For the second year running, Signature 50 has unveiled Nigerians biggest corporations. The ranking, based on market capitalisation, is exclusive to companies listed on the Nigerian Stock Exchange (NSE), Nigeria’s foremost multi-asset securities exchange offering equities, fixed income and Exchange Traded Funds.
The 2020 ranking concluded in January shows Dangote Group is the most capitalised company on the NSE with a valuation of $9.6 billion, followed by MTN Nigeria at number two spot with a valuation of $7.7 billion while BUA Cement plc occupies third position with a valuation of $4.5 billion.
Other companies in the top 10 band include Nestle Nigeria plc (4th), Airtel Africa (5th), Guaranty Trust Bank plc (6th), Zenith Bank (7th), Nigerian Breweries plc (8th), Stanbic IBTC Holdings plc (9th) and Access Bank plc (10th)
According to Samson Davies, publisher of Signature 50, “For decades corporations with global dominance have belonged only to the exclusive club of countries like the Group of Seven (G-7), or at best the Group of 20 (G-20).
Nigeria’s ascension to the podium of world’s 30 largest economies was underpinned by the rise of corporate Nigeria. The Signature 50 ranking was fashion after the S&P 500 and Fortune 500. The major entry criterion is a minimum capitalisation of $50 million.”
He said, “This ranking has further revealed that Nigerian companies are actually stronger their most of their counterparts. Dangote’s valuation of $9.6 billion is equal to the valuation of Emaar Properties, owners of Burj Kahlifa while larger than the largest cement company in Mexico – Cemex at $5.6billion to mention a few. Zenith Bank’s valuation at $2.2billion is almost three times the valuation of Banc of California at $865million, and higher than the National Bank of Greece at $2 billion market valuation.”
The publication also feature interviews with business leaders and was headlined by the His Excellency, President Muhammad Buhari. The Signature 50 2020 edition was titled Nigeria at 60: heralding the nation’s 50 Biggest Corporations to commemorate Nigeria’s 60-independence anniversary celebration. In addition, this year, The Nigerian Stock Exchange will commemorate its 60 years of providing investors and businesses a reliable, efficient and an adaptable exchange hub in Africa, to save and to access capital.
President Buhari in his interview, exclusively seen by Businessday, stated, “We have been rated as Africa’s largest economy by different verifiable indices. How does that make one feel as President of Nigeria? Of course, one feels good. But that is not enough. I will feel a lot better when we go beyond just rating and statistics, and the majority of Nigerians begin to feel the impact of that rating.
“When Nigerians prosper, when the quality of their lives improves dramatically, when our status as the largest economy reflects in their pockets, then I will a lot better. That is where we are headed, and that is where we will get to, by the grace of God”.
The publication, which will be exclusively distributed to business leaders, also features interviews with the CEO of NSE, Oscar Onyema, Babatunde Raji Fashola, minister of works and housing, and other eminent business leaders.
