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Top 10 NGX-Listed Companies with the Largest Employees in 2025

Why Workforce Size Matters More Than You Think

In Nigerian corporate finance, most discussions focus on revenue, profit margins, market capitalisation, and earnings per share. However, workforce size also reveals a lot about a company’s scale, economic impact, and long-term sustainability.

For NGX-listed companies, employee headcount is more than just a human resources number. It shows how wide a company’s distribution network is, how far its market reach goes, and how much it contributes to Nigeria’s formal economy. For example, Dangote Cement’s 21,000 employees mean over 21,000 families rely directly on the company, with many more affected through its supply chain.

Data from 2025 annual reports shows that the top 10 NGX-listed employers had 88,276 employees, up from 84,399 in 2024. This 4.6% increase in formal jobs among the biggest firms is a strong sign of economic growth, especially during Nigeria’s ongoing macroeconomic reforms.

This article breaks down the 10 NGX-listed companies with the largest workforces in 2025. It looks at their workforce makeup, growth trends, sector details, and what these numbers mean for investors, policymakers, job seekers, and the wider Nigerian economy.

Understanding the Data: Methodology and Scope

The numbers in this article come from 2025 full-year financial reports and sustainability disclosures from NGX-listed companies. Workforce figures include permanent, temporary, full-time, and contract staff, as reported by each company. For multinational groups, the employee count usually covers all subsidiaries and countries where they operate.

Not all NGX-listed companies shared detailed staff numbers in their annual reports, so this analysis only includes those with verifiable data.

The Top 10 NGX-Listed Companies by Employee Count in 2025

1. Dangote Cement Plc – 21,418 Employees

Dangote Cement is, by a considerable distance, Nigeria’s largest corporate employer among NGX-listed companies. With a workforce of 21,418 employees in 2025, the cement giant employs more than double the number of employees of the second-largest employer on this list. Even with a marginal reduction from 21,649 employees in 2024, the scale remains unrivalled in the listed corporate sector.

The sheer size of Dangote Cement’s workforce reflects the operational complexity of running Africa’s largest cement production network. Its integrated operations span quarrying, raw material processing, kiln operations, quality control, logistics, distribution, and corporate management across Nigeria and several African countries, including Ethiopia, Senegal, Tanzania, Ghana, and Cameroon.

Sector context: Manufacturing and heavy industry are among the most labour-intensive sectors globally. Each cement plant requires hundreds of skilled engineers, safety officers, maintenance technicians, and plant operators working in rotating shifts.

Key 2025 milestones:

Maintained market leadership in Nigeria’s cement sector
Continued expansion of export operations across Africa
Remained one of the largest contributors to industrial output and non-oil exports
Operated integrated manufacturing facilities requiring substantial technical and operational manpower

Investor insight: In manufacturing, a large workforce is both a major cost and a source of strength. Companies with skilled teams across many employees are much harder to compete with.

2. First Holdco Plc – 10,871 Employees

First Holdco Plc, the holding company for FirstBank of Nigeria and its subsidiaries, recorded steady workforce growth, increasing from 10,241 employees in 2024 to 10,871 in 2025, adding 630 staff members over the year.

FirstBank is one of Nigeria’s oldest and most widespread financial institutions, with hundreds of branches across Nigeria and offices in the UK, France, the UAE, and several African countries. This wide network needs many customer service staff, back-office teams, risk and compliance experts, and technology specialists.

Key 2025 milestones:

Continued modernisation of banking operations
Expansion of digital banking platforms
Strengthened retail and corporate banking franchises
Sustained position among Nigeria’s largest financial institutions

Case study note: FirstBank’s digital transformation stands out. Even though digitization usually means fewer branch staff, the bank’s workforce keeps growing. This suggests that reaching new customers, especially in underbanked areas, still depends on having a physical presence.

3. United Bank for Africa (UBA) – 10,821 Employees

UBA recorded one of the strongest workforce expansions among major employers in 2025, increasing staff strength by 16% year-on-year to 10,821, a significant jump from 9,323 employees in 2024. This translates to 1,498 new jobs created within a single fiscal year.

UBA’s workforce is also notable for its gender balance. The bank reported 5,710 male and 5,111 female employees, making it one of Nigeria’s most balanced large employers. This 53/47 male-to-female split stands out in a market where gender equality is still a challenge.

UBA operates in over 20 African countries and has offices in the US, UK, France, and the UAE. This wide reach requires a large team to handle customer growth, compliance, operations, and technology in each market.

Key 2025 milestones:

Continued expansion across Africa with operations in over 20 African countries
Strengthened digital banking operations
Increased transaction volumes across multiple markets
Expanded retail and SME banking activities

4. Access Holdings Plc – 9,960 Employees

Access Holdings crossed the 9,000-employee mark in 2025, having sharply increased its workforce from 8,939 in 2024 to 9,960 employees. The group’s growing headcount mirrors its ongoing strategy of aggressive geographic expansion, digital transformation, and customer acquisition across banking and non-banking financial services.

Access Holdings is perhaps Nigeria’s most acquisitive financial institution, having completed multiple mergers and acquisitions across Africa in recent years. Integrating these businesses while maintaining service quality requires a proportional allocation of human capital at every level of the organisation.

