Nigerian Companies with Market Caps Exceeding N1 Trillion

Last updated on February 13th, 2024 at 11:12 am


There are more than 10 Nigerian companies with market capitalizations exceeding N1 trillion, with Dangote Cement leading the pack at N11.8 trillion, followed by Airtel Africa and MTN Nigeria with N7.5 trillion and N6.1 trillion, respectively.

This the is overview of Dangote Cement’s stock price on the NGX at the end of trading on January 26, 2024
This screenshot shows a summary of Dangote Cement’s stock price between January 21-January, 26, 2024. Source: NGX

This data, obtained from the Nigerian Exchange (NGX), highlights the impact of the recent bullish market trend.

Their influence on market position

At the end of 2021, the overall market position was significantly influenced by five key entities: DANGCEM, MTNN, AirtelAfri, BuaCement, and Nestle.


Two years later, Nestle’s market cap dropped to N871.9 Billion, accompanied by a new set of listed companies, most of which are on the premium board, joining the ‘trillion market cap club.’

Notably, five financial service providers – Zenith Bank, Access Holdings, Guaranty Trust Holding Company, UBA, and FBN Holdings – have entered the trillionaire club.

However, it’s worth noting that FBN Holdings has dropped below a trillion naira market cap at the time of updating this article.

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Here are the largest listed companies in Nigeria, each worth more than a trillion naira

1) Dangote Cement

  • MarketCap: N11,827,816,189,810.50
  • Classification: Premium Board
  • Sector: Industrial Goods
  • Ticker: DANGCEM

As of Friday, January 26, Dangote Cement claimed the top spot for the highest market capitalization on the NGX, surpassing Airtel Africa in a remarkable stock surge.

Its share price soared from N592.6 to N694.1 within five trading days, following a notable event – billionaire Femi Otedola’s purchase of N6 billion worth of DANGCEM shares, which triggered the boom.

Holding onto the first position, its valuation increased by more than N4 trillion, reaching a market capitalization of N7.01 trillion as of January 17, 2024, and settled at N11.8 Trillion at the close of trading on January 26.

2) Airtel Africa

  • MarketCap: N7,516,303,008,000.00
  • Classification: Main Board
  • Sector: ICT
  • Ticker: AIRTELAFRI

The telecommunications company has the second highest market valuation in the Nigerian bourse with N7.51 trillion.

With N3.20 Trillion in 2020, and N3.59 Trillion in 2022, the third largest telecom by subscribers (60.30 million) was on the number spot before being overtaken by Dangote Cement.

3) MTN Nigeria

  • MarketCap: N6,170,595,114,271.70
  • Classification: Premium
  • Sector: ICT
  • Ticker: MTNN

With 76.7 million subscribers, MTN Nigeria is the largest telco in Nigeria. On the NGX, the South African-owned telcom is also the third most capitalised equity on the Nigeria Stock Exchange with N6.17 Trillion as of Friday with its share trading at 293.9

4) BUA Cement

  • MarketCap: N6,083,731,206,879.00
  • Classification: Main Board
  • Sector: Industrial Goods
  • Ticker: BUACEMENT

BUA Cement moved its market capitalization from N3.81 trillion on January 17 to N6,08 Trillion by the end of January 26, 2024. It now maintains the fourth spot ahead of its sister company (BUA Foods).

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BUA cement pushed its market cap by 132.06% between December 2020 (N2.62 Trillion) to N6.08 Trillion on January 26, 2024.

5) BUA Foods

  • MarketCap: N4,892,400,000,000.00
  • Classification: Main Board
  • Sector: Consumer Goods
  • Ticker: BUAFOODS

BUA Foods ranks fifth in the trillionaire club with N4.8 market capitalisation at the end of trading Friday, January 26, 2024

Recalled that BUA Foods share was listed on the Main Board of the Nigerian Exchange Limited on January 5, 2022, listing 18 billion ordinary shares which opened at NGN44 per unit. It’s a member of BUA Group.

By the end of trading on the first day on the NGX, investors spent NGN40,533,945,898.00 to buy 1,006,998,462 units in just 74 trades.

By the end of January 6, 2022, BAUFoods’ market capitalisation had risen to N871,200,000,000.00 to boost liquidity in the Nigerian capital market and went ahead to end 2023 with N3.48 trillion.

6) SEPLAT Energy

  • MarketCap: N1,809,231,647,250.60
  • Classification: Premium
  • Sector: Oil and Gas
  • Ticker: SEPLAT

SEPLAT holds the sixth position with a market valuation of N1.8 trillion. A week before that, the oil company occupied the eighth spot with a market capitalization of N1.35 trillion.

The latest increase was attributed to a rise in market share price, climbing from N2,310 to N3,074.6 as of January 26th.

7) Zenith Bank

  • MarketCap: N1,350,049,232,798.00
  • Classification: Premium
  • Sector: Financial Services
  • Ticker: ZENITHBANK


  • MarketCap: N1,293,500,326,894.80
  • Classification: Main Board
  • Sector: Financial Services
  • Ticker: GTCO

9) Geregu Power

  • MarketCap: N1,237,500,000,000.00
  • Classification: Main Board
  • Sector: Utilities
  • Ticker: GEREGU

10) UBA Plc 

  • MarketCap: 1,043,082,351,724.00
  • Classification: Premium
  • Sector: Financial Services
  • Ticker: UBA

11) Access Bank

  • MarketCap: N1,016,593,452,789.20
  • Classification: Premium Board
  • Sector: Financial Services
  • Ticker: ACCESSCORP
  • Group Chief Executive Officer: Ms. Bolaji Olaitan Agbede
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12) Transcorp Hotels

  • MarketCap: N1,011,961,807,006.80
  • Classification: Main Board
  • Sector: Service
  • Ticker: TRANSCOHOT

13) FBN Holdings

  • MarketCap: N954,814,788,267.20
  • Classification: Premium Board
  • Sector: Financial Services
  • Ticker: FBNH

Dangote Sugar Plc

  • Market Cap:  N1.085 Trillion 
  • Classification: Main Board
  • Sector: Consumer goods
  • Ticker: DANGSUGAR

Dangote Sugar crossed the N1 trillion market capitalization level on January 17, 2024, after the company’s share price hit N82.40.

But it later declined by 9.95% to close at N73.30, falling to N890 billion market cap.

At the bottom of the list is FBN Holdings, which entered the trillionaire club with a market capitalization of N1.05 trillion as of January 17th.

The company’s market valuation increased by N208.19 billion from N845.33 billion before reaching the trillion mark. However, in less than two weeks, it experienced a 9.07 percent decline, settling at N954.8 billion on Friday, January 26, 2024.

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