As of the end of January 2023, Airtel remained the most valued listed firm in Nigeria, while MTN Nigeria surpassed Dangote Cement for second place.
Although there are several incredibly valuable privately-owned firms in Nigeria that have unicorn status, this article primarily focuses on companies that are listed on the Nigerian Exchange.
listed company values are calculated based on their publicly known market value. This contrasts with the values of many privately owned businesses, which are often based on venture capital or private equity.
The Nigerian Exchange lists all of the firms. The firms are also heavily owned by Nigerians.
What do the numbers show?
The Nigerian equity market, as represented by the All Share Index (ASI), began the year on a high note, gaining 3.88% in January 2023 after gaining 7.53% the previous month. The market capitalization increased by N985 billion in the month under review, reaching N28.9 trillion at the end of January.
The top ten most valuable firms in Nigeria had a combined market worth of N23.58 trillion, or $51.09 billion at the official exchange rate of (N461.5/$1), accounting for about 81.6% of the total market valuation.
Among them are five equities worth more than a trillion naira, which is referred to as SWOOTs by Nairametrics.
The combined SWOOTs are valued at about N20.08 trillion, or $43.49 billion, or 69.5% of the entire market capitalization of $62.6 billion.
Airtel, MTN Nigeria, Dangote Cement, BUA Cement, and BUA Foods are the SWOOTs.
When a company achieves unicorn status, which indicates it is valued at more than $1 billion, it is generally celebrated.
Based on our data and the official exchange rate, every company on our list is worth more than a billion dollars.
Geregu Power reached the list of public Nigerian firms worth over $1 billion in January 2023, having risen 29.9% to stand at $1.05 billion or N484 billion.
BUA Foods followed, increasing its value by 14.6% to N1.34 trillion ($2.91 billion) at the end of January 2023, up from N1.17 trillion ($2.54 billion) the previous month.
GTCo’s value increased by 8.5% in January, completing the month at N734.31 billion ($1.59 billion) from N676.92 billion.
MTN Nigeria gained 4.7% in the review month, passing Dangote Cement to become the second most capitalized business in the Nigerian equities market. MTN Nigeria was valued at N4.58 trillion ($9.92 billion) at the end of January 2023.
Nestle, on the other hand, was the only business on the list to report a decrease from the previous month.
Nestle, in particular, fell 1.81% to N856.15 billion ($1.86 billion).
Airtel Africa is ranked first, with $13.52 billion in market value, accounting for 21.6% of total market capitalization.
MTN Nigeria was valued at $9.92 billion, while Dangote Cement was valued at $9.86 billion.
BUA Cement and BUA Foods were both valued at $7.29 billion and $2.91 billion, respectively.
Nestle ($1.86 billion), Zenith Bank ($1.7 billion), Seplat Petroleum ($1.4 billion), and Geregu ($1.05 billion) are among the others.
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