May 2026
📣 VC round data is live. Check it out!
Largest Public Companies in Nigeria
Benchmark revenue and EBITDA valuation multiples for public comps like
Dangote Cement, BUA Foods, MTN Nigeria, BUA Cement and Aradel Holdings.
 | Dangote Cement PLC is a cement manufacturer. It manufactures and markets cement and related products through its 'Dangote' brand. The principal activity of the Company and its subsidiaries is to operate plants for the preparation, manufacture and distribution of cement and related products. The Company’s production activities are undertaken at Obajana town in Kogi State, Gboko in Benue State and Ibese in Ogun State; all in Nigeria. Its geographical segment includes Nigeria and Pan Africa. The company derives a majority of revenue from Nigeria segment. | $1 | +165% | $14B | $15B | 4.6x | 9.5x | ||
| BUA Foods PLC is involved in the food and fast-moving consumer goods business which processes, manufactures, and distributes food as well as packaged food. The company's business operations comprise five divisions, including Sugar, Flour, Pasta, Rice, and Edible Oils. It has four segments Flour segment, Sugar segment, Pasta segment, and Others. Maximum revenue is from sales of Flour. | $1 | +113% | $13B | $13B | 9.8x | 31.3x | ||
| MTN Nigeria Communications PLC is a provider of communications services. The principal activities of the company are the provision of broadband fixed wireless access service, mobile broadband solutions, and fibre-to-the-home connectivity. The group operates in three reportable segments, namely, Consumer Business Unit (CBU) which consists of subscribers sitting in value propositions and tariff plans for Youth, High Value and Mass segments, Enterprise Business Unit (EBU) consists of small and medium organizations to whom the services are provided, and Wholesale Business Unit (WBU) serves customers who buy MTN telecom products. The majority of the revenue is generated from the CBU segment. | $1 | +126% | $13B | $14B | 3.6x | 6.6x | ||
| BUA Cement PLC is engaged in the manufacturing and sale of cement to the general public. The company generates revenue from the sale of bagged cement and sale of bulk cement. Geographically the company generates the majority of its revenue in Nigeria. | $0 | +300% | $9B | $10B | 10.9x | 22.9x | ||
| Aradel Holdings PLC is an indigenous energy company in Nigeria. It engaged in the upstream, midstream, and downstream value chain of the oil and gas industry. Its operations include Energy Transition and Renewable Energy. The group's assets are OML 54, OML 53, OML 34, and OPL 227. The group’s operations cover four segments: Crude Oil, Gas, Refinery & Investment Properties. The maximum revenue is from Crude Oil. | $1 | -- | $6B | $7B | 13.0x | 16.4x | ||
| Seplat Energy PLC is a Nigerian independent upstream oil and gas company which focuses on production and development opportunities in Nigeria. The company has two reportable segments, namely Oil and Gas. Geographically, it derives a majority of its revenue from the Bahamas. The company's exploration assets include OMLs 4, 38 and 41 which are located in Edo and Delta States onshore Nigeria; OPL 283 Marginal Field Area; and OML 53, which is located onshore in Imo State in the North-Eastern Niger Delta. | $8 | -- | $5B | $6B | 2.1x | 4.4x | ||
| Lafarge Africa PLC through its subsidiaries is engaged in manufacturing and marketing of cement, concrete, and aggregates products, including the provision of building solutions. Its products include Ashakacem, UniCem, Elephant cement, Lafarge Powermax, RoadCem, and Supaset cement among others. It has two segments Cement & Readymix products. The majority of the revenue is generated from the cement segment. | $0 | -- | $4B | $4B | 4.8x | 11.5x | ||
| Zenith Bank PLC is a Nigeria- based company. Its core business is the provision of banking and other financial services to corporate and individual customers. The bank provides services such as granting of loans and advances, corporate finance and money market activities. It also provides banking and pension custodial services to a diverse group of corporations, financial institutions, investment funds, governments and individuals; provision of investment advisory, financial planning services and investment product offerings; providing brokerage services, financing services and securities lending services to institutional clients, including mutual funds, pension funds and to high-net-worth individuals. Revenue generated by bank consists of interest income, fees and commission received. | $0 | -- | $4B | $4B | 1.4x | - | ||
| Guaranty Trust Holding Co PLC is a multinational financial institution that provides individuals, businesses, private and public institutions across Africa and the United Kingdom with a broad range of market key financial products and services. The company has six reportable segments: Corporate banking which Incorporates current accounts, deposits, overdrafts, loans and other credit facilities, Commercial banking which Incorporates current accounts, deposits, overdrafts, loans and other credit facilities, Business banking which Incorporates current accounts, deposits, overdrafts, loans and other credit facilities, Retail banking which Incorporates private banking services, private customer current accounts, savings deposits, SME banking and Public sector. | $0 | -- | $3B | $3B | 2.2x | - | ||
