Top 10 most valuable companies in Nigeria by market capitalization 

At the end of Q3 2024, Dangote Cement, Airtel Africa, and BUA Foods emerged as the top three most valuable companies in Nigeria by market capitalization, collectively accounting for 43% of the total equities market capitalization.

During this period, the equities market gained N33.66 billion, with the entire gain recorded in September, indicating market improvement.

However, the market had previously lost N1.09 trillion and N36.04 billion in July and August, respectively, before gaining N1.16 trillion in September.

The All-Share Index, a measure of market performance, declined by 1.50%, closing the quarter at 98,558.79 points, down from 100,057.49 points at the end of June 2024.

In terms of market capitalization, the market’s value decreased slightly from N56.60 trillion in July to N56.3 trillion in September.

Among the banking sector, only Guaranty Trust Holding Company and Zenith Bank surpassed the N1 trillion mark during the quarter under review, excluding the impact of the ongoing market recapitalization exercise in the sector.

Notably, the top ten companies collectively represented approximately 75% of the entire market, with a combined value of N42.33 trillion, and all valued above N1 trillion each.

The analysis, based on data from the Nigerian Exchange (NGX) by Nairametrics Research, showcases a diverse list across six industries. These include two firms each in the Industrial Goods, ICT, Services, and Banking sectors, alongside one each in the Consumer Goods and Oil & Gas industries.

Here is a ranking of the most valuable companies in Nigeria as of the end of September 2024: 

10. Zenith Bank (Banking) – N1.19 trillion 

Zenith Bank ranks tenth among Nigeria’s top-valued companies, with a market capitalization of N1.19 trillion as of September 2024, contributing 2% to the total market and achieving a 6% stock price appreciation.

9. Guaranty Trust Holding Company (Banking) – N1.41 trillion 

GT Holding ranks ninth with a valuation of N1.41 trillion, representing 2.5% of the total equity market. The company’s stock saw a 7% price appreciation.

8. Transcorp Power (Services) – N2.26 trillion 

Transcorp Power, listed on the stock exchange in 2023, has maintained a stable position, representing 4% of the market capitalization. However, its stock price declined by 19% during the quarter.

7. Seplat Energy (Oil & Gas) – N2.41 trillion 

Seplat led the Oil & Gas sector in the quarter under review with a valuation of N2.41 trillion, accounting for 7% of the market. Its share price appreciated by 8% during the quarter.

6. Geregu Power (Services) – N2.88 trillion 

Geregu Power improved its ranking, moving from tenth place in Q3 2023 to sixth place in Q3 2024, representing 5% of the market’s capitalization. The share price also appreciated by 15%.

5. BUA Cement (Industrial Goods) – N3.72 trillion 

BUA Cement maintained its fifth-place position year-on-year in Q3, with a market capitalization of N3.72 trillion, representing about 7% of the market. However, the stock price declined by 23% during the quarter.

4. MTN Nigeria (ICT)–N4.01 trillion 

MTN Nigeria recorded a consistent decline in share price following its full-year 2023 report, resulting in a market capitalization of N4.01 trillion, representing 7% of the market. The share price declined by 11%.

3. BUA Foods (Consumer Goods) – N7.11 trillion 

BUA Foods is the only company from the Consumer Goods sector in the top ten, ranking third with a market capitalization of N7.11 trillion, approximately 13% of the market.

2. Airtel Africa (ICT) – N8.27 trillion 

Airtel Africa overtook MTN Nigeria to become the second most valuable company in Q3 2024, with a market capitalization of N8.27 trillion, accounting for 15% of the Nigerian equities market. The stock price appreciated by 5% during the quarter.

1. Dangote Cement (Industrial Goods) – N9.07 trillion 

Dangote Cement retained its position as Nigeria’s most valuable company by market capitalization, with a value of N9.07 trillion, representing 16% of the equities market. Despite this, the stock price experienced fluctuations, ending the quarter with a 19% decline.