NMX-100: See Nigeria’s top 10 largest companies by revenue 

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Nairametrics on Friday unveiled the much-anticipated NMX-100, a data-driven ranking of Nigerian companies generating at least N100 billion in annual revenue based on their latest audited financial statements.

According to the Index, which currently tracks over 60 companies spanning 15 key sectors, the NMX-100 companies raked in over N90 trillion in combined revenue, and total profits topped N9 trillion.

The Index shows that oil and gas companies dominated the list of the largest companies by revenue, followed by companies in the financial sector.

As Nigeria’s first verifiable, data-driven assessment of corporate size, the Index revealed a long-standing distortion in the country’s business landscape: many of Nigeria’s largest revenue-generating firms operate far beyond the visibility of the capital market, showing an economy far bigger than what the stock exchange reflects.

The NMX-100 list captures the scale and substance of Nigeria’s business landscape, spotlighting firms that not only generate impressive earnings but also maintain headquarters and substantial operations within the country.

Based on the NMX-100 data, here are the top 10 largest companies in Nigeria by revenue.

United Bank for Africa (UBA)

• Sector: Banking 
• Revenue: N3.18 trillion (2024) 

United Bank for Africa (UBA) is one of Africa’s most geographically diversified financial institutions, with operations spanning 20 African countries in addition to offices in the United States, the United Kingdom, France, and the UAE.

This global footprint plays a major role in the bank’s revenue strength, helping it generate over N3.18 trillion in 2024. UBA’s extensive retail network and its dominance in corporate and commercial banking continue to attract high-volume clients across multiple sectors.

Beyond its Nigerian operations, UBA’s pan-African subsidiaries are increasingly becoming major contributors to its top line. The bank’s strategy of deepening cross-border payments, strengthening treasury services, and expanding trade finance across Africa has helped it maintain a stable revenue profile despite economic pressures in its major markets.

UBA’s profit after tax for the year stood at N766.5 billion.

First Holdco Plc (FBN Holdings)

• Sector: Banking 
• Revenue: N3.21 trillion (2024) 

First Holdco Plc, the parent company of FirstBank, maintains its place among Nigeria’s largest revenue-generating corporations.

With a footprint that spans commercial banking, merchant banking, pensions, and insurance, the group generated over N3.21 trillion in revenue for 2024. This strong performance reflects the recovery and stabilization agenda the institution has undergone in recent years, following governance reforms and balance sheet cleanups.

Its flagship subsidiary, FirstBank, remains one of Nigeria’s most recognized financial institutions, boasting one of the largest retail banking networks in the country.

The bank’s massive agent banking ecosystem has strengthened its reach in rural and urban communities, supporting financial inclusion and expanding its revenue from electronic banking channels.

The huge revenue led to a profit of N677.01 billion for the company at the end of the year.

MTN Nigeria Communications Plc (MTNN)

• Sector: ICT/Telecom 
• Revenue: N3.36 trillion (2024) 

MTN Nigeria is the leading telecommunications operator in the country and one of the largest corporates outside the oil and banking industries.

With revenue of N3.36 trillion in 2024, the company continues to dominate Nigeria’s telecoms landscape, driven by its massive voice and data subscriber base.

MTN’s growing portfolio of digital services, including fintech, enterprise solutions, and broadband, also contributes significantly to topline growth.

Despite facing macroeconomic headwinds such as FX losses, regulatory pressure, and high operational costs, MTN Nigeria has maintained strong performance due to rising data consumption and the rapid adoption of its digital financial services. The rollout of 5G across major cities further positions the company to benefit from the expansion of Nigeria’s digital economy.

Despite the huge revenue, MTN Nigeria recorded a N400.44 billion loss for the year reflecting the impact of the high operational costs and forex losses incurred during the year.

Dangote Cement Plc

• Sector: Industrial Goods 
• Revenue: N3.58 trillion (2024) 

Dangote Cement is not only Nigeria’s largest manufacturer but also Africa’s biggest cement producer. With over N3.58 trillion in 2024 revenue, the company continues to dominate the building materials industry. Its operations span multiple African countries, including Ethiopia, Senegal, Tanzania, South Africa, and Ghana, contributing substantially to consolidated revenue.

A key driver of Dangote Cement’s financial strength is Nigeria’s continuous demand for housing and infrastructure, which fuels cement consumption nationwide. Government capital projects, private real estate construction, and ongoing urban expansion all support consistent demand. Dangote’s pricing power in the Nigerian market, combined with its extensive distribution network, gives it a competitive edge over other players.

Dangote Cement’s profit after tax for the year stood at N503.25 billion.

Zenith Bank Plc

• Sector: Banking 
• Revenue: N3.97 trillion (2024) 

Zenith Bank remains one of Nigeria’s most profitable and efficiently run banks. With nearly N3.97 trillion in revenue in 2024, it is a dominant force in corporate banking, treasury operations, and digital payments. The bank’s disciplined cost structure and focus on high-value clients continue to set it apart from competitors.

