Several major multinational companies in Nigeria are either fully owned or substantially controlled by Nigerian business owners. These companies’ establishment and continued operations highlight the impressive global achievements of Nigerian entrepreneurs and business leaders. It explores how these Nigerian-owned enterprises have expanded beyond national borders, contributing significantly to various sectors such as finance, oil and gas, telecommunications, and manufacturing.
In this article are some of the most prominent multinational companies owned by Nigerians.
1. Dangote Group
The Dangote Group, founded by Africa’s second richest man, Aliko Dangote, is one of the largest conglomerates in Africa. The company operates in several African countries, with Dangote Cement, its flagship subsidiary, operating plants in over ten African nations, including Ethiopia, Senegal, Zambia, and Cameroon. Aside from Cement, Dangote is also a big player in other industries, such as Sugar, Salt, Flour, and Oil Refining.
2. Glo (Globacom)
The Mike Adenuga-owned Globacom is one of the largest telecommunications companies in Nigeria and has expanded to other countries in West Africa, such as Ghana and Benin. It is Nigeria’s first privately owned and fully indigenous telecommunications company, providing millions with mobile internet and data services. Its expansion across West Africa has solidified its role as a major telecom player.
3. Zenith Bank
A Nigerian, Jim Ovia, owns Zenith Bank. It is one of Nigeria’s largest and most profitable banks, with subsidiaries in the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, and The Gambia. Known for its focus on digital banking and corporate banking services, Zenith has expanded beyond Nigeria to establish a presence in major international financial centers.
4. UBA (United Bank for Africa)
UBA operates in over 20 African countries, as well as in the United States, the United Kingdom, and France. It is one of Africa’s leading financial institutions, providing banking, asset management, and payment services across the continent. Tony Elumelu, its Chairman, championed UBA’s “Africapitalism” approach, which emphasizes African self-sufficiency and growth, positioning UBA as a strong advocate for African economic development.
5. Access Bank
Access Bank, co-funded by the late Herbert Wigwe, has expanded aggressively, acquiring banks in Kenya, Zambia, Mozambique, and South Africa. It now has subsidiaries across Africa and the UK, with representative offices in China, Lebanon, and India. Access Bank’s international expansion strategy has been focused on becoming Africa’s largest bank by customer base.
6. BUA Group
Bua Group is another large conglomerate founded by Abdulsamad Rabiu. It is strong in Nigeria’s manufacturing and agricultural sectors. BUA Cement has a strong market presence in West Africa, while BUA Foods is known for sugar refining and distribution across several African countries. The group is also expanding its cement production into other African countries and has a presence in real estate and agriculture.
Read Also: Multinational companies that left Nigeria recently
7. Interswitch
Founded by Mitchell Elegbe, Interswitch is a Nigerian-owned fintech company that operates across Africa, providing payment processing, e-commerce, and financial technology solutions. It’s a major player in Africa’s digital payments ecosystem, enabling card transactions and online payments in Nigeria, Uganda, Kenya, and beyond. In 2019, Interswitch became Africa’s first fintech “unicorn” after a significant investment from Visa.
8. Airtel Africa
Major Stakeholder: Bharti Airtel, but locally managed by Nigerian executives with significant Nigerian ownership and operations in Nigeria.
Industry: Telecommunications
Airtel Africa operates in 14 African countries, providing telecommunications and mobile banking services. Though the major stakeholder is Bharti Airtel, it is locally managed by Nigerian executives with significant Nigerian ownership and operations in Nigeria.
Airtel Africa has a strong presence in Nigeria and is one of the country’s leading telecom providers. Its services extend to East Africa, making it a key player in Africa’s telecommunications space.
9. Honeywell Group
The Honeywell Group, founded by Oba Otudeko, operates in various sectors across Africa, particularly in food processing and oil and gas. Honeywell Flour Mills is one of Nigeria’s leading food companies, with products exported to the West African region. Honeywell Group’s investments in energy, including oil and gas, contribute to regional trade and development.
10. Andela
Although Nigerian tech entrepreneur, Iyinoluwa Aboyeji, co-founded Andela alongside international founders, it has expanded globally, providing remote tech talent from Africa to companies worldwide. It has helped place Nigerian developers in international tech firms and has offices and developers across Africa and North America. Andela represents Nigeria’s emergence as a hub for global tech talent.
These companies exemplify Nigerian entrepreneurs’ global business influence and their ability to create and expand multinational companies. They play a critical role in representing African businesses on the world stage, providing jobs, and contributing to economic growth across the continent and beyond.
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