Prime Business AfricaAirtel has dropped from the top spot on the list of the most valuable companies in Nigeria to the fourth position, with MTN taking over the first position, according to data obtained from the Nigerian Exchange Limited (NGX).
According to the analysis of the data, Airtel lost its position as its shares traded flat at N2,310.5 kobo between July 28 and August 1, resulting in no movement in the company’s market capitalisation, which stood at N8.68 trillion.
Join our WhatsApp ChannelHowever, MTN became the most valuable company in Nigeria after its market valuation increased by N1.45 trillion to N10.07 trillion, from N8.62 trillion during the same period under review.
MTN became the second company to cross the N10 trillion mark after Dangote Cement did it in January last year.
Dangote Cement occupied the second spot after its valuation rose to N8.91 trillion at the end of trading last week, from N8.34 trillion recorded at the start of last week, representing an increase of N570 billion.
BUA Foods ended last week’s trading as the third most valuable company in Nigeria after its market capitalisation grew by N440 billion within five days, from N8.26 trillion to N8.70 trillion.
The fifth most valuable company in the country is BUA Cement, as the manufacturer’s market capitalisation increased from N4.57 trillion on July 28 to N5.01 trillion on August 1.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