Key 2025 milestones:

Expansion into new African markets
Increased adoption of digital banking services
Continued growth in customer deposits and transaction volumes
Strategic acquisitions and market expansion initiatives

Expert insight: Access Holdings’ workforce growth often comes from mergers and acquisitions, not just regular hiring. Many new employees join through acquired companies, so headcount growth reflects both M&A activity and organic expansion.

5. Julius Berger Nigeria Plc – 8,859 Employees

Julius Berger is the only non-bank in the top five, highlighting the labour-intensive nature of construction and engineering. With 8,859 employees in 2025, it’s still one of Nigeria’s biggest private employers, even after cutting 560 jobs from 2024.

This workforce reduction is likely due to the ups and downs of big infrastructure projects. Construction companies often hire more or fewer people depending on current projects, so fewer staff doesn’t always mean poor performance—it can just mean some projects have finished.

As Nigeria’s foremost engineering and construction company, Julius Berger’s portfolio includes roads, bridges, airports, industrial facilities, and urban infrastructure across the country.

Key 2025 milestones:

Continued execution of major infrastructure projects
Participation in road, bridge, and industrial developments
Strong reputation for large-scale engineering delivery

Sector note: The International Labour Organisation (ILO) says construction is one of the world’s three most labour-intensive industries, along with agriculture and manufacturing. See: ILO Global Employment Trends

6. Zenith Bank Plc – 8,773 Employees

Zenith Bank had one of the biggest workforce increases in 2025, adding over 1,069 employees to reach 8,773, up from 7,704 in 2024. This growth shows Zenith’s ongoing investment in people, even as digital banking reduces some traditional roles.

Zenith Bank’s workforce stands out for its gender balance. In 2025, there were 4,900 female employees and 3,873 male employees, making women the majority. This reflects Zenith’s hiring approach and its strong presence in roles where women have traditionally excelled.

Key 2025 milestones:

Continued leadership in profitability and shareholder returns
Expansion of digital banking channels
Strong corporate banking franchise
Sustained growth in customer deposits

7. Guaranty Trust Holding Company (GTCO) – 6,122 Employees

GTCO recorded a modest yet meaningful increase, rising from 5,984 employees in 2024 to 6,122 in 2025. The company’s workforce supports its multi-business strategy across banking and non-banking subsidiaries spanning asset management, pension management, payments, and financial technology.

GTCO has positioned itself as a more technology-driven financial services group compared to peers, which partly explains its relatively smaller workforce per revenue naira. The group’s operating model emphasises efficiency and automation, and its per-employee productivity metrics are among the highest in the sector.

Key 2025 milestones:

Expansion beyond traditional banking
Growth in payments and financial technology offerings
Strengthened regional operations

8. Airtel Africa Plc – 4,263 Employees

Airtel Africa’s presence on this list is instructive for a different reason than the banks. As a telecommunications company, Airtel operates one of the most asset-heavy, technology-intensive business models in the Nigerian corporate landscape. Its workforce of 4,263 employees, up from 4,132 in 2024, is notably smaller than its banking peers on a headcount basis, yet the company generates significantly higher revenue per employee.

This reflects a fundamental difference in business model: telecommunications networks are infrastructure-driven rather than labour-driven. This shows a key difference in business models: telecom networks rely more on infrastructure than on people. Most of Airtel’s value comes from its network, not direct human interaction. However, its mobile money business, Airtel Money, is starting to add more people-focused financial services, which could change this over time

9. Sterling Bank Plc – 3,723 Employees

Sterling Bank had 3,723 employees in 2025, down by 103 from 3,826 in 2024. The bank follows a unique strategy, focusing on five sectors —health, education, agriculture, renewable energy, and transportation—that it calls HEART.

This sectoral focus has allowed Sterling to carve out a differentiated position in Nigeria’s crowded commercial banking market, even as its total workforce remains relatively small. The bank’s investments in technology-driven service delivery have enabled it to maintain a broad customer reach without proportionate headcount growth.

Key 2025 milestones:

Continued focus on digital banking
Expansion of sector-focused lending initiatives
Strong focus on niche sectors (health, education, renewable energy)
Increased investment in technology-driven services

10. Fidelity Bank Plc – 3,466 Employees

Fidelity Bank rounds out the top ten with a workforce of 3,466 employees, up from 3,182 employees in 2024. The bank added 284 employees over the past year, reflecting its expanding retail banking operations and increasing market presence across Nigeria.

Fidelity Bank has made notable strides in digital banking and SME financing, and its workforce growth aligns with a broader strategy to deepen customer relationships in retail and small business segments. These segments remain labour-intensive, requiring significant front-line staffing at branches and contact centres.

Key 2025 milestones:

Growth in retail banking operations
Expansion of SME banking services
Strengthened digital banking capabilities
Increased market presence across Nigeria

Key Findings and Analysis

Banking Dominates Nigeria’s White-Collar Employment

Six of the top ten employers on this list are financial institutions: UBA, First Holdco, Access Holdings, Zenith Bank, GTCO, Sterling Bank, and Fidelity Bank. This concentration reflects the scale of Nigeria’s banking sector relative to other formal industries. Banks maintain nationwide branch networks, regulatory compliance obligations, and increasingly complex digital operations, all of which require significant headcount.

