MTN to Dangote: 5 Nigerian Companies Record Over N1trillion Revenue in 2022

• Nigerian companies listed on the Nigerian Exchange Limited (NGX) have released their financial performance for 2022
• Among the companies, five recorded an outstanding result of over N1 trillion in revenue
• The five companies include two commercial banks, MTN and Dangote; also, shareholders were rewarded

There are 156 companies listed on the Nigerian Exchange Limited (NGX) as of Thursday, 27 April 2023.

Out of these numbers, five companies reported revenue of over N1 trillion and shared N693 billion to shareholders.

List of companies with over N1 trillion revenue in Nigeria

BusinessDay reports that the companies are MTN Nigeria, Dangote Cement, Access Holdings Plc, Flour Mills of Nigeria Plc, and Ecobank Transnational Incorporated.

MTN Nigeria

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MTN Nigeria, one of the biggest telecommunication companies in Nigeria, reported a 21.82% increase in total revenue to N2.01 trillion in 2022 from N1.65 trillion in 2021.

As a result of the outstanding performance, shareholders of MTN Nigeria will receive N10 per share as dividend, amounting to a total payment of N288bn for 2022, an increase from N212bn in 2021.

Dangote

Dangote Cement's revenue increased by 17.39% to N1.62 trillion in 2022 from N1.38 trillion in 2021.

Shareholders of the compare will get N340.82 billion dividend payment in 2022, representing N20 per share.

Flour Mills

Flour Mills Nigeria's revenue amounted to N1.11 trillion in nine months of 2022, a 35% increase from N825 billion reported in 2021.

This is the company's first time reporting revenue of over N1 trillion, and it looks to pay shareholders N6.09 billion.

Ecobank

The gross earnings reported by Ecobank Transnational Incorporated (ETI) grew by 12.97% to N1.08 trillion in 2022 from N956 billion in 2021.

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Ecobank’s strong 2022 performance is reflected in its dividend payment, as shareholders would pocket $28 million (N12.89bn).

Access

Access Holdings Plc, the parent company of Access Bank, is the latest entrant to the N1 trillion revenue company club.

The financial company reported a 43% increase in gross earnings to N1.39 trillion in 2022 from N971.89 billion in 2021.

Its shareholders would also benefit from the performance as the group has proposed a final dividend payment of N46.209 billion, representing N1.30 per share, to its shareholders.

List of 45 failed banks in Nigeria and dates of closure

In another report, Legit.ng revealed that in the last 28 years, approximately 46 commercial and merchant banks have closed down for various reasons.

The banks had their licenses revoked by the Central Bank of Nigeria between 1994 and 2006.

United Bank of Africa and Ecobank took control of some failed commercial banks.

Source: Legit.ng