Dangote Cement, Airtel Lead list of 11 Most Valuable Company in Nigeria

• The list of the most valuable companies on the Nigerian Exchange after the first half of 2024 has emerged
• Africa's richest man’s cement company leads the table as the most valuable company, followed by Airtel Nigeria
• There are 11 companies with a market value of over N1 trillion, out of which there are only two banks

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Dangote Cement has emerged as the most valuable company in Nigeria at the end of June 2024 based on market capitalisation.

Market capitalisation is how much a company is worth as determined by the stock market.

It is calculated by multiplying the number of outstanding shares by the current market value of one share.

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Dangote overtakes Airtel

Checks by Legit.ng reveal that Dangote Cement's market capitalization of N11.19 trillion is ahead of telecommunications giant Airtel's N7.88 trillion.

Transcorp Power and Geregu Power, with market capitalizations of N2.8 trillion and N2.5 trillion, respectively, occupied the 3rd and 4th positions.

Seplat Energy, valued at N2.23 trillion, also reinforces the energy sector's significance, particularly in the oil and gas industry.

List of most valuable companies in Nigeria after H1, 2024

Here is a list of the most valuable market capitalization based on data tracked from the Nigerian Exchange (NGX).

1. Dangote Cement: N11.19 trillion
2. Airtel Africa: N7.88 trillion
3. BUA Foods: N6.84 trillion
4. BUA Cement Plc: N4.85 trillion
5. MTN Nigeria: N4.49 trillion
6. Transcorp Power: N2.8 trillion
7. Geregu Power: N2.5 trillion
8. Seplat Energy: N2.23 trillion
9. GTCo: N1.32 trillion
10. Zenith Bank: N1.12 trillion
11. Transcorp Hotels: N1.01 trillion

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SEC issues warning over $Davido meme coin

In related news, Legit.ng reported that the SEC had addressed concerns regarding the $DAVIDO meme coin, purportedly associated with popular Nigerian singer Davido.

In a recent statement, the SEC clarified that meme coins are cryptocurrencies inspired by memes and internet jokes.

The commission explained that these coins are often intended to be fun and light-hearted, promoted through social media communities, and occasionally endorsed by celebrities.

The SEC also noted that the coin lacks intrinsic value and cautioned the public to trade it at their own risk.

Source: Legit.ng