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Nigerian equities · Publication 3 of 3

Ten largest companies & their leaders

Ranked by full listed-share market value, with chief executives and managing directors.

Data: 7 October 2026 closePublished: 8 October 2026Checked against published sources
NGX top 10 at 7 Oct 2026 close. Full listed shares x NGX price, not free float; includes foreign-domiciled listings. NGN tn (USD bn), chief executive/MD: Airtel Africa 23.68 (17.43), Sunil Taldar; Dangote Cement 18.00 (13.25), Arvind Pathak; MTN Nigeria 17.80 (13.11), Karl Toriola; BUA Foods 13.69 (10.08), Ayodele Musibau Abioye; BUA Cement 10.06 (7.41), Yusuf Haliru Binji; Seplat Energy 9.60 (7.07), Effiong Udofia Okon; Aradel Holdings 6.65 (4.89), Adegbite Falade; First HoldCo 6.48 (4.77), Wale Oyedeji; HBM Nigeria 5.72 (4.21), Lolu Alade-Akinyemi; Zenith Bank 5.58 (4.11), Adaora Umeoji. Combined 117.25tn (86.34bn). Bars 0–25tn. HBM formerly Lafarge Africa. Source: NGX prices/shares and company disclosures; leaders checked 8 Oct 2026. USD: 1,358.06 NGN/$, Wise, 8 Oct 2026, before fees; illustrative.
Open the chart for the full-size version. The accessible table below contains the figures.

The figures

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Ten largest companies & their leaders — 7 October 2026 close
RankCompanyNGN tnUSD bnCEO / MD
1AIRTEL AFRICA PLC23.6817.43Sunil Taldar
2DANGOTE CEMENT PLC18.0013.25Arvind Pathak
3MTN NIGERIA COMMUNICATIONS PLC17.8013.11Karl Toriola
4BUA FOODS PLC13.6910.08Ayodele Musibau Abioye
5BUA CEMENT PLC10.067.41Yusuf Haliru Binji
6SEPLAT ENERGY PLC9.607.07Effiong Udofia Okon
7ARADEL HOLDINGS PLC6.654.89Adegbite Falade
8FIRST HOLDCO PLC6.484.77Wale Oyedeji
9HBM NIGERIA PLC5.724.21Lolu Alade-Akinyemi
10ZENITH BANK PLC5.584.11Adaora Umeoji

How to read the figures

USD equivalents use ₦1,358.06 per US$1, Wise US-to-Nigeria quote checked 8 October 2026, before fees. These are illustrative current-rate conversions, not historical dollar values.

NGX listed shares outstanding multiplied by NGX closing market price; full listed-share capitalisation, not free-float-adjusted; issuer scope includes non-Nigeria-domiciled NGX listings.

Leaders checked 8 October 2026. HBM Nigeria was formerly Lafarge Africa. Market capitalisation is not revenue, enterprise value or free-float value.

The total covered by these ten companies is ₦117.25tn. This is a ranking of NGX-listed companies, including foreign-domiciled issuers.

Sources & publication

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Source collection, coverage review and numerical checks completed 8 October 2026. Verification reconciles published records; it does not reproduce the underlying customs or trading microdata.