Nigerian Companies with the Most Employees as of 2024

These major employers are keeping thousands of Nigerians in work despite tough economic conditions

Despite inflation, forex volatility, and a slow recovery across various sectors, some Nigerian companies managed not just to stay afloat in 2024 but to keep expanding their workforce. 

The top companies by staff strength played a significant role in absorbing part of the country’s labour force, especially the youth, at a time when unemployment and NEET (Not in Employment, Education or Training) rates remained worryingly high.

According to data compiled from the financial statements of firms listed on the Nigerian Exchange (NGX), these companies collectively employed over 84,000 workers and spent a combined ₦1.695 trillion on salaries in 2024. 

The staff numbers include employees across Nigeria and other African or global locations where these firms operate. Here is a list of the companies giving the most Nigerians a paycheck in 2024

Dangote Cement – 20,910 employees

Nigeria’s largest employer among listed firms in 2024 was Dangote Cement, with 20,910 workers on its payroll, up 10% from the previous year. The company didn’t break down the gender ratio, but it certainly broke the bank in salary spend: ₦232.78 billion, a massive jump from ₦131.81 billion in 2023.

As Africa’s top cement producer, Dangote Cement remains a heavyweight in Nigeria’s industrial space not just for what it builds, but for how many it employs.

First HoldCo Plc – 9,950 employees

First Bank’s parent company, First HoldCo Plc, maintained a strong presence in the job market with nearly 10,000 employees in 2024, 13% higher than the previous year. Male staff made up the majority (7,065), while 2,885 were female.

The company’s salary budget grew just as fast, rising by 72% to ₦229.10 billion. For a legacy financial institution, First HoldCo continues to evolve and expand its workforce in a sustainable way.

Julius Berger – 9,419 employees

Even with a 20% decline in headcount compared to 2023, construction giant Julius Berger Nigeria Plc still made the top three with 9,419 workers. 

The company didn’t publish gender data but did reveal a huge spike in wage costs from ₦79.32 billion to ₦154.08 billion in 2024. Fewer hands, but more investment per employee.

United Bank for Africa (UBA) – 9,323 employees

Though UBA’s workforce dropped slightly by 7% from the previous year, it still had 9,323 people on staff in 2024. Men made up 54% and women 46%. Interestingly, the bank’s wage bill didn’t shrink, in fact, it shot up by 71% to ₦297.60 billion.

UBA may have reduced its size, but it definitely raised the bar in compensation.

Access Bank – 8,939 employees

Access Bank added more than 1,300 new staff in 2024, growing its workforce by 18% to 8,939 employees. A shift in gender balance saw men outnumber women this year, unlike in 2023 where females led.

The bank more than doubled its salary expenses to a staggering ₦357.62 billion, the highest among financial institutions in the country. Clearly, Access Bank isn’t just hiring, it’s investing heavily in its people.

Zenith Bank – 7,704 employees

Led by Dame Adaora Umeoji, Zenith Bank saw a 15% increase in staff strength in 2024, with a total of 7,704 employees. Interestingly, women made up the majority: 4,090 females to 3,614 males.

The bank also increased its wage spend significantly, from ₦92.64 billion in 2023 to ₦137.69 billion in 2024.

GTCO – 5,803 employees

Guaranty Trust Holding Company (GTCO) brought its total workforce to 5,803, marking a 5.76% increase. The gender distribution was almost evenly split: 49% female, 51% male.

Their salary expenses went up by 83%, moving from ₦48.54 billion in 2023 to ₦88.69 billion this year, an indication that GTCO is boosting wages while keeping headcount stable.

Flour Mills of Nigeria – 5,404 employees

In the consumer goods sector, Flour Mills stood strong with 5,404 employees in 2024. Though down from 5,919 the year before, it still held a major spot in employment.

Wages rose to ₦57.14 billion, a 15% increase, showing the company’s commitment to paying its workers better despite a smaller headcount.

FCMB Group – 3,796 employees

FCMB Group boosted its workforce by nearly 7%, reaching 3,796 employees in 2024. Women made up 42% of the team, while men held 58%.

The bank’s salary expenses soared by 72% to ₦58.54 billion, pointing to significant salary adjustments across board.

Stanbic IBTC – 3,243 employees

Rounding out the top ten is Stanbic IBTC, part of the Standard Bank Group. The company had 3,243 employees in 2024, a modest rise from 2023. Female staff held 47% of the positions

Their total wage bill rose 33%, reaching ₦81.72 billion in 2024.