unit, Airtel’s market capitalisation surged by 27.5 percent from N5.21 trillion at the end of April 2022 to N6.64 trillion at the end of May.

With a market value of N6.64 trillion, Airtel is the market leader, accounting for around 23.2 percent of the overall stock market capitalisation. 

On the heels of a strong first-quarter financial performance, the company’s value has increased by N3.05 trillion year to date.

2. Dangote

Dangote Cement, the world’s most valuable manufacturing company, came in second with a valuation of N4.72 trillion. 

The company’s market capitalization fell by 5.3 percent in the month under review, from N4.98 trillion the month before.

3. MTN

MTN Nigeria, on the other hand, remained in third place in May 2022, with a market capitalisation of N4.68 trillion, due to a N315.49 billion gain in May. 

MTN’s market capitalisation climbed from N4.37 trillion at the end of April to N4.68 trillion by the end of May 2022.

4. BUA

BUA is a significant Nigerian food and infrastructure company with a diverse portfolio of investments spanning the country’s key economic sectors. 

BUA Cement made the top five list with a market valuation gain of N189.64 billion.


Cadbury Nigeria Plc followed suit, increasing by 72.7 percent to N13.99 billion by the end of May 2022.

The confectionary company began in the 1950s as a firm that sourced cocoa beans from Nigeria, and served as a springboard for the company to tap into prospects to serve the local consumer market with world-famous Cadbury-branded products.

Cadbury Nigeria has become a household name, offering popular consumer products.


Seplat Petroleum Development Company is a Nigerian private oil and gas company with a strategic concentration in Nigeria’s Niger Delta that is listed on both the Nigerian and London stock exchanges.

Nigeria’s energy revolution is being led by accessible, affordable, and reliable energy, which is driving social and economic success.

Seplat followed with a market valuation of  N758.8 billion as of the end of May 2022. 


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