Ten Nigerian companies have been spotlighted among the country’s fastest-growing firms in a prestigious ranking by the Financial Times, in collaboration with global research firm Statista and with BusinessDay as a partner. The rigorous selection process, conducted between October 9, 2023, and February 29, 2024, required certified revenue figures, verified by top company executives to ensure data integrity and transparency.
The list highlights the sectors propelling Nigeria’s economic expansion, with Fintech, E-commerce, Agribusiness, and Manufacturing emerging as key drivers. Companies like Moniepoint, Omniretail, and AFEX are leading the pack in transforming their industries.
Notably, the ranking does not follow a strict numerical order, showcasing the broad spectrum of growth across industries.
A closer look at 10 standout companies:
Moniepoint Inc
Sector: Fintech
Founded by: Tosin Eniolorunda (2015)
CEO: Tosin Eniolorunda
Overview: Moniepoint delivers payment solutions and banking services to businesses and individuals, processing over 800 million transactions monthly, with a transaction value exceeding $17 billion. It boasts a CAGR of over 150%.
Omniretail Inc
Sector: E-commerce (B2B)
Founded by: Deepankar Rustagi (2020)
CEO: Deepankar Rustagi
Overview: A B2B e-commerce platform, Omniretail connects retailers with manufacturers and distributors, driving a staggering 66,294.9% revenue increase — from ₦89.3 million in 2019 to ₦59.3 billion in 2022.
AFEX Commodities Exchange Ltd
Sector: Agribusiness
Founded by: Ayodeji Balogun (2014)
CEO: Ayodeji Balogun
Overview: AFEX facilitates agricultural trade and warehouse financing. Its revenue surged by 5,733.12%, from ₦3 billion in 2019 to ₦176 billion in 2022, while its workforce grew from 59 to 391 employees.
MyCredit Investments Ltd
Sector: Digital Lending
Founded by: Laurin Hainy (2016)
CEO: Laurin Hainy
Overview: MyCredit offers AI-powered instant credit services. It experienced a 1,719.13% revenue boost — from ₦3.3 billion in 2019 to ₦60.5 billion in 2022.
Alpha Morgan Capital Managers Ltd
Sector: Financial Services
Founded: 2012
CEO: Ade Buraimo
Overview: A prominent investment firm offering asset management and capital raising services, it grew revenue by 994.85% to ₦5 billion in 2022, up from ₦533 million in 2019.
Thrive Agric Ltd
Sector: Agri-tech
Founded by: Uka Eje & Ayodeji Arikawe (2017)
CEO: Uka Eje
Overview: Thrive Agric connects farmers to financing and markets via digital platforms. It achieved 964.9% growth, with 2022 revenue reaching ₦31.8 billion from ₦2.9 billion in 2019.
Bisedge Ltd
Sector: Business Services
Founded by: Segun Olumuyiwa (2016)
CEO: Segun Olumuyiwa
Overview: Bisedge delivers HR and management consulting solutions. It grew from ₦129 million in 2019 to ₦1.3 billion in 2022, reflecting rapid business expansion.
The Seamless Company Ltd
Sector: HR Technology
Founded by: Emmanuel Okeleji (2018)
CEO: Emmanuel Okeleji
Overview: Specializing in payroll and HR solutions, Seamless increased revenue by 700.7% — from ₦138 million in 2019 to ₦1.11 billion in 2022.
West African Soy Industries Ltd (WASIL)
Sector: Agro-processing
Parent Group: TGI Group
CEO: Rahul Savara
Overview: WASIL focuses on soybean cultivation and edible oil production. Its revenue jumped by 446% to ₦105.3 billion during the review period.
Sundry Markets Ltd
Sector: Retail and FMCG
Founded by: Ebele Enunwa (2014)
CEO: Ebele Enunwa
Overview: A fast-growing Nigerian retail chain, Sundry Markets recorded a 281.4% revenue increase — from ₦14.2 billion in 2019 to ₦54 billion in 2022.
