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20 Nigerian Companies who made the Forbes Africa Top 25 Companies in West Africa Honoured in Lagos – See Which Companies Made the List



Dangote Cement, Zenith Bank PLC and Ecobank Transnational Incorporated were among the 25 companies honoured by Forbes Africa and ABN Productions at the Forbes Africa top listed West African Companies Awards Ceremony recently.

The event titled, “The Top Listed West African Companies” was a celebration of the success of risk takers and job creators. The list covered the Top 25 companies in the West African capital market comprising of the Nigerian Stock Exchange, Ghanaian Stock Exchange and the Abidjan-based Bourse Régionale des Valeurs Mobilières SA (Regional Securities Exchange SA) or BRVM.

The awards were ranked in terms of market capitalization, revenue and profit. Mr. Chris Bishop, Managing Editor Forbes Africa before presenting the awards to the top five companies said “All too often the lists of the world have overlooked the success of African companies. Nights like this show how important successful African companies are in the progress of the world economy.”

According to organisers, the Forbes Africa Top Listed West African Companies celebrates the success of risk takers and job creators. It is an important initiative that aims to encourage organisations to strive for sustained excellence and also promote their profiles not only in their home country but around the world.

Impressively, 20 Nigerian companies made it to the list of T0p 25 companies in West Africa. They include:

• Dangote Cement
• Zenith Bank PLC
• Ecobank Transnational Incorporated
• Nigerian Breweries Plc
• First Bank Plc
• Guaranty Trust Bank Plc
• United Bank for Africa
• Guinness Nigeria
• Nestlé Nigeria
• Access Bank
• Flour Mills Nigeria
• Union Bank of Nigeria
• Stanbic IBTC
• First City Monument Bank
• Lafarge Cement WAPCO
• Total Nigeria
• Unilever Nigeria
• PZ Cussions
• Cadbury Nigeria Plc

According to Forbes, Nigeria has 20 of the best 25 companies in West Africa. What do you think about this?

News Source:

Adeola Adeyemo is a graduate of Industrial Relations and Personnel Management from University of Lagos. However, her passion is writing and she worked as a reporter with NEXT Newspaper. She believes that anything can be written about; anything can be a story depending on the angle it is seen from and the writer's imagination. When she is not writing news or feature articles, she slips into her fantasies and creates interesting fiction pieces. She blogs at


  1. Donwak

    July 2, 2012 at 7:22 am

    I think it’s great and our financial institutions have the most features, but how come then employment and development are stil low?

    • Sansarai

      July 2, 2012 at 8:06 am

      With regards to employment/unemployment, 3 words are key: supply and demand…

    • Austine Da Whizchap

      July 2, 2012 at 8:54 am

      Thank you! Same Thought Also!!!

    • damojo

      July 2, 2012 at 9:15 am

      Donwak, this has got nuttin to do with employment rate and development. Interest rates and share prices of these banks are dropping everyday and the ones that made the list have either been able to withstand this or cover it up. Most of them are greatly in debt and pay salaries from interbank placements. if u r a CEO, u will also reduce ur staff strength to the barest minimum to enable U optimize ur cost…May God rejuvenate the enterpreneurial skills in all of us.

  2. oluyole

    July 2, 2012 at 7:49 am

    It’s quite unfortunate for †ђε leaders of dis country,I think Nigeria should be competing with world class companies if not for †ђε leaders that we have,cos Nigeria power purchasing is very high απϑ that attract most of †ђε organisation to invest in a nation,depite †ђε situation of Power,insecurity,poor leadership απϑ lack of both economic απϑ social infrastructure †ђε country companies still emerge to have 20 out of 25,assumming all things go well what do u think?

  3. dee one

    July 2, 2012 at 8:07 am

    if only this kind of success is evident in other sectors of our economy then we would have something to be proud of. You hear one good news and twenty other sad news follow thereafter. We have other pressing issues that need tackling (issues like security), by the time we start making progress on those issues then we can rejoice. As someone who does not stay in the country presently, it makes you wonder sometimes if coming back home should even be an option which is really sad.

