• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities

The most valuable companies in Nigeria as of November 2022

Inimfon Asifa by Inimfon Asifa
December 4, 2022
in Equities, Metrics, Rankings, Spotlight, Stock Market
The most valuable companies in Nigeria as of November 2022
Share on FacebookShare on TwitterShare on Linkedin

Nigeria has about nine companies worth at least one billion United States dollars or above as of November 2022.

In the world of valuation, any company that is valued at about one billion US dollars is assigned unicorn status. This is also because they are hard to find especially in the world of Startups.

In Nigeria, we do have privately owned companies that are unicorns but their valuations are not determined by the market but rather by private investors. For publicly owned companies, we have to adopt a different metric.

RelatedStories

UK, worker visa

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025
Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

June 15, 2025

Therefore, Nairametrics determines its valuation using the market value of quoted companies operating in Nigeria but listed on any stock exchange in the world. We do not use valuation based on venture capital or private equity.

  • All the companies except one are quoted on the Nigerian Exchange while none is valued above a billion dollars quoted in a stock market outside Nigeria.
  • The companies also have sizeable Nigerian ownership.

The Nigerian Equities market represented by its All Share Index closed the month of November with a total market capitalization (or value) of about N25.9 trillion or $58.3 billion.

  • It was a good month for a lot of stocks as they collectively posted a net monthly gain of about 8.72% a huge reversal from the 10.58% reported in the month of October 2022.
  • The gains recorded during the month also spread across some of Nigeria’s most valuable equities (MVE) which includes manufacturing companies, telcos, banks, etc.
  • The major driver for the valuation growth was Nigerian companies valued at over one billion US dollars.

What the data is saying: Nigeria’s top ten MVEs had a combined market valuation of N21.1 trillion or an equivalent of $47.5 billion assuming the official exchange rate of (N445/$1).

  • Among them are 5 stocks worth over one trillion which we term SWOOTs at Nairametrics.
  • Combined the SWOOTs are worth about N18.1 trillion or $40.7 billion or a whopping 70% of the total market cap of $58.3 billion.
  • The SWOOTs are Airtel, Dangote Cement, MTN Nigeria, BUA Cement, and BUA Foods. 
  • Companies are often revered when they attain unicorn status, which means they are worth over $1 billion.
  • Based on our data and using the official exchange rate, all but one of the companies on our list are worth over one billion dollars.

Billion-dollar stocks – Airtel led the pack for another month as Nigeria’s most valuable company posting a valuation of N5.4 trillion or $12.2 billion. 

  • Airtel alone gained 13.7% in the month of November alone and contributed significantly to the gains posted by the top 10.
  • Next, up is Dangote Cement, owned mostly by Africa’s richest man, Aliko Dangote at N4.46 trillion or $10.04 billion. The stock gained 19% in November.
  • MTN Nigeria closed the month with a market cap of N4.44 trillion or $9.9 billion. It also posted an 11% gain this month.
  • BUA Cement and BUA Foods both owned mostly by billionaire magnate Abdulsamad Rabiu posted a valuation of N2.6 trillion ($5.8 billion) and N1.1 trillion ($2.5 billion) respectively.

Who lost? Nestle and Seplat shed some of their valuations at the end of the month losing 20.7% and 12.5% res[ectively.

  • For Nestle, they are now out of the SWOOT list having fallen below a trillion naira in valuation.
  • In dollar terms, Nestle and Seplat are valued at $1.7 billion and $1.3 billion respectively.

Others: Zenith Bank, GTB, and FBNH make up the top ten largest companies by market capitalization.

  • However, only Zenith and GTB are worth over a billion dollars at $1.5 billion and $1.3 billion respectively.
  • All three banks posted gains at the end of the month which helped boost their valuation.
  • The likes of Geregu Power Plc, Nigeria Breweries, and Stanbic IBTC are valued at about $731 million, $775 million, and $889 million respectively. They are companies to watch in the coming months.
  • Jumia, a company operating in Nigeria but listed on the NY Stock Exchange is valued at $457 million.

See the chart below;

Most Valuable Equities in Nigeria.

Context: If we used the unofficial exchange rate of around N740/$1 Zenith, Seplat and GTB would not have made the list of billion dollar valuation.


Follow us for Breaking News and Market Intelligence.
Inimfon Asifa

Inimfon Asifa

Related Posts

UK, worker visa
"Japa"

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025
Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 
Billionaire Watch

Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

June 15, 2025
NABTEB releases results, 73.19% achieved five credits or more, malpractices recorded
Education

Technical education enrolment examination in Nigeria surges by 300% in 1 year – NABTEB  

June 15, 2025
Telecom
Financial Services

USSD charges: Nigerian banks, telcos still testing end-user billing  

June 15, 2025
Gombe Govt approves N1.15 billion for solar street lights, infrastructure in 3 LGAs
Agriculture

Gombe receives N60 billion from FG to establish 184-hectare Agro-Livestock Industrial Zone

June 14, 2025
IGP to prosecute ex-personnel who ‘hijacked’ truck carrying 40,000 litres of petrol in Enugu 
Business News

IGP extends tinted glass permit enforcement grace period to August 12 

June 14, 2025
Next Post
Africa Climate Summit, UAE, Clean energy

For every $1 invested in fossil fuels, $2.9 should go to clean energy supplies - BloombergNEF

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 
  • Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 
  • Technical education enrolment examination in Nigeria surges by 300% in 1 year – NABTEB  

Follow us on social media:

Recent News

UK, worker visa

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025
Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics