These 12 Nigeria Listed Companies Are Worth a Billion Dollars or More

…debunks Business Insider story

MoneyCentral has been able to identify 12 Nigeria listed companies on the stock exchange (NGX) worth a billion dollar or more in market capitalization.

The firms are diverse and cut across various sectors including: Telecommunications, Industrial Goods, Oil and Gas, Banking and Finance, Consumer Goods and Energy.

The firms with listing on the stock exchange in Lagos Nigeria have market capitalization as at 15^th May 2025 of: Airtel Africa with market capitalization of $4.93 billion (N7.9 trillion), Dangote Cement $4.64 billion (N7.42 trillion), BUA Foods $4.23 billion (N6.77 trillion), MTN Nigeria $3.64 billion (N5.83 trillion), Seplat Energy $2.05 billion (N3.289 trillion), Geregu Power $1.78 billion (N2.854 trillion).

Others Nigeria billion dollar companies are: BUA Cement $1.72 billion (N2.753 trillion), Transcorp Power $1.54 billon (N2.464 trillion), Guaranty Trust Holding Company GTCO $1.45 billion (N2.32 trillion), Aradel $1.3 billion (N2.08 trillion), Zenith Bank $1.24 billion (N1.992 trillion) and Nigerian Breweries $1.065 billion (N1.704 trillion).

An exchange rate of USD1 to NGN1,600 was used for the conversion from naira to dollar (see chart below).

Misleading report debunked

An earlier report by Business Insider Africa had erroneously stated that there was only one Nigerian company valued at $1 billion.

The report quoting Visual Capitalist, said there are 5,522 publicly listed firms globally valued at $1 billion or more.

“The United States leads with a market capitalization of $60.1 trillion and accounts for 1,873 billion-dollar companies—commanding 49% of the global market share,” it said.

The report however conflates private companies (Unicorns) with public ones when it came to Africa.

Even at that Nigeria is known to have several Unicorns (private companies worth $1bn or more) including Flutterwave, Paystack, Interswitch and MoniePoint among others.

The Nigeria Stock Exchange (NGX) has an equity market capitalization of $41.9 billion and has risen 5.96% year-to-date.

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