Welcome to this article about the top 10 Companies in Nigeria, Most Valuable Fintech and Biggest Company in Nigeria to work for via Afrokonnect.
First of all, Nigeria has a lot of publicly traded companies actively operating within and outside the country,
This post is focused on the top 10 best, biggest and most valuable companies in Nigeria,
Before we start we will like to explain some key terms that would be used all through this publication.
What is a Company?
A Company is a legal entity created by a group of persons to partake in and run a business either commercial or industrial.
Companies may either be government controlled of privately owned,
It is also created in order to make profit from business activities.
Advantages of a Company
- Creative Freedom
- Job Creation
- Leaving behind a Legacy
Disadvantages of a Company
- Increased legal liability
- Tax issues
- Health risks due to stress
- Increased financial risks
Types of Companies
We have 3 major types of companies which are:
- Sole Proprietorship
- Limited Liability Company (LLCs)
So, let’s begin explaining each one carefully from the top:
1) Sole Proprietorship:
It is also referred to sole trader or a proprietorship,
It is a company which has just one owner who pays personal income tax from the profits of the business.
Sole proprietorship is the easiest type if business to engage in because it has little or no government regulation.
So therefore, these types of businesses are very popular among business owners.
Most businesses under sole proprietorship bear the owners name,
Because the business is already owned by them so creating a new business name won’t be somewhat necessary.
Advantages of Sole Proprietorship
- A person doesn’t need to fill out a ton of paperwork before you can get it started.
- You don’t need to worry about paying separate taxes for both your business and yourself;
This is because all the taxes of the business are the same as the owner and is issued in the owner personal tax return.
- You can worry less about opening a business checking account;
Now this is possible because in sole proprietorship you can make and receive payments from your personal account.
- The processes in starting a business is less cumbersome than in other types of business;
You don’t need certain government approval in order for you to start your business.
Disadvantages of Sole Proprietorship
- Limited Benefits
Since most sole proprietors don’t register with the state as a legal entity or even pay some kind of compulsory levies,
They also don’t get the benefits that comes from having a legal business entity and without the legal protections,
For example, the owner is personally responsible for any of the company’s legal, financial or tax problems.
Since sole proprietorship doesn’t require a lot of cumbersome steps;
Anybody can just claim that he/she is a sole proprietor and apply to the bank for a loan,
Though nowadays most banks want to work with an already established company,
Majorly because of credibility and they tend to have a better history with credit.
Sole proprietorship is synonymous with “One-person business”,
This makes it is very difficult to hand over the business to someone else.
Therefore, the business ends in the event of the owner’s death or the owner deciding not to run the business again
Differences between Public and Private companies
- Public companies can access public markets to increase new money but private companies can’t
- Filing of reports either quarterly and yearly is not needed in a private company set-up
- Public businesses are much easier for investors to value than the private ones
Top 10 best companies in Nigeria
There are numerous companies in Nigeria like we said earlier and all of these companies provide the major commodities which we consume today.
We all know that these companies make money everyday however a lot of people can’t decipher how rich and big they are without this kind of article.
Some of these companies are popular while some are not; stick to the end to find out:
10) Globacom Ltd
This is one of the biggest companies in Africa that needs no introduction in this article, especially in Nigeria.
It was founded in 2003 by one of the richest men in Nigeria “Mike Adenuga”, Glo is one of the biggest telecom companies in Nigeria and in Africa,
Globacom popularly known as “Glo Network” offer several services, one of the services they render includes fast data deals,
Don’t Miss the Affordable Glo Data Plans: Prices & Subscription Codes.
According to official ranking, Glo mobile is the second biggest telecommunications company in Nigeria.
Fun Fact: In 2018 Globacom had over 45 million Glo users in Nigeria alone.
Globacom Ltd has a current market capitalization of about $2 Billion which makes it the 10th biggest and most valuable company in Nigeria.
9) Nigerian Breweries Plc – Best Companies in Nigeria
How will Nigeria be without the availability of Beer and that is synonymous to saying how would Nigeria be without “Nigerian Breweries Plc”.
Beer is consumed at literary every occasion ranging from Weddings, Burials, Parties Etc.
Nigerian population has a high intake of Beer which has skyrocketed Nigerian Breweries Plc to one of the biggest companies in Nigeria.
The history of the company dates back to the 1940s when they operated under a different name.
The most popular brand of Beer under this company is the STAR beer;
Particularly, this brand of beer has grown to be the most popular brand of beer in Nigeria as it is easily recognizable by almost everyone in the country.
At the moment the current market capitalization of Nigerian Breweries Plc is $2 Billion and this has earned it the spot of the 9th biggest company in Nigeria.
8) GTB (Guarantee Trust Bank Plc)
This is one of the major banks we have in Nigeria as a whole,
Guarantee Trust Bank has been among the top 5 best banks in Nigeria for years now.
They offer quality banking services as well as asset management,
GT Bank has over 231 branches worldwide and it is argued by many to be the best bank in the country.
It was founded way back in 1990, now has over 200 branches and a market capitalization of $2.8 Billion,
GTB sits firmly on 8th place of the biggest and most valuable companies in Nigeria today.
