Airtel Africa, BUA Foods, and 11 other companies have officially joined the privileged trillionaire club as of early 2025, according to THE NEW CHRONICLES.
Due to rising input costs, foreign exchange losses, and the jump in petrol prices, businesses in Africa’s fourth-largest economy had a difficult year. Just ten businesses were included in the trillionaire club.
Though 13 companies stand out with a market valuation of over N1 trillion, making them the most valuable corporations in Nigeria and indicating its expanding worldwide impact, 2025 offers rays of hope for the economy.
TNC’s review of the top 30 companies on the Nigerian Exchange Limited (NGX), known as the NGX30, reveals a combined market capitalization of N44.4 trillion.
Airtel Africa leads with N8.1 trillion, followed by BUA Foods at N7.5 trillion, and Dangote Cement at N6.8 trillion. Market capitalization, calculated by multiplying a company’s shares by its current share price, underscores these firms’ strong performance, with BUA Foods recording a 72.9% share price increase, while Dangote Cement saw an 11.6% decline.
These firms, spanning telecommunications, consumer goods, banking, industrial goods, and energy, attribute their success to innovation, strategic leadership, and an in-depth understanding of Nigerian and African markets.
Nigeria’s economy is also evolving. According to the National GDP report, the service sector grew 3.46% year-on-year in Q3. The National Bureau of Statistics (NBS) is rebasing GDP and the Consumer Price Index (CPI) to reflect current economic realities.
Rebasing has highlighted structural shifts, with crop production, trade, and real estate now dominating as the largest contributors to the economy. Telecommunications, crude petroleum and natural gas, construction, food and beverages, and tobacco rank among the top seven contributors.
Real estate has overtaken crude oil and gas as the third-largest economic activity, while public administration has dropped out of the top seven.
Analysts project that growth in these key sectors will bolster investor confidence, attract foreign direct investment, and encourage innovation across industries, ensuring sustained economic progress.
Market Overview of Top Companies (as of January 17, 2025)
Airtel Africa
- Market Capitalization: N8.1 trillion
- Share Price: N2,156.9
- Trading Volume: 640
- Revenue: $2.3 billion (H1 2024), up from $2.6 billion in H1 2023
- Profit After Tax: $79 million (recovered from a $13 million loss in the prior year)
- Earnings Per Share (EPS): $0.8 (up from -$1.5)
BUA Foods
- Market Capitalization: N7.47 trillion
- Share Price: N415
- Trading Volume: 970,996
- Revenue: N1.07 trillion (104% growth YoY)
- Net Profit: N201.4 billion (+91%)
- EPS: N11.19 (up from N5.87)
Dangote Cement
- Market Capitalization: N6.8 trillion
- Share Price: N400
- Trading Volume: 6,639,944
- Revenue: N2.5 trillion (9M 2024, driven by local sales)
- Profit After Tax: N279.09 billion (+0.55%)
- EPS: N16.55 (up from N16.08)
MTN Nigeria
- Market Capitalization: N4.9 trillion
- Trading Volume: 1,924,392
- Revenue: N2.37 trillion (9M 2024, up from N1.7 trillion)
- Loss After Tax: N514 billion (from N14.9 billion)
- EPS: -N24.51 (from -N0.68)
BUA Cement
- Market Capitalization: N3.2 trillion
- Share Price: N93
- Trading Volume: 720,285
- Revenue: N583 billion (+74%)
- Profit After Tax: N48.9 billion (down from N76 billion)
- EPS: N145 (down from N225)
Geregu Power
- Market Capitalization: N2.9 trillion
- Share Price: N1,150
- Trading Volume: 414
- Revenue: N112.5 billion (doubled YoY)
- Profit After Tax: N24.1 billion (+113%)
- EPS: N9.68 (up from N4.54)
Seplat Energy
- Market Capitalization: N3.35 trillion
- Share Price: N5,700
- Trading Volume: 3,146
- Revenue: N1.07 trillion (up from N478 billion YoY)
- Profit After Tax: N52.7 billion (+12%)
Zenith Bank
- Market Capitalization: N1.5 trillion
- Share Price: N46.8
- Trading Volume: 7,521,769
- Revenue: N2.9 trillion (9M 2024, +118% YoY)
- Profit After Tax: N827 billion (+91%)
Transcorp Hotel
- Market Capitalization: N1.3 trillion
- Share Price: N127.35
- Trading Volume: 86,387
- Profit After Tax: N10.2 billion (+148%)
- EPS: N100 (up from N40)
GTCO (Guaranty Trust Holding Company)
- Market Capitalization: N1.7 trillion
- Share Price: N58
- Trading Volume: 65,052,416
- Profit After Tax: N1.08 trillion (driven by 161% growth in interest income)
Top firms on the NGX include Airtel Africa (N8.1T market cap), BUA Foods (N7.47T), and Dangote Cement (N6.8T), showing strong revenue growth. BUA Foods led with a 104% revenue increase, while Dangote Cement saw modest profit growth (+0.55%). MTN Nigeria reported losses, and Geregu Power doubled its profit after tax. Zenith Bank achieved the highest revenue (N2.9T) and 91% profit growth, while GTCO posted N1.08T in after-tax profit, driven by interest income.