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Dangote Cement Claims Top Spot, MTN Follows in List 10 Most Valuable Companies in Nigeria
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Dangote Cement Claims Top Spot, MTN Follows in List 10 Most Valuable Companies in Nigeria

by  Dave Ibemere 2 min read
  • There are changes in the list of the most valuable companies publicly traded on the Nigerian exchange
  • MTN, which previously was at the top, has been overtaken by Dangote Cement as the most valuable company in Nigeria
  • The list of companies that made the top 10 was ranked based on the market capitalisation at the end of July 2023

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Dangote Cement has emerged as the most valuable company in Nigeria by Market capitalisation as at the end of July 2023.

According to data from the Nigerian exchange, Dangote cement overtook telecom giant MTN, which occupied the top spot in the previous month.

Nigeria stock market
The list of Nigeria's most valuable company has changed again Photo credit: NGX
Source: Facebook

What is market capitalization

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

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

The biggest Nigerian company by market cap.

Checks by Legit.ng show as at the end of July 2023, Dangote Cement's market capitalisation closed at N5.99 trillion, the highest among the 157 publicly traded companies on the Nigerian exchange.

MTN follows behind with a market capitalization of N5.33 trillion to sit at the second position.

List of 10 most valuable companies after July 2023

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

It is important to note that the values listed may be changed as the figures are based on the daily stock performance of the companies.

  1. Dangote Cement – N5.99 trillion
  2. MTN Nigeria – N5.33 trillion
  3. Airtel Africa – N4.96 trillion
  4. BUA Cement – N3.35 trillion
  5. BUA Foods – N2.44 trillion
  6. GTCo (Guaranty Trust Bank) – N1.08 trillion
  7. Zenith Bank – N1.06 trillion
  8. Seplat – N996.6 billion
  9. Nestle Nigeria – N931.4 billion
  10. Stanbic IBTC – N900.5 billion

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List of Nigeria's most valuable banks

In a similar report, Legit.ng revealed in January the list of the most valuable bank in Nigeria at the start of 2023.

Zenith Bank and GT Bank are the most valuable on the Nigerian market among the 13 banks ranked.

The banks were ranked based on their market capitalisation as of Friday, January 6, 2023.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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