  4. Don

    July 2, 2012 at 8:45 am

    I thought Ecobank Transnational Incorporated had it’s head office in Lome. Is it Ecobank Nigeria or Ecobank TI which is the third biggest company in West Africa?

  5. diamond

    July 2, 2012 at 8:56 am

    Because they cant still accomodate the number of budding graduates. Coupled with the fact that expatriates are still imported into the country. But overall, it’s good. We cannot only be reckoned for bad things.

  6. X factor

    July 2, 2012 at 9:03 am

    Forbes don fall my hand, most of these companies especially the banks are running on false results……, what happened to Coca cola, Nigerian breweries,MTN, et al…..having worked in financial control unit of two of these banks and i can say that THIS IS NOT TRUE…..time will tell though

    • bebe

      July 2, 2012 at 10:36 am

      The article noted that Nigerian companes were picked from nigerian stock exchange why NB plc is on the list. Coca cola de-listed from the NSE while MTN is also not listed

  7. Buki

    July 2, 2012 at 9:21 am

    if you look at the companies, they practically have no competitors – this is real market monopoly for each business sector – cement, flour mills. Can you honestly say nigeria has an open market where startups are not stiffled out by such companies listed here.

  8. fokasibe

    July 2, 2012 at 9:23 am

    How does this translate to the common man? I’m not trying to make a snide remark here, someone please educate me…I mean, on the surface, it all seems hunky dory but Im wondering how this affects Nigeria. Are these mere statistics or do they really account for something? I’m really lost here.

    • babasho

      July 2, 2012 at 8:11 pm

      fokasibe, you have just spoken my mind, how does this improve our status as individual, unemployment every where, the employed ones are experiencing disguise unemployment and they have gut to shortlist companies that are doing well at the expense of Nigerians, shame.

    • Capital

      July 2, 2012 at 9:09 pm

      Hmmmmmmm….Dangote produces the cheapest spagheti, NEstle makes milo in sachets to make it affordable, the Banks kip our money safe. and Oh,, employment & revenue thru taxes which the govt is MEANT to use for us……still missing Somthin?

  9. d

    July 2, 2012 at 9:59 am

    ………….and half the companies are multinationals. so much for some national pride, hmm?

  10. TobechiD

    July 2, 2012 at 10:05 am

    Someone mentioned something about a monopoly and that is truly right. If there is no competition then, of course there is really no other measurement to gauge how well (or not), the monopolies are doing.

  11. Bukki

    July 2, 2012 at 10:22 am

    Smh …most of his companies are freeing companies with branches in Nigeria. Forbes needs to always do inept checks. It sometimes bases its outcome on popular assumption…no waoh I never knew that feeling…quite generic….okbye.

  12. Bukki

    July 2, 2012 at 10:23 am

    Most of the companies are foreign …meant to write( damn auto check )

  13. Abs

    July 2, 2012 at 10:57 am

    Well done, Nigeria. Way to go. This is expected though. If Gh was half your size, we’ll be doing same (no hating oo). Great to read good stuff about Nigeria for a change. 🙂

  14. Adebayo Franklin

    July 2, 2012 at 11:03 am

    Nigeria is a good template for d world growth but with d greedy politicians we have around,it makes it a mirage.

  15. pynk

    July 2, 2012 at 11:25 am

    Whats the criteria for selection?

    • ronas

      March 5, 2014 at 3:35 am

      Thank you my friend what is the criteria? some of us have work for and have friends in some of these companies, i sincerely believe they should not feature on this list.

  16. Me2me

    July 2, 2012 at 12:12 pm

    Rubbish, I say rubbish to some. Once I saw Union Bank, and First city Monument bank, I knew there was a problem. This stuff is sooooo wrong

  17. Me2me

    July 2, 2012 at 12:13 pm

    Even Fidelity bank is doing better than Union, + some cable companies in Nigeria are doing so well, even plastic manufacturing companies. Abeg abeg abeg

  18. Speedy

    July 2, 2012 at 12:52 pm

    This list looks wrong to me, are we saying all these companies are bigger than MTN Nigeria, Globacom etc. i think not

  19. Gyann

    July 2, 2012 at 1:00 pm

    I think its just a good news that reminds me of the obvious bad news; unemployment rate and under development in the country. mtschew!