| IHS Holding Ltd is an independent owner, operator, and developer of shared telecommunications infrastructure. The company provides telecommunications infrastructure to its customers, who are MNOs, who in turn provide wireless voice and data services to their end-users. Its geographical segments are Nigeria, Sub-Saharan Africa, the Middle East and North Africa (MENA), and Latin America (Latam). The majority of its revenue is derived from Nigeria. | $8 | +50% | $3B | $5B | 3.4x | 3.9x | ||
| First Holdco PLC is a financial holding company and one of the financial services organizations in Africa. It is a diversified and financial service group offering a broad types of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers. | $0 | -- | $2B | $3B | 1.9x | - | ||
| Geregu Power PLC is engaged in the business of electric power generation and sale of electric power through the National Grid of the Transmission Company of Nigeria (TCN) to the Nigerian Bulk Electricity Trading Plc (NBET). | $1 | -- | $2B | $2B | 15.7x | 44.4x | ||
| Stanbic IBTC Holdings PLC provides banking services. The company's operating segments include Personal & Private Banking (PPB), Business & Commercial Banking (BCB), Insurance & Asset Management (IAM), and Corporate & Investment Banking (CIB). It generates a majority of its revenue from the Corporate and Investment Banking segment, which serves companies, governments, parastatals, and institutional clients across Africa and internationally. | $0 | -- | $2B | $2B | 2.7x | - | ||
| Presco PLC is engaged in the cultivation of oil palms and the extraction, refining and fractioning of crude palm oil into vegetable oil and palm stearin. It produces specialty fats and oils. The company's products include Special Palm Oil, Refined, Bleached and Deodorised Palm Oil, palm olein, palm stearin, palm fatty acid distillate, palm kernel oil (crude and refined), and palm kernel cake. It generates revenue from the sales of crude and refined products , Sales of Fresh Fruit Bunches, and Mill by-products. Geographically the group has a business presence in Nigeria and Ghana, of which key revenue is derived from operations within Nigeria. | $2 | -- | $2B | $2B | 8.1x | 11.1x | ||
| Nigerian Breweries PLC is a Brewing firm. The company's principal activities are brewing, marketing, and selling lager, stout, non-alcoholic malt, and soft drinks. Geographically, it derives a majority of its revenue from Nigeria and also has a presence in the United Kingdom, the Netherlands, the United States of America, Canada, some parts of Africa, and parts of the Middle East and Asia. The company's brands include Star, Goldberg, Turbo King, Ace Bitters, Gulder, Maltina, Legend Extra Stout, Amstel Malta, Heineken, Maltina Sip-it, Fayrouz, Goldberg, Malta Gold, and others. | $0 | -- | $2B | $2B | 1.7x | 8.8x | ||
| Nestle Nigeria PLC is a food and beverage company. It is involved in the business of manufacturing, marketing, and distribution of food products. The firm has categorized its products into Baby foods, Coffee, Culinary, Dairy, Drinks, and Recipes. It develops and markets its products under brands such as Cerelac, Nescafe, Nido, Maggi, Milo, etc. The company has Food and Beverage reportable segments. The food segment engaged in the production and sale of Maggi, Cerelac, SMA, Nan, Lactogen, and Golden Morn. The beverages segment consists of the production and sale of Milo, Chocomilo, Nido, Nescafe, Milo ready-to-drink, and Nestle Pure Life. The food segment generates the majority of the revenue. The majority of the revenue is generated from Nigeria. | $2 | -- | $2B | $2B | 2.4x | 9.4x | ||
| Transcorp Hotels PLC is principally engaged in hospitality operations, providing accommodation, dining experiences, meeting and conference facilities and leisure amenities. The company operates in one operating segment, which is the hospitality business. It owns and operates Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking accommodation, food, and memorable lifestyle experiences. The company derives revenue from the provision of Rooms, Food & Beverage, Event centre hall rental, Shop rental, Service charge, Recreation Service and Secretarial Service. | $0 | -- | $2B | $2B | 23.7x | 57.7x | ||
| International Breweries PLC engages in brewing, packaging, and marketing beer, alcoholic flavored/non-alcoholic beverages, and soft drinks in Nigeria. The company offers its products under the Trophy Lager, Trophy Black, Castle Milk Stout, Castle Lager, Redds, Hero, Grand Malt, Betamalt malt drink, and Voltic Water brands. | $0 | -- | $2B | $1B | 3.2x | 13.9x | ||
| United Bank for Africa PLC is a financial services institution. It offers banking and other financial and pension fund custody services. The geographical segments of the company are Nigeria, the Rest of Africa and the Rest of the world. The business segments of the company are 1) Corporate Banking, which provides financial solutions to multinationals, regional companies, state-owned companies, non-governmental organizations, international and multinational organizations and financial institutions. 2) Retail/ Commercial banking segment products and services to the middle and retail segments of the market. 3) Treasury and Financial Markets segment provide financing and risk management solutions and advisory services to the company's corporate and institutional customers. | $0 | -- | $1B | $2B | 0.9x | - | ||
