{
  "id": "ngx-top-ten",
  "title": "Ten largest companies & their leaders",
  "series": "equities",
  "period": "7 October 2026 close",
  "published": "2026-10-08",
  "reviewed": "2026-10-08",
  "summary": "Ranked by full listed-share market value, with chief executives and managing directors.",
  "image": "/reports/ngx-top-ten.png",
  "alt": "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.",
  "columns": [
    "Rank",
    "Company",
    "NGN tn",
    "USD bn",
    "CEO / MD"
  ],
  "rows": [
    [
      1,
      "AIRTEL AFRICA PLC",
      "23.68",
      "17.43",
      "Sunil Taldar"
    ],
    [
      2,
      "DANGOTE CEMENT PLC",
      "18.00",
      "13.25",
      "Arvind Pathak"
    ],
    [
      3,
      "MTN NIGERIA COMMUNICATIONS PLC",
      "17.80",
      "13.11",
      "Karl Toriola"
    ],
    [
      4,
      "BUA FOODS PLC",
      "13.69",
      "10.08",
      "Ayodele Musibau Abioye"
    ],
    [
      5,
      "BUA CEMENT PLC",
      "10.06",
      "7.41",
      "Yusuf Haliru Binji"
    ],
    [
      6,
      "SEPLAT ENERGY PLC",
      "9.60",
      "7.07",
      "Effiong Udofia Okon"
    ],
    [
      7,
      "ARADEL HOLDINGS PLC",
      "6.65",
      "4.89",
      "Adegbite Falade"
    ],
    [
      8,
      "FIRST HOLDCO PLC",
      "6.48",
      "4.77",
      "Wale Oyedeji"
    ],
    [
      9,
      "HBM NIGERIA PLC",
      "5.72",
      "4.21",
      "Lolu Alade-Akinyemi"
    ],
    [
      10,
      "ZENITH BANK PLC",
      "5.58",
      "4.11",
      "Adaora Umeoji"
    ]
  ],
  "data": {
    "as_of": "2026-10-07",
    "basis": "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.",
    "companies": [
      {
        "ticker": "AIRTELAFRI",
        "name": "AIRTEL AFRICA PLC",
        "sector": "ICT",
        "board": "Main Board",
        "close_ngn": 6300,
        "shares": 3758151504,
        "market_cap_ngn": 23676354475200,
        "page": 12,
        "leader": "Sunil Taldar",
        "leadership_source": "https://www.airtel.africa/leadership"
      },
      {
        "ticker": "DANGCEM",
        "name": "DANGOTE CEMENT PLC",
        "sector": "INDUSTRIAL GOODS",
        "board": "Premium Board",
        "close_ngn": 1066.7,
        "shares": 16873559251,
        "market_cap_ngn": 17999025653041.7,
        "page": 3,
        "leader": "Arvind Pathak",
        "leadership_source": "https://www.dangotecement.com/executive-team/"
      },
      {
        "ticker": "MTNN",
        "name": "MTN NIGERIA COMMUNICATIONS PLC",
        "sector": "ICT",
        "board": "Premium Board",
        "close_ngn": 848,
        "shares": 20995560103,
        "market_cap_ngn": 17804234967344,
        "page": 2,
        "leader": "Karl Toriola",
        "leadership_source": "https://www.mtn.ng/leadership/"
      },
      {
        "ticker": "BUAFOODS",
        "name": "BUA FOODS PLC",
        "sector": "CONSUMER GOODS",
        "board": "Main Board",
        "close_ngn": 760.6,
        "shares": 18000000000,
        "market_cap_ngn": 13690800000000,
        "page": 8,
        "leader": "Ayodele Musibau Abioye",
        "leadership_source": "https://www.buafoodsplc.com/our-leadership/"
      },
      {
        "ticker": "BUACEMENT",
        "name": "BUA CEMENT PLC",
        "sector": "INDUSTRIAL GOODS",
        "board": "Main Board",
        "close_ngn": 297,
        "shares": 33864354060,
        "market_cap_ngn": 10057713155820,
        "page": 13,
        "leader": "Yusuf Haliru Binji",
        "leadership_source": "https://www.buacement.com/leadership/"
      },
      {
        "ticker": "SEPLAT",
        "name": "SEPLAT ENERGY PLC",
        "sector": "OIL AND GAS",
        "board": "Premium Board",
        "close_ngn": 16000.1,
        "shares": 599944561,
        "market_cap_ngn": 9599172970456.1,
        "page": 4,
        "leader": "Effiong Udofia Okon",
