10 Richest Companies in Nigeria in July 2023

Nigeria’s economic landscape is shaped by a collection of powerful and diverse companies that have risen to the top in terms of financial success. 

These corporations span various industries, showcasing the nation’s growing sectors and reflecting its economic prowess.

A list by the Nigerian Exchange (NGX) revealed that the top 10 richest companies encompass diverse sectors, including industrial goods, telecommunications, consumer goods, banking, and oil and gas.

Join us as we explore the fortunes and influence of these prominent enterprises. Let’s get in.

Dangote Cement

With a market valuation of N5.99 trillion, Dangote Cement ranks as the richest company on the NGX. Owned by Nigeria’s richest man, Aliko Dangote, the cement company gained 24% in July compared to N4.86 trillion in the previous month.

Dangote Cement accounts for an impressive 17.1% of the entire NGX market capitalization.

MTN Nigeria

Nigeria’s largest telecommunication company, MTN Nigeria comes second on the list with a market valuation of N5.33 trillion. This comes after it lost its top spot to Dangote Cement.

The telco giant which accounts for 15.2% of the entire market recorded a 4% decline in its share price in July 2023.

Airtel Africa 

Airtel Africa accounted for 14.2% of the total market capitalization with a valuation of N4.96 trillion at the end of July 2023.

The telecom giant also recorded a flat movement in its share price.

With over 99 million subscribers on the continent, Airtel Africa is majority owned by the Indian telecommunications company Bharti Airtel. The company sits as the third richest company on the Nigerian Exchange.

BUA Cement 

Owned by Nigerian billionaire, Abdulsamad Rabiu, BUA Cement stands in fourth position with a valuation of N3.35 trillion.

The second cement manufacturing firm witnessed a 7% surge in its valuation from N3.12 trillion recorded in June. Abdusamad’s BUA Cement accounted for 9.6% of the total market capitalization in July.

BUA Foods 

Abdulsamad’s company, BUA Foods closely followed BUA Cement. Sitting at the fifth position, BUA Foods accounted for 7% of the total market capitalization with a valuation of N2.44 trillion as of the end of July 2023.

The company also recorded a flat movement in its stock price in the review month.

BUA Foods produces a wide range of food products, including flour, pasta, rice, and edible oils, among others recorded a flat movement in its stock price in the review month.

Guarantee Trust Bank- GTCO

Occupying the sixth position with a market valuation of N1.08 trillion, GTB is one of the most profitable banks in Nigeria.

The bank’s main source of revenue is from retail banking, corporate banking, investment banking and other financial services.

Zenith Bank

The seventh richest company is Zenith Bank with a market valuation of N1.06 trillion. Known as one of the largest banks in Nigeria by assets, Zenith Bank generates its revenue from retail banking, corporate banking, investment banking and other financial services.

Seplat Energy

Nigeria’s leading energy supplier, Seplat Energy occupies the eighth position with a market valuation of N996.6 billion.

The Nigerian independent oil and gas company is listed on both the London and Nigerian Stock Exchanges with assets in the Niger Delta.

Nestle Nigeria 

With a market valuation of N931.4 billion, Nestle Nigeria is the 9th richest company.

It’s mostly owned by a holding company based in Switzerland and has ties to the company Tolaram Group. 

Stanbic IBTC Holdings

Stanbic has a significant presence in both the retail and corporate banking sectors with a market valuation of N900.5 billion.

Headquartered in Victoria Island, the bank’s revenue comes from retail banking, corporate banking, investment banking and other financial services.