A major contributor to Zenith’s performance is its strong digital banking system, which processes billions of naira in transactions daily.

The bank has also expanded its retail segment through innovative products and electronic channels, boosting non-interest income. Its treasury operations remain a reliable source of strength due to active participation in FX and fixed-income markets.

The bank recorded one of the highest profit after tax by Nigerian companies in 2024 at N1.03 trillion.

Oando Plc

 

• Sector: Oil & Gas 
• Revenue: N4.08 trillion (2024) 

Oando Plc ranks as one of Nigeria’s largest indigenous oil and gas companies, generating over N4.08 trillion in revenue in 2024. The company has interests in upstream exploration, energy trading, and power generation. Oando’s performance is supported by the recovery in global oil prices, increased production activities, and strategic restructuring efforts.

A major driver of Oando’s revenue is its trading arm, which engages in large-scale importation and exportation of petroleum products.

This segment continues to benefit from supply-demand dynamics in both the Nigerian and international markets. Oando’s upstream assets have also seen improved output, especially with joint venture operations contributing to topline growth.

Despite regulatory and financing challenges, Oando has aggressively pushed toward diversification, including investments in clean energy technologies.

In terms of bottom line, Oando’s profit for the year stood at N220.12 billion.

Ecobank Transnational Incorporated (ETI)

• Sector: Banking 
• Revenue: N4.22 trillion (2024) 

Ecobank stands out as one of Africa’s most geographically expansive banking groups, operating in more countries than any other African bank. With a revenue base of N4.22 trillion in 2024, ETI leverages its multinational presence to dominate cross-border trade, treasury operations, and payments across the continent.

Its Nigerian subsidiary remains a major contributor, but Ecobank’s francophone West African operations are increasingly important to overall performance. The group’s digital banking platforms including RapidTransfer and Omni Plus, help drive transaction volumes and fee income, positioning Ecobank as a leader in regional payments.

ETI’s diversified portfolio insulates it from country-specific risks and currency shocks. This pan-African strategy continues to pay off, establishing Ecobank as one of the most influential banking brands in Africa and a top revenue generator in Nigeria.

The bank’s profit after tax for the year was N735.90 billion.

Access Holdings Plc

• Sector: Banking 
• Revenue: N4.88 trillion (2024) 

Access Holdings is Nigeria’s largest banking group by revenue, hitting N4.88 trillion in 2024. Its rapid expansion across Africa and strong retail banking presence have been instrumental in its rise.

Access continues to benefit from acquisitions and restructuring efforts that have positioned it as one of Africa’s biggest and most diversified financial institutions.

The group’s digital and payments businesses are also major revenue drivers as the company strengthens its role in Nigeria’s fintech ecosystem.

Its corporate banking segment, which handles major transactions for multinationals and government agencies, also contributes significantly to revenue.

The Group’s profit after tax for 2024 stood at N642.22 billion.

Nigeria LNG Limited (NLNG Ltd)

• Sector: Oil & Gas 
• Revenue: N5.29 trillion (2023) 

Nigeria LNG Ltd is the country’s second-largest revenue-generating corporation, posting N5.3 trillion in 2023. As a major exporter of liquefied natural gas, NLNG plays a crucial role in earning foreign exchange for Nigeria. Its Bonny Island plant is one of the largest LNG facilities in the world, supplying gas to markets across Europe and Asia.

A key strength of NLNG is its operational efficiency and stable joint-venture structure involving the Nigerian government and international oil companies. The plant’s consistent output, despite feedgas supply challenges, allows it to maintain strong revenue streams even during periods of global volatility. LNG remains in high demand globally, particularly in markets seeking alternatives to coal and crude oil.

NLNG’s contribution to government revenue through dividends, taxes, and export earnings makes it one of the most strategically important corporations in Nigeria.

The company recorded N1.75 trillion profit after tax in 2023.

Nigerian National Petroleum Company Limited (NNPC/NNPL)

 

• Sector: Oil & Gas 
• Revenue: N23.99 trillion (2023) 

The Nigerian National Petroleum Company Limited (NNPC) is by far Nigeria’s largest company by revenue, generating a staggering N23.99 trillion, more than four times the revenue of NLNG, which sits in second place.

As the state-owned entity responsible for managing Nigeria’s petroleum wealth, NNPC is central to the nation’s economy, government finances, and energy security.

NNPC’s revenue dominance stems from its involvement across the entire oil and gas value chain, including upstream exploration and production, crude oil lifting, petroleum product trading, and refinery operations.

Even in a period marked by theft, pipeline vandalism, and declining production, the company remains Nigeria’s biggest foreign exchange contributor and revenue source for the government.

Following its transition to a limited-liability company under the Petroleum Industry Act (PIA), NNPC has intensified efforts to operate more competitively and transparently. The company’s strategic partnerships, commercialization efforts, and expansion into gas and renewables position it for an even more pivotal role in Nigeria’s future energy landscape.

The company also recorded the largest profit after tax by any company in Nigeria at N3.29 trillion.

To see the complete list of the companies captured in the NMX-100, click here.