Dangote Cement, MTN Nigeria Lead List of the 10 Biggest Companies on the Nigerian Exchange

Dangote Cement, MTN Nigeria Lead List of the 10 Biggest Companies on the Nigerian Exchange

  • Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as at October 2021
  • The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation
  • Data from Nigeria Exchange shows as of October 2021, shows there are over 156 listed companies with a total share of over 41 million valued at over 21 trillion.

As of Thursday, October 28, 2021, there are 156 businesses listed on the Nigerian exchange, with five of them worth over a trillion Naira and the other five completing the top ten worth more than N400 billion.

Data from Nigeria Exchange shows as of October 2021, shows there are over 156 listed companies with a total share of over 41 million value at over 21 trillion.

The other companies in the top 10 include Guaranty Trust Holding Company Plc, Zenith Bank Plc, Stanbic Ibtc Holdings Plc, FBN Holdings Plc and Nigerian Breweries Plc.

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List of the 10 biggest companies on the stocks in Nigeria
Stock traders Credit: Nigerian exchange
Source: UGC

Dangote Cement Plc

Dangote Cement Plc is currently the most valued company quoted on the exchange and makes up 30% of the total market capitalization of all stocks worth over one trillion.

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The value of Dangote as of Thursday, October 28, 2021, was at N4.76 trillion with a share selling at N280.

According to the companies first six months result, the revenue grew by 57.20% while net income for the period appreciated by 55.48% from N65.55 billion in Q2 2020 to N101.92 billion in 2021.


MTN Nigeria Communications which was listed in 2019 is the second-highest in market value on the Nigerian Exchange Limited (NGX), right after Dangote Cement Plc.

The value of MTN stocks as of Thursday, October 28, stands at 3.542 trillion. For any interested individual looking to get into the company, one share will cost N175.60.

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In the first six months of 2021, MTN released its Q2 2021 financial result, reflecting a 24.01% growth in revenue for the period, while profit after tax grew by 49.48% from N94.88 billion in Q2 2020 to N141.83 billion in 2021.

BUA Cement Plc

BUA Cement is the third-largest company on the Nigerian Exchange, a big rival to Dangote in the Cement Industry.

According to data from NGX, BUA as of Thursday, October 28, has a market value of N2.438 trillion.

The company’s Q2 2021 financial report released in July, reported revenue of N63.09 billion, reflecting a growth of 33.41% from N47.29 billion in 2020. Similarly, net income increased by N6.16 billion, reflecting a 41.43% increase from N14.87 billion recorded in the corresponding period of 2020 to N21.03 billion in the current period

Airtel Africa Plc

The other telecommunication on the top five list is Airtel Africa with a Market of N2.136 trillion. As of Thursday also, an Airtel share price stands at N780.

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In the first six months of 2021, the company’s Q2 2021 unaudited results for the period ended June 30th, 2021 show a profit before tax of 133 percent to $259 million while profit after tax went up by 149 percent to $142 million. Airtel Africa Plc announced revenue growth of nearly 31%, to $1.1 billion.

Nestle Nigeria

The last company on the trillion list is Nestle Nigeria Plc with a market capitalisation of N1.114 trillion.

As of Thursday, a share of Nestle sells for N1,400.

The Q2 2021 financial result revealed a 19.07% growth in revenue from N70.7 billion recorded in Q2 2020 to N84.18 billion in Q2 2021. The consumer goods company, reported a profit after tax of N9.33 billion, reflecting a decline of 12.23% from N10.63 billion in the corresponding quarter of 2020.

Others on the top five list with a market value

  • Guaranty Trust Holding Company Plc. (N838.789 billion)
  • Zenith Bank Plc (N778.633 billion)
  • Stanbic Ibtc Holdings Plc. (N505.32 billion)
  • FBN Holdings Plc. (N505.32 billion)
  • Nigerian Breweries Plc. (N403.792 billion)

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Legit.ng had earlier reported on the confusion about the highest majority shareholder of FBN Holdings.

As of Wednesday, 27th October 2021 the total shares outstanding is 35,895,292,792.00 out of which 1,818,551,625 is held by Otedola which is just over 5 percent.

First Bank has however come out to explain that Tunde Hassan-Odukale has 5.36 percent stake through his 0.07 percent direct shares and 5.29 percent indirect stake through Leadway Holdings Limited subsidiaries.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.