List of 8 Companies on Premium Board of Nigerian Exchange (NGX)

Last updated on January 30th, 2024 at 01:22 pm


The companies listed on NGX’s premium board have a combined market capitalization exceeding N22.87 trillion.

Out of the eight firms, seven of them are among the biggest firms by market capitalisation in Africa’s biggest economy.

Political and economic influence cannot qualify a traded company to make it to the premium board.


Instead, the company’s excellent performance and stringent compliance with global standards, along with NGX rules, are some of the prerequisites for achieving what some investors prefer to call ‘A1 Listing.

The “Elites” Control The Stock Market

At the end of 2021, data released by the NGX showed that the eight elite companies control accounted for NGN10.961 trillion of the NGN22.297 trillion, representing 49.2 per cent of the total equities market cap. They were also the most capitalized stocks. They recorded 20.1 per cent returns.

How they performed in 2021:

Dangote Cement pulled total capitalization at NGN4.38 trillion, followed by MTN Nigeria with NGN4.01 trillion. (8.638 trillion); Zenith Bank came third with NGN789.62bn.

FBN Holdings Plc pulled NGN409.21bn; Lafarge Africa had NGN385.78bn total market cap while Seplat Energy raised NGN382.49bn. Access Bank and UBA followed with NGN330.57bn and NGN275.31bn respectively

What is Premium Board?

The Premium Board is the listing segment specially dedicated to the elite group of issuers that meet trading global standards and stringent corporate governance set by the Nigerian Exchange.

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Simply put, they are companies who are industry leaders in their sectors and they strictly adhere to international best practices of capitalization and liquidity.

For instance, only four financial institutions qualify for the board while MTN Nigeria is the only telecommunication company in Nigeria on the highly-rated board.


To date, only eight companies are members of the board, they are:

Access Bank PLCFinancial ServicesACCESS
Dangote Cement PLC Industrial GoodsDANGCEM
FBN Holdings PLCFinancial ServicesFBNH
LAFARGE Africa PLCIndustrial GoodsWAPCO
MTN Nigeria Communications PLCICTMTNN
United Bank For Africa PLCFinancial ServicesUBA
Zenith Bank PLCFinancial ServicesZENITH

Wondering why just eight companies are on the premium board? You have to check the requirements or check the rule book of NGX to know what to do before submitting an application

Requirements and Qualifications:

  • An issuer must submit a formal application or request to the NGX
  • Issuer must satisfy one set of listing standards: Standard A or B or C for NGC main Board
  • Meet the minimum market capitalization requirement of N200 billion
  • A company must score at least 70 per cent when it’s evaluated under the NGX Corporate Governance Rating System (CGRS)
  • It must have a minimum free float requirement of 20 per cent of its issued share capital.
  • The value of its free float shares must not be less than N40 Billion.
  • For an already listed company on Main Board to upgrade to the premium board “membership”, it must have built a reputation that allows it to access capital and investment from local and international investors.
  • Provide additional information and clarification as may be requested by the exchange.
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When was Premium Board Created?

The Board was officially launched on Tuesday, August 25, 2015. On inception, only three quoted companies met the standards.

The pioneer members of this category are:

  • Zenith Bank Plc;
  • Dangote Cement Plc, and
  • FBN Holdings Plc

The Annual Listing Fees

The annual listing fee for a premium board is NGN4.2 million. However, NGX added a clause:

“The Exchange shall from time to time exercise its powers to fix and publish applicable fees which shall be subject to the approval of the Commission, for admitting an Issuer’s securities for listing on the Premium Board and maintaining such listing.”


Being a member of the premium board of the NGX comes with some benefits that other members may not enjoy, they are:

  • Members get global visibility
  • They get credibility because of their long-standing performance and obedience to global stringent standards).
  • Globally recognised stock exchange like the London Stock Exchange (LSE) sees such companies that have met the highest standard for corporate governance in their home country.
  • Access to the global pool of investors because international investors will mostly put their money in industries where the highest standards are met.
  • Ability to reduce the cost of funding.
  • Ability to reduce the cost of borrowing.


A company that makes it to the premium listing must not rest on its oars, because the Nigerian Exchange carries out regular checks on the laid down standards. This is to ensure that the issuer upholds international best practices.

Any listed firm that fails to continually meet the requirements may be downgraded, fined, suspended from trading, delisted from The Exchange or transfer to another board.

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