Nigeria’s oil and gas giants, and the banking sector maintained their dominance in a ranking of the country’s largest corporations, generating at least N100 billion in annual revenue.
Data from ten of the biggest players ranked in the NMX-100, a data-driven ranking released by Nigeria’s leading financial publication, Nairametrics, shows that the companies delivered record earnings.
According to the document, a total of 62 entries recorded a combined total of over N90 trillion revenue, an amount a little more than half of Nigeria’s 2025 “Budget of Restoration,” which totaled N54.99 trillion, the highest in the country’s history.
Oil and Gas Sector
The ranking showed that the Nigerian National Petroleum Company Limited, NNPC Ltd, which recorded a staggering N23.990.05 billion in 2023 revenue, sits top of the table as the state-owned energy behemoth reported N5.988.69 trillion in profit before tax, PBT, and N3,297.39 billion profit after tax, PAT.
With a negative tax line of N2,691.3 billion, total assets of N246,815.95 billion and a cash balance of N7,719.6 billion, the company remains Nigeria’s biggest business institution by far, under the leadership of Engr Bayo Ojulari.
Nigeria Liquefied Natural Gas, NLNG, Ltd followed as the second-largest corporate earner with N5,299.34 billion revenue and a robust N2.499 profit before tax, PBT, and N1.750.72 billion profit after tax, PAT.
The gas exporter, led by Philip Mshelbila, as its Chief Executive Officer, CEO, maintained strong liquidity, boasting over N1.102.14 billion in cash, even as it incurred a tax charge of N748.37 billion, partly influenced by gas-export fiscal terms.
Oando Plc, however, reflected the sector’s struggles emerging 5th in the ranking, despite generating N4.086.65 billion in revenue, its balance sheet revealed a negative net asset position of N360.98 billion.
The company, led by Wale Tinubu, however, recorded N220.12 billion PAT and total asset base of N65,434.16 billion.
Banking Sector
Banks featured prominently across the rankings, with Access Holdings, ETI, Zenith Bank, FBN Holdings and UBA showcasing the financial sector’s resilience amid FX volatility and high monetary policy rates.
Access Holdings was ranked third with N4,878.18 billion in revenue, maintaining its position as one of Nigeria’s largest lenders by earnings, posting N642.22 billion in PAT.
Led by Group Managing Director/Chief Executive Officer, Innocent Ike, the bank is supported by a strong cash position of N5,2220.97 billion.
Ecobank Transnational Incorporated, ETI, was ranked 4th.
The bank recorded higher profit after tax than many peers, N735.9 billion, despite slightly lower revenue than Access Bank, N4,219.32 billion.
ETI also controls an impressive N43, 302.56 billion in net assets, the second highest in the entire ranking, showcasing the bank’s strong pan-African footprint under CEO Jeremy Awori.
The ranking placed Zenith Bank Plc 6th with N1, 032.9 billion PAT, the highest among private-sector companies on the list and a revenue of N3,970.96 billion, supported by a huge asset base of N29, 957.53 billion and cash holdings exceeding N5,888.22 billion, under its new CEO, Adaora Umeoji.
First Holdco Plc sat on the 9th position recording N677.01 billion PAT from N3, 212.65 billion revenue with a cash balance of N4,415.19 billion under its CEO, Adebowale Oyedeji.
United Bank for Africa, on the 10th position recorded a substantial N803.73 billion in PBT and N766.57 billion PAT, positioning it among the best-performing financial institutions for the year 2024.
The bank’s total revenue was N3,186.88 billion and a total asset of N30,323.36.
Dangote Cement Plc, on the 7th position is a dominant player in West Africa’s cement market with N3, 580.55 billion in revenue, N503.25 billion PAT and a N229.29 billion tax charge compressed margins.
It however boasts of over N6,403.24 billion in assets as it maintains its industrial leadership under Arvind Pathak.
Telecoms
MTN Nigeria, normally one of the country’s most profitable companies, recorded a N400.44 billion profit after tax, earning N3,358.46 billion in revenue, and leaving net assets at N458.01 billion.
The telecom giant, led by Karl Toriola as CEO, still maintains a strong operational cash position with N253.38 billion.
