Information compiled by Nairametrics Research from various FY 2018 financial reports has shown that out of all the companies listed on the Nigerian Stock Exchange (NSE), banks make up a significant percentage of the top employers of labour.
What we know: The top ten NSE companies with the highest number of employees cut across three sectors. Out of the ten, here are six companies under the financial services sector, two in the industrial goods sector, and two in the consumer goods sector.
The banks are United Bank for Africa Plc, whose staff strength stood at 12, 889 employees as of December 2018. First Bank Limited had a staff strength of 9, 159, and is followed by Zenith Bank Plc which had 7, 594. Other banks include Guaranty Trust Bank Plc with 5, 361, Access Bank Plc with 4, 273, and Stanbic IBTC Bank with 2, 958.
Meanwhile, Dangote Cement Plc actually employs more staff than all the companies listed on the NSE, according to information obtained from its 2018 audited financial report. The industrial goods maker employs some 15, 864 employees. Its competitor – Lafarge Africa Plc – on the other hand, has only 2, 964 staff.
We move on now to the two consumer goods companies on the list. Flour Mills Nigeria Plc has 7, 594 staff, while Nigerian Breweries Plc has 2, 983.
It should be noted that these numbers may have changed over time, either increasing or decreasing between December 2018 and now.
Most capitalized companies on the NSE by staff strengths in 2018
Dangote Cement – N15,864
UBA – 12,889
First Bank – 9,159
Zenith Bank – 7,594
Flour Mills – 7,420
GTB – 5,361
Access bank – 4,273
Nigerian Breweries – 2,983
Lafarge – 2,964
Stanbic IBTC – 2,958— Nairametrics Research (@Nigeriandata) September 25, 2019
Making sense of the data: Although these ten companies have been noted to have the most staff out of all the companies on the NSE, the truth is that they actually employ a very minute portion of Nigeria’s working population. For instance, recent labour force statistics released by the National Bureau of Statistics (NBS) indicate that the financial and insurance sector (under which banks fall), only employs a mere 1.3% of Nigeria’s entire working population.
[READ: Staff salaries rise to N631 billion per annum for Nigeria’s largest corporations]