        "leadership_source": "https://www.seplatenergy.com/our-company/our-governance/leadership/engr-effiong-okon-fnse-fei/"
      },
      {
        "ticker": "ARADEL",
        "name": "ARADEL HOLDINGS PLC",
        "sector": "OIL AND GAS",
        "board": "Main Board",
        "close_ngn": 1530,
        "shares": 4344844360,
        "market_cap_ngn": 6647611870800,
        "page": 16,
        "leader": "Adegbite Falade",
        "leadership_source": "https://www.aradel.com/aradel-holdings-plc-celebrates-dual-honours-at-the-2026-nog-energy-awards/"
      },
      {
        "ticker": "FIRSTHOLDCO",
        "name": "FIRST HOLDCO PLC",
        "sector": "FINANCIAL SERVICES",
        "board": "Premium Board",
        "close_ngn": 142.5,
        "shares": 45475027677,
        "market_cap_ngn": 6480191443972.5,
        "page": 1,
        "leader": "Wale Oyedeji",
        "leadership_source": "https://first-holdco.com/wale-oyedeji/"
      },
      {
        "ticker": "HBMNG",
        "name": "HBM NIGERIA PLC",
        "sector": "INDUSTRIAL GOODS",
        "board": "Premium Board",
        "close_ngn": 355,
        "shares": 16107795721,
        "market_cap_ngn": 5718267480955,
        "page": 3,
        "leader": "Lolu Alade-Akinyemi",
        "leadership_source": "https://www.hbmngplc.com/press-release/105.html"
      },
      {
        "ticker": "ZENITHBANK",
        "name": "ZENITH BANK PLC",
        "sector": "FINANCIAL SERVICES",
        "board": "Premium Board",
        "close_ngn": 135.8,
        "shares": 41069830001,
        "market_cap_ngn": 5577282914135.8,
        "page": 1,
        "leader": "Adaora Umeoji",
        "leadership_source": "https://www.digital.zenithbank.com/pdfs/annualreport2025.pdf"
      }
    ]
  },
  "sources": [
    {
      "title": "Daily Official List - Equities for 07-10-2026",
      "url": "https://doclib.ngxgroup.com/DownloadsContent/Daily%20Official%20List%20-%20Equities%20for%2007-10-2026.pdf",
      "sha256": "7fc58d9a40e82420fd10e68af5b3db567650b16c491f38e9943e2f756802567c"
    },
    {
      "title": "SHARES OUTSTANDING FOR 07-10-2026",
      "url": "https://doclib.ngxgroup.com/DownloadsContent/SHARES%20OUTSTANDING%20FOR%2007-10-2026.pdf",
      "sha256": "6b4f68ac59ad551d70f1465b765aca4c973bc7b70410867b33417fcac2f5f8e1"
    },
    {
      "title": "AIRTEL AFRICA PLC · leadership",
      "url": "https://www.airtel.africa/leadership"
    },
    {
      "title": "DANGOTE CEMENT PLC · leadership",
      "url": "https://www.dangotecement.com/executive-team/"
    },
    {
      "title": "MTN NIGERIA COMMUNICATIONS PLC · leadership",
      "url": "https://www.mtn.ng/leadership/"
    },
    {
      "title": "BUA FOODS PLC · leadership",
      "url": "https://www.buafoodsplc.com/our-leadership/"
    },
    {
      "title": "BUA CEMENT PLC · leadership",
      "url": "https://www.buacement.com/leadership/"
    },
    {
      "title": "SEPLAT ENERGY PLC · leadership",
      "url": "https://www.seplatenergy.com/our-company/our-governance/leadership/engr-effiong-okon-fnse-fei/"
    },
    {
      "title": "ARADEL HOLDINGS PLC · leadership",
      "url": "https://www.aradel.com/aradel-holdings-plc-celebrates-dual-honours-at-the-2026-nog-energy-awards/"
    },
    {
      "title": "FIRST HOLDCO PLC · leadership",
      "url": "https://first-holdco.com/wale-oyedeji/"
    },
    {
      "title": "HBM NIGERIA PLC · leadership",
      "url": "https://www.hbmngplc.com/press-release/105.html"
    },
    {
      "title": "ZENITH BANK PLC · leadership",
      "url": "https://www.digital.zenithbank.com/pdfs/annualreport2025.pdf"
    },
    {
      "title": "Wise · US-to-Nigeria exchange-rate quote, 8 October 2026",
      "url": "https://wise.com/us/send-money/send-money-to-nigeria"
    }
  ],
  "notes": [
    "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."
  ],
  "post": "https://x.com/Statistones/status/2108133191974351290",
  "sequence": 7
}