Twenty-five firms in Nigeria have been listed in a ranking by the Financial Times and research company, Statista, among the fastest-growing companies in the country. BusinessDay was a cooperation partner in the research.
The ranking, now in its third year listed 125 companies based on the highest compound annual growth in revenues (CAGR) between 2019 and 2022.
Through research in company databases and other public sources, Statista identified thousands of African companies as potential candidates for the FT ranking.
The companies were invited to participate in the research by post and email. The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times.
The application phase ran from October 9, 2023, to February 29, 2024. The submitted revenue figures had to be certified by the chief financial officer, chief executive, or an executive committee of the company.
Here are the Nigerian fastest-growing companies:
Omniretail Inc
Omniretail Inc, a B2B e-commerce startup founded in 2019 by Deepankar Rustag, is top on the list of Nigeria’s fastest-growing firms.
The company revenue increased by 66,294.9 percent from N89.3 million in 2019 to N59.3 billion in 2022. It has grown its employee base by 8,045 percent to 896 persons in 2022 from 11 in 2019.
Moniepoint Inc
Formerly known as TeamApt, Moniepoint is a Nigerian fintech company that has undergone significant transformation. Founded by Tosin Eniolorunda in 2015, the company has grown its revenue to $148.66 million in 2022, up by 7,979.4 percent from $1.84 million in 2019.
It has also shown a significant stride in its employee counts which has grown from 111 persons in 2019 to 962 in 2022.
AFEX Commodities Exchange Ltd
AFEX Commodities Exchange Ltd is a Nigerian company operating in the agriculture, forestry & fishing sectors founded in 2014 by Ayodeji Balogun.
AFEX grew its revenue to N176 billion in 2022, up 5,733.12 percent from N3 billion in 2019. The company has positioned itself as a key player in the agricultural industry with its employee base rising by 562 percent to 391 persons in 2022 from 59 persons in 2019.
Mycredit Investments Ltd
Laurin Hainy is the CEO and co-founder of MyCredit Investments Ltd, also known as FairMoney. The financial services company and digital lender in Nigeria was founded in 2017.
It secured its position on the list with a revenue base of 1,719.13 percent to N60.5 billion in 2022 from N3.3 billion in 2019.
Alpha Morgan Capital Managers Ltd
Ade Buraimo is the managing director of Alpha Morgan Capital Managers Ltd, an asset management and investment banking firm founded in 2012.
The company’s revenue rose by 994.85 percent to N5 billion in 2022 from N533 million in 2019.
Thrive Agric Ltd
Thrive Agric Ltd, the agricultural technology company was founded in 2016 by Uka Eje, who is also the CEO. Ayodeji Arikawe is the co-founder and chief technology officer, and Olurotimi Arigbede is the chief financial officer.
The company has also shown a significant stride in its employee counts which has grown from 30 persons in 2019 to 223 in 2022. Its revenue surged by 964.9 percent to N31.8 billion in 2022 from N2.9 billion in 2019.
Bisedge Ltd
Founded in 2016 by Segun Olumuyiwa, Bisedge Ltd, is a green logistics services provider in Nigeria. The company has demonstrated substantial growth with revenues climbing from N129 million in 2019 to N1.3 billion in 2022.
The Seamless Company Ltd
SeamlesHR is a Human Resource technology company focused on helping businesses become more productive and successful, through the deployment of world-class technology solutions.
Emmanuel Okeleji founded the company in 2018 and within a short period, the company’s revenue rose to N1.11 billion in 2022, up by 700.7 percent from N138 million in 2019.
West African Soy Industries Ltd (WASIL)
WASIL operates a state-of-the-art soybean crushing plant located at Sagamu, Ogun State. The plant was founded in 2015 by Mahendra Vaidh who is the managing director.
WASIL has shown a significant stride in its employee counts which has grown from 174 persons in 2019 to 762 in 2022 while its revenue grew by 446 percent to N105.3 billion from N19.3 billion during the reviewed periods.
Sundry Markets Ltd
Ebele Enunwa is the CEO of Sundry Markets Ltd, a grocery retail chain founded in 2014.
The company has achieved revenue growth of 281.4 percent to N54 billion in 2022 from N14.2 billion in 2019 with its employee base rising to 2,098 persons from 922.
Veritasi Homes & Properties Ltd
Veritasi Homes is a real estate development company founded in 2017 by Adetola Nola, who is also the CEO.
The company’s revenue increased to N33 billion in 2022, up 267.56 percent from N8.9 billion in 2019.