| Transcorp Power PLC is engaged in power sector in Nigeria. It is a gas-fired open cycle thermal power plant located in Ughelli. It is fossil-fuel-based power-generating station in the country. The plant has an installed capacity of 972 MW and can generate 2,500 GWh of electricity annually. Transcorp power plant uses natural gas supplied by Nigeria, Nigeria Gas Infrastructure Company (NGIC) as the primary fuel for power generation. The Company has two operating segments: International - this segment is responsible for the sale of electric power to customers outside Nigeria and Local - this segment is responsible for the sale of electric power to customers within Nigeria. Key revenue is generated from Local sales. | $0 | -- | $1B | $1B | 4.7x | 13.7x | ||
| The Okomu Oil Palm Co PLC engages in the cultivation of oil palm and rubber in Nigeria. The company has three reportable segments; the Palm Plantation segment, which produces fresh fruit bunches, crude palm oil, and crude palm kernel; the Rubber Plantation segment, which produces latex and rubber cake; and the Palm and rubber Processing segment, which renders palm and rubber processing from the company's mill processing equipment. The company processes fresh fruit bunches into crude palm oil for resale, and rubber lumps to rubber cake for export. The company generates maximum revenue from Palm oil products and Rubber products. | $1 | -- | $1B | $1B | 8.5x | 14.3x | ||
| Access Hldgs PLC is a multinational financial services company that offers commercial banking, lending, payment, insurance, and asset management services. The Company's business segments include banking, consumer lending, payment services, insurance brokerage and pension funds administration. The company operates in Coporate, Commericial, Banks, and Others. The company operates in Nigeria, Rest of africa, and Europe. | $0 | -- | $933M | $3B | 1.9x | - | ||
| Fidelity Bank PLC offers banking and other financial services to corporate and individual customers. It operates through segments including Retail banking that offers retail, personal and commercial services to individuals, small and medium business customers and E-Business products to serve retail banking. Its Corporate Banking segment offers commercial and corporate banking services to corporate business customers, it covers the Power and Infrastructure, Oil and Gas Upstream and downstream, Real Estate, Agro-Allied, and other industries. Investment banking segment is involved in the funding and management of the bank's securities, trading, and investment decisions. | $0 | -- | $933M | $2B | 1.8x | - | ||
| Wema Bank PLC is a commercial bank. The company offers retail banking, SME banking, corporate banking, treasury, trade services and financial advisory to its customers. Its services include granting of loans and advances, corporate finance and money market activities. The bank operates in four geographical regions: South-west, South-South, Abuja, and Lagos zones. Wema derives the majority of its revenues from Lagos. | $0 | -- | $856M | $954M | 5.6x | - | ||
| Dangote Sugar Refinery PLC is engaged in refining raw sugar to produce fortified and non-fortified granulated white sugar. The company distributes refined white sugar to consumers and industrial customers in Nigeria. The company is also engaged in the cultivation and milling of sugar cane to finished sugar. Its geographical segments include Northern Nigeria, Western Nigeria, Eastern Nigeria, and Lagos. The company derives a majority of its revenue from the Lagos region. | $0 | -- | $654M | $1B | 1.9x | 24.4x | ||
| Unilever Nigeria PLC is principally involved in the manufacture and marketing of Nutrition, Beauty & Wellbeing and Personal Care products. It has manufacturing sites in Oregun, Lagos State and Agbara, Ogun State. Its segments include Foods which includes sales of tea and savoury products; and Personal Care which includes sales of fabric care, household cleaning, skin care and oral care products. Foods segment derives the majority of the revenue within Nigeria. | $0 | +205% | $654M | $575M | 3.7x | 14.3x | ||
| Guinness Nigeria PLC is a beverage manufacturing company. The company is engaged in brewing, packaging, marketing and selling of various beverage brand including Guinness Foreign Extra Stout, Guinness Extra Smooth, Malta Guinness, Malta Guinness Low Sugar, Harp Lager, Smirnoff Ice, Satazenbrau Lager, Snapp, Orijin Spirit Mixed Drink, Orijin Bitters, and many more. Geographically, it derives a majority of revenue from Nigeria. | $0 | -- | $643M | $671M | 1.5x | 10.0x | ||
| Oando PLC makes strategic investments in energy companies. Through its subsidiaries, the company is engaged in exploration and production, Supply and trading of petroleum products, and Mining and infrastructure development. The group has four operating segments: (i) Exploration and production. (ii) Supply and Trading (iii) Mining & infrastructure development, (iv) Corporate, and others. The majority of its revenue is generated from Supply and Trading which involves trading crude, refined, and unrefined petroleum products. | $0 | -- | $535M | $2B | 1.0x | 5.7x | ||
