Twenty-five Nigerian companies have been recognized as some of the fastest-growing firms in the country, according to a prestigious ranking by the Financial Times in collaboration with the research firm Statista, with BusinessDay as a partner. The selection process, which took place from October 9, 2023, to February 29, 2024, required certified revenue figures verified by top executives to ensure credibility.
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The list showcases the sectors driving Nigeria’s economic growth, with Fintech and E-commerce (such as Moniepoint, Paga, and Omniretail) leading the way as the most significant contributors to high-growth firms. This is followed by Agribusiness (including AFEX, Thrive Agric, and WACOT Rice) and Manufacturing and Healthcare (such as BUA Foods and Fidson).
Notably, the ranking does not follow a numbered order, reflecting a wide range of growth across various industries.
Moniepoint Inc
- What they do: Moniepoint Inc is a fintech company that provides seamless payment solutions and banking services to businesses and individuals.
- Founder & Year Founded: Tosin Eniolorunda, 2015
- CEO: Tosin Eniolorunda
- Revenue: Compound annual growth rate (CAGR) exceeding 150%, processing of over 800 million transactions and a monthly total value exceeding US$17 billion
Omniretail Inc
- What they do: Omniretail Inc is a B2B e-commerce platform that connects retailers with manufacturers and distributors, streamlining supply chain operations for small and medium-sized businesses.
- Founder & Year Founded: Deepankar Rustagi, 2020
- CEO: Deepankar Rustagi
- Revenue: Revenue increase by 66,294.9%, from ₦89.3 million in 2019 to ₦59.3 billion in 2022
AFEX Commodities Exchange Ltd
- What they do: AFEX is a leading agricultural commodities exchange that connects farmers with markets, providing trade facilitation, warehouse financing, and supply chain solutions.
- Founder & Year Founded: Ayodeji Balogun, 2014
- CEO: Ayodeji Balogun
- Revenue: Grew to ₦176 billion in 2022, a 5,733.12% increase from ₦3 billion in 2019. Employee base expanded by 562% (from 59 in 2019 to 391 in 2022).
Mycredit Investments Ltd
- What they do: Digital lending platform providing instant credit solutions to retail customers and MSMEs through AI-driven risk assessment and mobile platforms.
- Founder & Year Founded: Laurin Hainy, 2016
- CEO: Laurin Hainy
- Revenue: Grew by 1,719.13% to ₦60.5 billion in 2022 from ₦3.3 billion in 2019.
Alpha Morgan Capital Managers Ltd
- What they do: Leading independent investment firm offering asset management, private wealth advisory, and capital raising services across Nigeria’s financial markets.
- Founder & Year Founded: 2012
- CEO: Ade Buraimo
- Revenue: Increased by 994.85% to ₦5 billion in 2022 from ₦533 million in 2019.
Thrive Agric Ltd
- What they do: Agri-tech innovator connecting smallholder farmers with financing, premium markets, and data-driven farming solutions through its digital platform.
- Founder & Year Founded: Uka Eje and Ayodeji Arikawe, 2017
- CEO: Uka Eje
- Revenue: Surged by 964.9% to ₦31.8 billion in 2022 from ₦2.9 billion in 2019.
Bisedge Ltd
- What they do: Provides business support services including HR solutions, corporate training, and management consulting to help organizations optimize operations.
- Founder & Year Founded: Segun Olumuyiwa, 2016
- CEO: Segun Olumuyiwa
- Revenue: Grew from ₦129 million in 2019 to ₦1.3 billion in 2022, demonstrating substantial expansion.
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The Seamless Company Ltd
- What they do: HR and payroll solutions provider for businesses.
- Founder & Year Founded: Emmanuel Okeleji, 2018
- CEO: Emmanuel Okeleji
- Revenue: Grew by 700.7% to ₦1.11 billion in 2022 from ₦138 million in 2019.
West African Soy Industries Ltd (WASIL)
- What they do: Agro-processing company specializing in soybean cultivation and edible oil production
- Founder & Year Founded: Part of the TGI Group
- CEO: Rahul Savara
- Revenue: Grew by 446% to ₦105.3 billion (from ₦19.3 billion during the reviewed period).
Sundry Markets Ltd
- What they do: Nigerian retail chain and FMCG distributor operating supermarkets and wholesale supply networks
- Founder & Year Founded: Ebele Enunwa, 2014
- CEO: Ebele Enunwa
- Revenue: Grew by 281.4% to ₦54 billion in 2022 from ₦14.2 billion
Veritasi Homes & Properties Ltd
- What they do: Real estate development company specializing in residential and commercial properties.