The Nigerian banking sector has also benefited from the Central Bank of Nigeria’s recapitalisation directive, which is driving consolidation and expansion among banks, with implications for workforce needs at both the acquiring and acquired institutions.

The 2025 Aggregate: 88,276 Jobs and Growing

The top 10 companies collectively employed 88,276 people in 2025, up from 84,399 in 2024. That represents nearly 4,000 net new formal sector jobs created by just 10 companies. In the context of Nigeria’s unemployment challenge, this figure carries meaningful economic weight, though it represents only a fraction of the country’s total employment needs.

Gender Parity: Zenith and UBA Lead

Zenith Bank and UBA stand out for their balanced gender mix. Zenith has more women (4,900) than men (3,873), and UBA’s split is nearly equal (5,710 men and 5,111 women). This shows that gender diversity is possible and valuable in big Nigerian companies. Research from McKinsey’s Women in the Workplace report shows that more diverse companies often perform better financially. See: McKinsey Diversity Wins Report

Workforce Reduction Does Not Equal Weakness

Julius Berger’s reduction of 560 employees and Dangote Cement’s decline of 231 employees should not be read as corporate weakness. In capital-intensive industries, workforce adjustments are normal and often reflect completed project cycles, operational efficiency improvements, or strategic restructuring. What matters more is whether these companies are maintaining productivity and profitability per employee, which both continue to do.

Summary Data Table: Top 10 NGX Employers in 2025

Rank	Company	2025 Employees	2024 Employees	Change
1	Dangote Cement Plc	21,418	21,649	-231
2	First Holdco Plc	10,871	10,241	+630
3	UBA	10,821	9,323	+1,498
4	Access Holdings	9,960	8,939	+1,021
5	Julius Berger	8,859	9,419	-560
6	Zenith Bank	8,773	7,704	+1,069
7	GTCO	6,122	5,984	+138
8	Airtel Africa	4,263	4,132	+131
9	Sterling Bank	3,723	3,826	-103
10	Fidelity Bank	3,466	3,182	+284
Total		88,276	84,399	+3,877

What This Means for Investors, Job Seekers, and Policymakers

For investors: Workforce growth in financial services suggests continued expansion of customer-facing operations, a bullish signal for revenue growth in retail and SME banking. However, rapidly growing payroll costs can compress margins, so the key ratio to watch is revenue per employee, not just total headcount.

For job seekers: Banking, construction, and manufacturing are still the biggest sources of formal private-sector jobs in Nigeria. With six of the top ten employers being banks, finance-related skills and qualifications offer some of the best job prospects in listed companies.

For policymakers: Having most formal jobs in just a few sectors and companies shows a weakness in Nigeria’s job market. To support long-term job growth, it’s important to encourage more large employers through industrial policy, infrastructure investment, and support for SMEs.

Frequently Asked Questions (FAQs)

Q: Which NGX-listed company has the most employees in 2025?
Dangote Cement Plc is the NGX-listed company with the largest workforce in 2025, with 21,418 employees across its manufacturing and distribution operations in Nigeria and across Africa.

Q: How many employees do the top 10 NGX companies have in total?
The top 10 NGX-listed companies by employee count collectively employed 88,276 people in 2025, up from 84,399 in 2024.

Q: Which Nigerian bank has the most employees?
First Holdco Plc (FirstBank) has the largest workforce among Nigerian banks with 10,871 employees in 2025, narrowly ahead of UBA’s 10,821 employees.

Q: Why do Nigerian banks employ so many people?
Nigerian banks maintain extensive nationwide branch networks serving millions of customers, require large compliance and risk management teams due to regulatory obligations, and continue to invest in technology teams for digital transformation. These factors, combined with the breadth of retail banking services, make banking the most employment-intensive white-collar sector in Nigeria.

Q: Did any NGX companies reduce their workforce in 2025?
Yes. Dangote Cement (-231), Julius Berger (-560), and Sterling Bank (-103) all recorded modest workforce reductions in 2025. These declines are largely attributable to project completion cycles in construction, operational efficiency improvements in manufacturing, and strategic staffing optimization in banking.

Q: Which NGX company has the best gender balance in its workforce?
Zenith Bank stands out for having more female employees (4,900) than male employees (3,873) in 2025. UBA also maintained a near-equal gender distribution, with 5,710 male and 5,111 female employees.

Q: Is workforce size a reliable indicator of a company’s financial health?
Workforce size is one indicator among many. A large workforce signals operational scale, but efficiency, revenue per employee, and cost-to-income ratios are equally important. For instance, Airtel Africa generates significantly higher revenue per employee than most banks on this list despite having fewer employees in absolute terms.

Q: Why is Julius Berger, a construction company, among Nigeria’s largest employers?
Construction is one of the world’s most labor-intensive industries. Julius Berger’s work on major roads, bridges, airports, and industrial facilities across Nigeria requires large numbers of engineers, site workers, project managers, equipment operators, and support staff.