Dangote Cement, Airtel Lead list of 11 Most Valuable Company in Nigeria

Dangote Cement, Airtel Lead list of 11 Most Valuable Company in Nigeria

  • The list of the most valuable companies on the Nigerian Exchange after the first half of 2024 has emerged
  • Africa's richest man’s cement company leads the table as the most valuable company, followed by Airtel Nigeria
  • There are 11 companies with a market value of over N1 trillion, out of which there are only two banks

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Dangote Cement emerged as the most valuable company in Nigeria at the end of June 2024 based on market capitalisation.

Market capitalisation is how much a company is worth as determined by the stock market.

Most valuable companies in Nigeria
Nigerian has one of the most valuable companies Photo credit: George Osodi
Source: Facebook

It is calculated by multiplying the number of outstanding shares by the current market value of one share.

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Dangote overtakes Airtel

Analysis by Legit.ng reveals that Dangote Cement's need for the first of the year(2024) with a market capitalisation of N11.19 trillion is ahead of telecommunications giant Airtel's N7.88 trillion.

Transcorp Power and Geregu Power, with market capitalizations of N2.8 trillion and N2.5 trillion, respectively, also made the list.

List of most valuable companies in Nigeria after H1, 2024

Here is a list of the most valuable market capitalization based on data tracked from the Nigerian Exchange (NGX).

Dangote Cement: N11.19trn

Aliko Dangote's prized company, Dangote Cement, has emerged as Nigeria's most valuable company in the first half of 2024, with a market capitalization of N11.19 trillion. This impressive valuation underscores the company's operational excellence and strong investor confidence.

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Airtel Africa: N7.88trn

Airtel Africa, a leading telecommunications provider, closed the first half of 2024 with a market capitalization of N7.88 trillion. The company's extensive network coverage and innovative services have driven its strong market performance and investor interest.

BUA Foods: N6.84trn

Nigerian billionaire Abdulsamad Rabiu, BUA Foods ended the first half of 2024 with a market capitalization of N6.84 trillion.

This market cap ranks the company as the 3rd most valuable in Nigeria.

BUA Cement Plc: N4.85trn

Another of Abdulsamad's companies, BUA Cement Plc achieved a market capitalization of N4.85 trillion in the first six months of 2024.

The company is one of the biggest rivals to Dangote cement.

Other companies in the top 10 most valuable companies are:

  • MTN Nigeria: N4.49 trillion
  • Transcorp Power: N2.8 trillion
  • Geregu Power: N2.5 trillion
  • Seplat Energy: N2.23 trillion
  • GTCo: N1.32 trillion
  • Zenith Bank: N1.12 trillion
  • Transcorp Hotels: N1.01 trillion

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SEC issues warning over $Davido meme coin

In related news, Legit.ng reported that the SEC had addressed concerns regarding the $DAVIDO meme coin, purportedly associated with popular Nigerian singer Davido.

In a recent statement, the SEC clarified that meme coins are cryptocurrencies inspired by memes and internet jokes.

The commission explained that these coins are often intended to be fun and light-hearted, promoted through social media communities, and occasionally endorsed by celebrities.

The SEC also noted that the coin lacks intrinsic value and cautioned the public to trade it at their own risk.

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.