Dangote Cement has been beaten to the top of the top 20 West African companies for the third year in a row, moving from $11.2 billion in 2022 to $9 billion last year, and now to $5.3 billion. Bua Foods has also declined from $5.2 billion in 2024 to $4.9 billion in this year's ranking, as Naira's devaluation affects Nigerian stock prices when estimated in US dollars. Both companies have jumped from $5 billion to $7.8 billion with Airtel Africa. Although listed in Nigeria, its wide geographical growth is compensated for the decline in Naira's value.
It was an overall strong year for IVORIAN companies, with four entries on the table in 2024. There is only one Ghanaian company Scancom on the local table, and it has risen significantly in value between $1.6 billion and $2.7 billion in just 12 months. The lack of participants in Ghana reflects the broader neglect in the country's economy. This recorded slight growth after defaulting on debt and undergoing a well-known restructuring.
The value of the company listed in Bruce de Vallere Maubilliere (BRVM) of West Africa, a region based in the Côte de Ivoire, which closed in 2024 with a CFA 20.6 Trion Franks (36BN), a record of CFA 18.3Bn (36BN), despite the relatively low market capitalization of the 250 largest listed companies in Africa. The value of the total transaction increased from CFA396bn to CFA462BN over the year as BRVM's total stock index, covering all 47 listed companies, including Sonatel and Orange, rose 28.9% to 276 points per year.
Nigerian banks, which control the region's West Africa table, are heavily affected by the need for recapitalization. Naira's depreciation over the past decade has reduced capital dominated by the dollar, but the economy has experienced a series of crises. The Central Bank of Nigeria (CBN) has raised the minimum capital requirement to N500 billion ($310 million) for people with international licenses to N25 billion ($16 million) for nationally licensed banks. Banks will need to reach these levels by the end of March 2026 by injecting additional stocks, choosing and consolidating lower tier banking licenses.
Previous CBN interventions have caused intense integration, but recently in 2005, the pool of competitors is already much smaller than last time, with 10 banks holding roughly 90% of the assets of the Nigerian banking system. It remains to be seen whether the recapitalization process will create a handful of large banks that could once again troubling the best rankings on the 2026 table.
According to analyst S&P Global, the policy “helps top Nigerian banks better compete with international and other Pan-African banking groups, particularly in trade finance.” “By strengthening the balance sheet, some middle class banks can expand their lending into the real economy and improve credit brokerage.”
Despite the decline in many Nigeria stocks, Laphage Africa needed $774 million to capture its final position at the regional table. The $556 million Stanbic IBTC Holdings recorded last year has appeared in the same location.
Click here to view the full list of Africa's top 250 companies 2025.
Company Focus: Sonatel
Societe National des Telecommunications (Sonatel), based in Senegal but listed in the Bruce Lejon de Vallere Mobilieres (BRVM) of West Africa in the region of Côte de Iboir, has enjoyed a significant increase in market capitalization over the past year. It rose from 46th to 38th in the Top 250, and is now West Africa's fourth largest company and the second largest telecom operator in the region.
Sonatel is 42.33% owned by Orange and launched Orange 5G service for both business and residential customers in Senegal last year after paying $57 million for a 5G operating license. It controls more than 50% of the Senegalese market and is also operated in Guinea, Guinea-Bissau, Mali and Sierra Leone. Much of that growth was produced by the Orange Money Mobile Service. Like much in Africa, the fixed line customer base has a relatively small number, with 741,000 customers in 2024, a 25% increase from the previous year.
Last year, the UK government's development financial institution, UK International Investment (BII), a consortium featuring International Finance Corporation, and Proparco, agreed to invest 87 million euros ($99 million) in its communications infrastructure, particularly in rural areas.
Chris Chijiutomi, managing director and head of Africa at BII, commented: “Given the importance of addressing the constraints of Africa's economic growth, investing in digital infrastructure space is a priority for BII. It will connect more people and businesses in the region.”