| Uac Of Nigeria PLC is a Nigeria-based diversified company. Its segments include Animal feeds and other Edibles, Paints, Packaged Food, Quick Service Restaurants, and Others. Animal feeds and other Edibles involved in the manufacturing and sale of animal feeds, cereal, and edible oil. The Packaged Food segment involves the manufacturing and sale of food items, livestock feeds, bottled water, fruit juices, and ice cream. Its paint segment manufactures and sells paint products and other decorative. QSR is involved in the making and sale of snacks and meals, and Others is a non-reportable segment made up of the corporate head office. It generates maximum revenue from the Animal feeds and other Edibles segments. Geographically, it derives a majority of revenue from the Nigeria segment. | $0 | -- | $391M | $587M | 2.3x | 22.8x | ||
| FCMB Group PLC provides banking products and services in Nigeria. Its business is divided into eight segments including Investment Banking, SME (Small and Medium Enterprises) Banking, Commercial Banking, Corporate Banking, Personal Banking, Institutional Banking, Treasury and Financial Markets, and Investment Management. The bank generates the majority of its revenue from the Corporate banking segment that offers direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency, and derivative products. It has geographic operations in Nigeria and Europe. | $0 | -- | $359M | $841M | 1.9x | - | ||
| Transnational Corp PLC is a diversified conglomerate. Its business segments are Power, Oil and Gas, Hospitality, Corporate Centre, and Agro-allied. The group generates the majority of the revenue from the Power segment. In the Power segment, the company through its subsidiary, is engaged in the generation of electric power. The group provides hospitality services to the customers in the Hospitality segment. Oil and Gas segment includes exploration, refining, and marketing of petroleum products, and in the Agro-Allied segment, the group processes fruit concentrates from fruits. The Corporate Centre segment is the parent Company, Transnational Corporation of Nigeria Plc, and the other non-operational subsidiaries. | $0 | -4% | $341M | $380M | 1.0x | 2.4x | ||
| Jaiz Bank PLC is a full-fledged Non-Interest financial institution in Nigeria. The company's business divisions include Retail Banking and Corporate Banking. The products and services of the company include JAIZ Kids Savings Account, JAIZ Premium Savings Account, Working Capital Finance, Project Financing, and JaizOnline. | $0 | +187% | $292M | $300M | 6.7x | - | ||
| Sterling Financial Holdings Co PLC is a developer of a nonoperating financial holding structure designed to support and grow a diversified portfolio of banking and financial service companies. The company offers commercial banking, non-interest banking, and asset management through subsidiaries, enabling individuals, businesses, and institutions to access loans, trade finance, digital banking, and investment products. The Group has five reportable segments: Retail Banking, Commercial Banking, Institutional Banking, Corporate & Investment Banking, and Special Purpose Vehicle (SPV), which are the Bank’s strategic business units. | $0 | -- | $260M | $408M | 2.8x | - | ||
| United Capital PLC is a financial and investment services company. It is engaged in six business segments including Investment banking, Asset management, Wealth management, Trusteeship, Securities trading, Consumer finance services, and UCEE Microfinance Bank. It generates the majority of its revenue from the Investment banking segment which provides issuing houses, corporate investment advisory services, project finance, debt restructuring, mergers & acquisitions, and debt capital markets. | $0 | -2% | $249M | ($420M) | (2.3x) | (2.6x) | ||
| eTranzact International PLC provides a multi-application and multi-channel electronic transaction switching and payment processing platform. The Company is a payment technology provider principally engaged in processing all facets of electronic payment transactions using its switching platform. It also provides maintenance and software development services. The company has three segments, Mobile, Other commissions, Maintenance and support services, software development, and others. The company generates the majority of its revenue from the mobile segment. | $0 | +128% | $121M | $121M | - | - | ||
| RedCloud Holdings PLC developed and operates the RedCloud Platform, which facilitates the trading of everyday consumer supplies of fast-moving consumer goods (FMCG) products across business supply chains. The Platform solves old problem of how to unlock and enable access of key purchase and sales data between brands, distributors and retailers in growth consumer markets. Its Platform has AI and machine learning capabilities that provide brands, distributors and retailers with trading and product insights and data to help make commercial decisions regarding their business operations. Geographically, Key revenue is generated from Nigeria. | $1 | -77% | $41M | $52M | 1.0x | (1.3x) | ||
| Median | $0 | +126% | $1B | $2B | 2.7x | 11.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.