7) Nestle Plc – Companies in Nigeria
You might have probably heard of “Cowbell Coffee/ Cowbell Chocolate” and even the famous “Golden Morn” which is usually given to infants;
All these products listed above were produced by this company and they are the producers of several household items which we consume daily.
Nestle Nigeria Plc has been operating for over half a century now,
It was founded in 1962 under the name- Nestle Products Nigeria Ltd before its name was changed to Nestle Nigeria.
The company headquarters is in Lagos State but their processing systems is based at Ogun State, Nigeria,
Nestle has a current market capitalization of $3 Billion which brings it into the list of most valuable and biggest companies in Nigeria.
What is the biggest company in Nigeria?
6) Dangote Group
Dangote Group is one of the most popular companies in Nigeria and It was founded by the richest man in Africa “Aliko Dangote”,
The company is a diverse company in production but it is popularly known for its cement making.
They also engage in the making of Salt, Sugar, Seasoning cube, Spaghetti, Etc.
It was founded in 1977 as a trading firm initially before it grew into a million-dollar conglomerate.
They are the largest supplier of Sugar in Africa; its current market capitalization is estimate to be above $11 Billion.
5) MTN – Companies in Nigeria
This is not a new name in the telecommunications sector as almost every household in Nigeria uses their services.
The company used to operate under the name “M-cell” before it was changed to MTN Nigeria,
It currently has over 60 million users, this makes MTN one the most used telecommunications networks in Nigeria,
And, it is still growing at a vey fast pace every year.
They are estimated to have about $13 Billion as its current market capitalization.
4) Total Nigeria – Companies in Nigeria
One can hardly talk about oil companies in Nigeria without mentioning this name,
It is an energy company that functions in over 130 countries across the globe and it has over 500 stations here in Nigeria,
That should tell you how much money they accumulate on daily basis.
Total has a current market capitalization said to be well over $14 Billion and it is among the best, biggest and most valuable companies in Nigeria.
Which company is the best to work in Nigeria?
3) Shell Petroleum Development Company (S.P.D.C)
It is actually a subsidiary of Royal Dutch Shell, the company owns over 1,000 oil wells and 8 gas factories nationwide,
Its main job is the supervision of oil extraction among others.
They have Multi-million-dollar infrastructures set up in different areas nationwide with a Current market capitalization of over $140 Billion.
2) Mobil Nigeria
Mobil Nigeria is a subsidiary of ExxonMobil, the company operates mainly offshore and they have over 90 platforms.
According to verified reports Mobil has a market capitalization of about $147 Billion.
What is the richest company in Nigeria?
This is the biggest oil producing company and the overall best company in Nigeria.
It is a subsidiary of Chevron Corporation, although this company has been affected by attacks, it still sits on the 1st position.
We can’t talk about oil and gas in Nigeria without mentioning Chevron;
This is a company that has a current market capitalization of over $170 Billion.
A) Fintech Companies in Nigeria
Fintech companies are companies which uses new and improved technology to improve the delivery and usage of financial services.
It can also be called or reffed to as the easy mode of Banking;
We have a lot of fintech companies in Nigeria but am just going to mention 10 in this article.
Top 10 Fintech Companies – Companies in Nigeria
- Flutter wave
- Pay stack
- Piggy Vest
- Carbon (Pay later)
- Remita (System Specs)
- Kuda Bank
From 2014 to 2019, FinTech industry in Nigeria generated over $600 million in Funding.
- Best Money Transfer Apps and Platforms in the World (TOP 10)
- Top 10 Best Small Business Insurance Companies
- Top 10 Best Mobile Banking Apps In Nigeria
B) Construction Companies in Nigeria
Construction companies are mostly involved in the creation and designing of roads.
The criteria in picking the best includes timely delivery of projects, efficiency and years of experience.
Top 5 Construction Companies
Some of the best construction companies in Nigeria we have includes;
- Julius Berger Nigeria Plc
- Reynolds Construction Company
- Setraco Nigeria Ltd
- Costain West Africa
- Monier Construction Company
C) Oil companies in Nigeria
These category of companies deals with the extraction and refining of oil products.
In Nigeria, the oil and gas sector contribute immensely to Federal government revenues.
Some of these companies include: Chevron, Shell, Exxon Mobil, Etc.
D) Investors in Nigeria
Investors are people or an organization who puts their money into a particular financial scheme with the aims of making profit.
Some of the investors we have in Nigeria are: Venture Platform, Greenhouse Capital, SPARK Capital, Etc.
Top 10 Biggest and Most Valuable Companies in Nigeria
Shell Petroleum Development Company (S.P.D.C)
Nestle Nigeria Plc
GTB (Guarantee Trust Bank Plc)
Nigerian Breweries Plc
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Frequently Asked Questions (FAQs)
Which is the oldest company in Nigeria?
At the moment Union Bank is the oldest listed company in Nigeria,
Union bank was established in 1917 as a colonial bank owned by Europeans,
It was founded shortly after the amalgamation of Nigeria and it has been operating for over 100 years.
This brings us to the end of this publication about the top 10 Companies in Nigeria, Most Valuable and Biggest Company in Nigeria to work for via Afrokonnect.