Paga Group
Tayo Oviosu is the founder and CEO of Paga, a fintech company building PayPal for Africa.
Founded in 2009, the payment company has grown its revenue to N23.8 billion in 2022, up 238.1 percent from N7.1 billion in 2019
United Capital Plc
Peter Ashade is the CEO of United Capital, a financial and investment banking Group in Nigeria founded in 2012.
With revenue increasing by 213.0 percent to N26.8 billion in 2022 from N8.5 billion in 2019, the company has continued to make significant strides in the financial industry.
Fidson Healthcare Plc
Fidelis Ayebae is the CEO, managing director, and director of Fidson Healthcare, a pharmaceutical company in Nigeria founded in 1995.
The company revenue increased by 187.04 percent from N14.1 billion in 2019 to N40.3 billion in 2022.
R.T Briscoe Plc
Bukola Oluseyi Onajide is the CEO of R.T Briscoe (Nigeria) Plc, a company that sells and services motor vehicles The company was incorporated in 1957 and is headquartered in Lagos.
The company listed on the Nigeria Exchange Group has generated revenue from its core business operations rising by 157.7 percent to N17.8 billion in 2022 from N6.9 billion in 2019.
Tripple Gee & Company Plc
Adebimpe Giwa is the CEO of Tripple Gee & Company, a manufacturer and seller of security documents, financial instruments, and flexible packaging items in Nigeria.
Founded in 1980, the professional, scientific & technical services company has grown its revenue to N3.17 billion in 2022, up 140.5 percent from N1.3 billion in 2019
BUA Foods Plc
BUA Foods Plc is a food and fast-moving consumer goods business that processes manufactures, and distributes food produce. The company was founded by Abdul Rabiu in 2008.
It was listed on the Nigeria Exchange Limited and has a revenue growth rate of 135.45 percent to N418.3 billion in 2022 from N177 billion in 2019.
Black House Media Group Ltd
BlackHouse Media Group is a marketing, media, and communications services company founded in November 2006 by Ayeni Samuel.
The management consulting firm has grown its revenue by 116.0 percent to N2.1 billion in 2022 from N975 million in 2019.
Comercio Partners Ltd
Comercio Partners is a financial services firm focused on securities trading, investment management, and advisory services founded by Tosin Osunkoya in 2016.
The fintech company has grown its revenue to N1.6 billion in 2022, up 108.3 percent from N801 million in 2019
WACOT Rice Ltd
WACOT Rice, a producer of premium parboiled rice in Nigeria, founded in 2014. The company’s team includes Neeraj Kumar, who is the managing director, Farouk Gumel, chairman, and Ujwalkanta Senapati, who is the CEO of WACOT Group.
The company has achieved a growth rate of 98.9 percent in revenue increasing to N40.3 billion in 2022 from N20.3 billion in 2019.
John Holt Plc
John Holt Plc, together with its subsidiaries, assembles, sells, leases, and services power and cooling equipment in Nigeria.
The company was founded in 1961 by Christopher Ezeh who presently holds the position of the group managing director & executive director.
The logistics and transportation company has a revenue growth rate of 98.2 percent to N3.5 billion in 2022 from N1.7 billion in 2019.
Amel International Services Ltd
AMEL International Services Ltd is an indigenous company dedicated to the sustainable production and packaging of high-quality foods and beverages.
The company was founded in 2014 by Akan Peter who is the managing director.
The Food & Beverages company revenue increased by 96.4 percent to N2.51 billion in 2022 from N1.09 billion in 2019.
Academy Press Plc
Academy Press Plc provides printing services in Nigeria. The company prints educational and general books and was founded in 1964 by Olugbenga Ladipo as the current CEO.
The manufacturing company’s revenue increased by 84.4 percent to N4.49 billion in 2022 from N2.43 billion in 2019.
Cutix Plc
Founded in 1982, Cutix Plc manufactures, markets, and sells electrical, automobile, and telecommunication wires, cables, and related products primarily in Nigeria.
Ijeoma Oduony, the company’s CEO has boosted its revenue by 84.0 percent to N9.2 billion in 2022 from N5 billion in 2019.
Transcorp Hotels Plc
Founded in 1994, Transcorp Hotels is a hospitality company in Nigeria. Dupe Olusola, the company’s CEO and managing director stepped in April 2024 after taking over from Owen Omogiafo.
Within the reviewed periods, the hospitality & travel company boosted its revenue by 56.1 percent to N30.4 billion from N19.4 billion.