  20. Prince Simeon

    July 2, 2012 at 1:56 pm

    That’s a big plus for us as we make more than half of the number if not all!

  21. promise

    July 2, 2012 at 2:14 pm

    I think its cool

  22. tbn

    July 2, 2012 at 2:24 pm

    Theres no big deal in that please, what are we celebrating? Its like celebrating that a full grown adult won a race with 5year olds. Why do I say so? Nigeria has the highest population in Africa, it is one of the richest countries in Africa, talk less of west africa which contains just 16 countries… and at least 14 of these countries don’t have up to 20 million people. So our companies are expected to be richer, bigger and more recognized. At first I thought it was in Africa until i read it closely and saw that it was just west africa, smh, bellanaija its no big deal abeg, its actually to be expected. When 20 of our companies show up in forbes list of African Countries, then there would be a cause to celebrate.

  23. tbn

    July 2, 2012 at 2:25 pm

    “forbes list of african companies” i meant

  24. fun

    July 2, 2012 at 2:27 pm

    What’s so special about Nigeria havng 20 out of 25 in west Africa?Not even Africa.

  25. Uche

    July 2, 2012 at 5:10 pm

    This is just the beginning for Nigerian businesses. They will take over the world in a few years to come.

  26. pizzo

    July 4, 2012 at 2:05 pm

    this list tells you that our booming oil industry is controlled by our government and foreign investors….no Nigerian owned oil company could make up the list, Banking sector tops the chart.. thats where they steal from…funny

  27. NNENNE

    July 4, 2012 at 2:43 pm

    Foreign or not, I think Forbes magazine picked companies that were better organized and managed.
    Kudos to Naija. The best is yet to come.

  28. Joe

    October 16, 2012 at 11:58 pm

    Nigeria companies should stop cxompare with any other Africa countries instead compete with the so call develop economies. The central bank boss Sanusi is doing a marvelous job and one of the amazing step he took was to question the formular IMF used to downgrade nigeria currency because nigeria refusal to dance to IMF suggest to naira devaluation more as compared to Ghana currency, Kenya, currency, Tanzania currency. .Sanusi was very furious and steadfast and quickly demand an answer from IMF. We have many Nigerian who could manage better various world class financial institution and others . Nigerian is very proud to have people like Sanusi , and other outstanding minister serving the country now. Most commercial banks staffs in nigeria often collude with robbers by leaking customers information.All over the world client information should be confidential but only in nigeria customer banking activities reveal or sell to armed robber and endanger the life of the customers . Infact many customer who had just withdrawn money often attack before the customer made it home or beseige the client home the same night and many of these attack lead to fatality.. On no account should custoner information sold or transfered to armed robber. Only in nigeria .This indeed a national and international concern and call on the government to do something about it.

  29. Ogunnaike Shola

    March 6, 2013 at 1:14 pm

    How come I didn’t see etisalat, mtn, globacom etc. Aren’t those companies forbes companies?

  30. Lilly

    June 12, 2013 at 1:53 pm

    Forbes has not really told us what it wants from Nigeria & why it is so concerned about Nigeria’s progress. Why won’t all the Nigerian banks come out in the list when all they’ve done is nothing but scam the people. 30% interest rate on loan is the height of all wickedness. There are so many companies doing very well in the country in terms of profit, employment, and so on which these companies listed by forbes are not even close. Most of the CEOs of these companies are all doing crude oil businesses which I’m sure u know very well. Pls, we know what is what. Stop putting junks online as a medium to gain their favour.

  31. omowumi

    March 10, 2014 at 10:13 am

    great blog

  32. Frankie

    February 17, 2015 at 3:33 pm

    Great to hear. 20 out of the best 25 is really great news but its not showing in the economyand that’s sad.

  33. Oladapo Oluwatosin

    November 16, 2015 at 12:10 pm

    This is actually great, but the effect is really not felt in the country, especially for fresh graduate like me with little or no experience and this is really very SAD, really had high hopes that graduating from school will be a stepping stone to one’s dream………

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