Access Bank, Dangote Cement, Flour Mills Nigeria, Zenith Bank, and United Bank of Africa (UBA) are Nigeria’s top five valuable brands, according to the latest 2024 brand valuation report.
The report by Brand Finance, a London-based brand valuation consultancy, analysed data from March 2023 to March this year.
The rest on the top 10 list are Guaranty Trust Holding Company (GTCO), FirstBank of Nigeria, Orijin, Hero Lager Beer, and BUA Cement.
“This makes it the 31st most valuable brand across Africa in the Brand Finance Africa 200 2024. The brand value increase stems from improved revenues, primarily driven by significant growth in its interest-based income,” the report said.
“GTCO (brand value up 31 percent to N186.8 billion), Nigeria’s strongest brand, noted impressive scores across consideration, reputation, and price premium. Perceptions of its price premium further highlight the strong position of banking brands in Nigeria, and their ability to command higher prices in response to inflationary pressures,” it added.
Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.
Brand Finance analysed banking brands’ internationality to better understand their positioning and performance in an increasingly globalised market. It adopted the royalty relief approach in measuring organisation brand value. The method involves a combination of the market and income valuation approaches.
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Here are more details on the brands
Access Bank
Access Bank, a Nigerian multinational commercial bank, emerged as the most valuable Nigerian brand with N355.3 billion.
The bank has grown significantly through mergers and acquisitions in recent years, solidifying its position as a leading player in the Nigerian financial sector.
Dangote Cement
Dangote Cement, a Nigerian multinational cement manufacturer is the second most valuable with N324 billion.
The company reported a revenue of N817.4 billion in the first three months of 2024 from N406.7 billion in the same period of last year. It also recorded an increase of 26.1 percent in domestic sales volumes to 4.6Mt from 3.6Mt.
Flour Mills Nigeria
Flour Mills of Nigeria, one of the oldest companies in Nigeria has a brand value of N323.9 billion.
It is a Nigerian diversified agribusiness company that is a major producer of flour, pasta, and other food products in Nigeria.
Read also: Access Bank to acquire second Kenyan bank in 5 years
Zenith Bank
Zenith Bank has a brand value of N252.4 billion. The company’s unaudited gross earnings improved to N781 billion for the first quarter of 2024, an 189 percent jump from the N270 billion recorded in the first quarter of 2023.
UBA
UBA, a pan-African banking group with a strong presence in Nigeria recorded a brand value of N215.9 billion. Its extensive branch network and focus on retail banking have helped them build a reliable customer base.
The company recently announced a 143 percent jump in its gross revenue to N2.08 trillion for the 2023 financial year- its highest ever- as well as a profit after-tax of N607.69 billion.
GTCO
GTCO is a multinational financial company known for its premium brand image and focus on wealth management. It has a brand value of N186.8 billion.
According to its latest financial statement, GTCO’s earnings jumped by N685.6 percent within a year. Its after-tax profit rose to N457.1 billion in the first three months of this year from N58.2 billion in the same period of 2023.
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First Bank of Nigeria
First Bank of Nigeria, one of Nigeria’s oldest and most established banks, has N108 billion brand value.
Its after-tax profit rose by 129 percent year-on-year to N362.2 billion in 2023 and net interest income rose to N530 billion, according to the bank’s unaudited financial report
Orijin
Orijin, a Nigerian alcoholic beverage produced by Diageo/Guinness Nigeria Plc, has a brand value of N104.4 billion.
It is made with African herbs and spices and is known for its unique flavor.
Hero Lager Beer
The International Breweries, makers of Hero Lager recently celebrated 10 years of Hero Lager as a critical part of the South-Eastern part of Nigeria.
It was listed among the top 10 most valuable Nigerian brands with N86.2 billion. The brand is popularly known as ‘O Mpa’, in the Igbo language marked its first decade of being a famous cultural brand among the people of the South-Eastern part of Nigeria with the unveiling of the ‘Nwanne Connect,’ campaign held in Onitsha, Anambra State recently.
BUA Cement
BUA Cement, a major player in the construction sector, recorded N85 billion in brand value. It has grown rapidly in recent years and is a major player in the Nigerian cement industry.