- Founder & Year Founded: Adetola Nola, 2017
- CEO: Adetola Nola
- Revenue: Increased by 267.56% to ₦33 billion in 2022 from ₦8.9 billion in 2019
Paga Group
- What they do: Paga is a mobile payment platform that allows its users to transfer money electronically and make payments through their mobile devices
- Founder & Year Founded: Tayo Oviosu, 2009
- CEO: Tayo Oviosu
- Revenue: Grew by 238.1% to ₦23.8 billion in 2022 from ₦7.1 billion in 2019.
United Capital Plc
- What they do: Investment banking and asset management.
- Founder & Year Founded: Peter Ashade, 2012
- CEO: Peter Ashade
- Revenue: Increased by 213.0% to ₦26.8 billion in 2022 from ₦8.5 billion in 2019
Fidson Healthcare Plc
- What they do: Pharmaceutical manufacturing and healthcare solutions provider
- Founder & Year Founded: Fidelis Ayebae, 1995
- CEO: Imokha Ayebae
- Revenue: Increased by 187.04% to ₦40.3 billion in 2022 from ₦14.1 billion in 2019
R.T Briscoe Plc
- What they do: Automobile and equipment distribution.
- Founder & Year Founded: Bukola Oluseyi Onajide, 1957
- CEO: Seyi Onajide
- Revenue: Increased by 157.7% to ₦17.8 billion in 2022 from ₦6.9 billion in 2019
Tripple Gee & Company Plc
- What they do: Printing and packaging solutions.
- Founder & Year Founded: Adebimpe Giwa, 1980
- CEO: Adebimpe Giwa
- Revenue: Grew by 140.5% to ₦3.17 billion in 2022 from ₦1.3 billion in 2019
BUA Foods Plc
- What they do: food processing company specializing in flour, pasta, sugar, and edible oils
- Founder & Year Founded: Abdul Samad Rabiu
- CEO: Engr. Ayodele Abioye
- Revenue: Grew by 135.45% to ₦418.3 billion in 2022 from ₦177 billion in 2019
Black House Media Group Ltd
- What they do: PR and media consultancy.
- Founder & Year Founded: Ayeni Adekunle, 2006
- CEO: Ayeni Adekunle
- Revenue: Grew by 116.0% to ₦2.1 billion in 2022 from ₦975 million in 2019
Comercio Partners Ltd
- What they do: Fintech company providing investment banking and securities trading services
- Founder & Year Founded: Tosin Osunkoya, 2016
- CEO: Tosin Osunkoya
- Revenue: Grew by 108.3% to ₦1.6 billion in 2022 from ₦801 million in 2019
WACOT Rice Ltd
- What they do: Rice production and processing.
- Founder & Year Founded: Part of TGI Group, 2014
- CEO: Ujwalkanta Senapati
- Revenue: Grew by 98.9% to ₦40.3 billion in 2022 from ₦20.3 billion in 2019
John Holt Plc
- What they do: Conglomerate with operations in automobiles, equipment distribution, and real estate
- Founder & Year Founded: Christopher Ezeh, 1961
- CEO: Dr. Christopher Ezeh
- Revenue: Grew by 98.9% to ₦40.3 billion in 2022 from ₦20.3 billion in 2019
Amel International Services Ltd
- What they do: Production and packaging of high-quality foods and beverages
- Founder & Year Founded: Akan Peter, 2014
- CEO: Akan Peter Nsek
- Revenue: Increased by 96.4% to ₦2.51 billion in 2022 from ₦1.09 billion in 2019
Academy Press Plc
- What they do: Printing and publishing.
- Founder & Year Founded: Olugbenga Ladipo, 1965
- CEO: Olugbenga Ladipo
- Revenue: Increased by 84.4% to ₦4.49 billion in 2022 from ₦2.43 billion in 2019
Cutix Plc
- What they do: Electrical cable manufacturing.
- Founder & Year Founded: Ijeoma Oduonye, 1982
- CEO: Ijeoma Oduonye
- Revenue: Increased by 84.0% to ₦9.2 billion in 2022 from ₦5 billion in 2019
Transcorp Hotels Plc
- What they do: Hospitality and travel company operating luxury hotels and resorts
- Founder & Year Founded: 1994 (Subsidiary of Transnational Corporation of Nigeria Plc)
- CEO: Uzo Oshogwe
- Revenue: ₦42.7 billion (2023)
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