Top 10 Most Valuable Companies in Nigeria as of September 2023

Welcome to the list on Top 10 Most Valuable Companies in Nigeria as of September 2023.

As the third quarter of 2023 drew to a close, Dangote Cement, MTN Nigeria, and Airtel emerged as the three Nigeria’s most esteemed corporations.

However, they jointly constituting a substantial 45% of the nation’s overall equity market valuation.

During the period spanning from July to September, the market witnessed an impressive upswing of N2.96 trillion.

The barometer of market performance, referred to as the All-Share Index, demonstrated an upward trajectory, culminating at 66,382.14 points at the close of the month, a noteworthy ascent from the 60,968.27 points it had recorded by the end of June.

The market’s capitalization soared, transitioning from N33.4 trillion to N36.3 trillion throughout this interval.

Furthermore, Zenith Bank, in the reviewed quarter, fell below the N1 trillion valuation threshold, while Seplat and Stanbic IBTC experienced value appreciations.

By the conclusion of September 2023, the most esteemed entities enlisted on the Nigerian exchange were spotlighted based on their market capitalization.

Evidently, the upper echelon of enterprises, boasting a collective market valuation of N27.67 trillion, accounted for a substantial 76% of the market’s entirety.

Also, of particular note, eight out of the ten companies commanded valuations surpassing the N1 trillion mark.

An in-depth scrutiny of data derived from the NGX, unveils a roster that is rich in diversity, spanning six distinct industries.

Within this illustrious list, three of the ten companies are active in the financial services sector, one in the oil and gas domain, one in the energy sphere, two in information and communications technology, two in the industrial sector, and the ultimate enterprise operates within the consumer goods arena.

Here is a ranking of the most valuable companies in Nigeria as of the end of September 2023

1.Dangote Cement – N5.79 trillion

After increasing its worth by 19.3% (or N937.2 billion) to N5.79 trillion as of September 2023, Dangote Cement rose to the top spot as the most valuable firm in the nation.

The massive cement manufacturer replaced MTN in the top rank and has kept it for the past three months. 16% of the market was accounted for by the massive cement manufacturer.

However, Dangote Cement falls under the Industrial goods category.

2. MTN Nigeria – N5.54 trillion

With a value of N5.54 trillion, or 15% of the market, MTN Nigeria, the largest telecom business in Nigeria, came in second on the stock market.

As of June 2023, MTN was at the top of the list of elite companies, but it has since slipped to second place, behind cement manufacturer Dangote Cement.

However, in the quarter under review, MTN Nigeria’s market value decreased marginally by 0.4% from N5.56 trillion in June to N5.54 trillion in September 2023.

MTN Nigeria falls under the ICT category.

3. Airtel Africa – N4.85 trillion

In terms of value ranking, Airtel Africa, one of the biggest mobile communications service providers in Nigeria, fell one spot from the previous quarter due to a 2.3% reduction in its stock price.

Market capitalization for Airtel Africa was N4.85 trillion, down from N4.96 trillion at the end of June.

But during the time under examination, the company controlled 13% of the market as a whole.

Also, Airtel Africa falls under the ICT category.

4. BUA Foods – N3.65 trillion

With a market capitalization of N3.65 trillion, or 10% of the total market valuation, BUA Foods was the fourth most valuable company as of September 2023.

In comparison to the previous quarter, when it was rated fifth behind sister business BUA Cement, BUA Foods rose one position.

Market capitalization at the end of June 2023 was N2.44 trillion, up 49.4% from the previous quarter’s record.

BUA Foods also falls under the Consumer goods category.

5. BUA Cement – N2.89 trillion

BUA Cement, a firm that manufactures cement, fell to fifth place in September after losing its initial fourth position to its sister company BUA Foods.

This was due to a 7.3% decline in market capitalization from the previous quarter, when it stood at N3.12 trillion, to N2.89 trillion at the end of the third quarter.

In the meantime, the corporation represented 8% of the entire market capitalization for stocks.

Also, BUA Cement falls under the Industrial goods category.

6. Seplat – N1.08 trillion

With a staggering 31.2% increase in the third quarter of the year to reach a valuation of N1.08 trillion, Seplat Petroleum is another firm that joined the N1 trillion valuation club in Q3 2023.

Additionally, the company controls 3% of the market as a whole, and falls under the Oil & Gas category.

7. GT Holdings – N1.01 trillion

With a market value of N1.01 trillion, Guaranty Trust Holding is the most valuable listed bank in Nigeria and the ninth most capitalized company overall.

Despite being ranked, the bank saw a 1.6% decline in the price of its stock in the third quarter of 2023, valuing it at N1.01 trillion at the end of September as opposed to N1.03 trillion at the end of June.

Furthermore, the GT Holding falls under the Banking category.

8. Stanbic IBTC – N1.01 trillion

With a price increase of 44.4%, Stanbic IBTC Holdings made a significant jump in the third quarter of the year to join the N1 trillion club, bringing the firm’s worth to N1.01 trillion.

In three months, Stanbic IBTC earned N310.97 billion in nominal terms. 3% of the total Nigerian stock market is now accounted for by the holding firm, which has a variety of diversified offers centered on the financial services sector.

Also, Stanbic IBTC falls under the Banking category.

9. Zenith Bank – N987.42 billion

The ninth-ranked Nigerian banking giant had a valuation of N987.42 billion, representing a decrease of N87.91 billion from the N1.08 trillion recorded at the end of the preceding quarter.

One of only three banks in this select group, Zenith Bank represented 3% of the market.

Also, Zenith Bank falls under the Banking category.

10. Geregu Power – N848.75 billion

With a valuation of N848.75 billion as of the end of September 2023, Geregu Power completes the list of 10 elite firms with the highest valuation in the Nigerian stock market.

The company, which holds 2% of the market, had a 13.2% increase in stock value during the reviewed period, or a gain of N98.75 billion.

Geregu power is categorize under Energy.