9 Nigerian companies valued at over $1 billion as of November 2022
As of November 2022, Nigeria boasted nine enterprises with a market valuation of at least $1 billion USD.
In the realm of valuation, a unicorn is defined as any business appraised at over one billion US dollars. This title is also attributed to their rarity, especially within the startup sector.
Nigeria does possess privately held unicorn enterprises, but their valuations are determined by private investors rather than market forces. For publicly traded companies, we need to employ a different measure.
The assessment of market value for listed companies, according to Nairalytics, is grounded in Nigeria yet can be found on any international stock exchange. We do not rely on venture capital or private equity-based assessments.
Every company, excluding one, is registered on the Nigerian Exchange, and none exceeds a valuation of $1 billion or is listed on an exchange outside of Nigeria.
The companies are predominantly owned by Nigerian citizens.
The All Share Index for the Nigerian Equities Market indicated a cumulative market capitalization (or value) of approximately N25.9 trillion ($58.3 billion) at the conclusion of November.
Several stocks experienced a positive month, achieving a net monthly increase of about 8.72%, showcasing a notable shift from the 10.58% recorded in October 2022.
A number of Nigeria’s most valuable equities (MVE), including manufacturing entities, telecommunications, financial institutions, etc., exhibited growth during the month.
Nigerian enterprises valued over $1 billion USD were the primary drivers behind the growth in valuation.
The data reveals: With the official exchange rate of (N445/$1), the top ten MVEs in Nigeria had an aggregate market value of N21.1 trillion, translating to $47.5 billion.
Five of these companies possess market valuations exceeding a trillion dollars.
An impressive 70% of the total market capitalization of $58.3 billion, equating to about N18.1 trillion, is comprised of SWOOTs.
Airtel, Dangote Cement, MTN Nigeria, BUA Cement, and BUA Foods represent the SWOOTs.
When a company exceeds unicorn status, indicating a valuation beyond $1 billion, it is often lauded.
According to our data and the established exchange rate, only one company on our list falls below a billion dollars in valuation.
Dollar-billion stocks
For another consecutive month, Airtel maintained its position as the most valuable company in Nigeria, with an appraisal of N5.4 trillion ($12.2 billion).
In November alone, Airtel boosted its value by 13.7%, significantly contributing to the rise observed among the top 10.
Dangote Cement, primarily owned by Aliko Dangote, Africa’s wealthiest individual, ranks second at N4.46 trillion ($10.04 billion). In November, the stock rose by 19%.
The market capitalization for MTN Nigeria at the end of the month stood at N4.44 trillion, or $9.9 billion, also reflecting an 11% increase this month.
BUA Cement and BUA Foods both disclosed appraisals of N2.6 trillion ($5.8 billion) and N1.1 trillion ($2.5 billion), respectively, with both firms majorly held by billionaire business magnate Abdulsamad Rabiu.
The loser
By the end of the month, Nestle and Seplat experienced declines of 20.7% and 12.5% in their valuations, respectively.
Consequently, with its valuation dipping below one trillion naira, Nestle has been removed from the SWOOT list.
Nestle and Seplat are appraised at $1.7 billion and $1.3 billion, correspondingly.
Other: The top ten largest companies by market capitalization comprise Zenith Bank, GTB, and FBNH.
Only Zenith and GTB, with respective market valuations of $1.5 billion and $1.3 billion, exceed $1 billion.
By the end of the month, all three banks reported positive trends, contributing to the enhancement of their market values.
Nigeria Breweries, Stanbic IBTC, and Geregu Power Plc, for instance, have respective valuations of $731 million, $775 million, and $889 million. Observe these firms in the forthcoming months.
Jumia, a Nigerian entity listed on the New York Stock Exchange, holds a valuation of $457 million.
