Top 10 African Companies in 2022

Every year, the African Business Top 250 Companies charts the rise of innovative, strategic and resilient African businesses that straddle the continent, make huge profits and invest billions into Africa-wide strategies to seize future opportunities.

Telecommunications firm MTN Group soars from #13 to #4 on this year’s ranking after more than doubling its market capitalization to USD24.5 billion, up from USD11.1 billion in 2021.


The company has raised cash by listing its operations in Nigeria, Ghana, Uganda, Rwanda and other countries, also boosting the development of local capital markets. It has ploughed the cash into new networks, infrastructure and data centers. MTN Nigeria is at #18 on the ranking (up from #23), Scancom (MTN Ghana) is #76 and MTN Uganda is a new entry at #105.

Other leading South African businesses spanning the continent include Firstrand (#3), Standard Bank Group (#5), Vodacom (#6), Absa (#16) and Sanlam (#17). Fast-growing giants in other countries include Dangote Cement headquartered in Nigeria (#15) with production capacity of 48.6m metric tons across 10 countries in sub-Saharan Africa. EBR

RankingCompanyMarket Capitalization (USD millions)
1Naspers49,619
2Anglo American Platinum36,429
3FirstRand29,739
4MTN Group24,500
5Standard Bank Group20,915
6Vodacom Group20,102
7Capitec Bank Holdings18,608
8Sasol15,354
9Kumba Iron Ore14,446
10Gold Fields13,909

10th Year • Sep 2022 • No. 110

Leave a Reply

Your email address will not be published. Required fields are marked *



Ethiopian Business Review | EBR is a first-class and high-quality monthly business magazine offering enlightenment to readers and a platform for partners.



2Q69+2MM, Jomo Kenyatta St, Addis Ababa

Tsehay Messay Building

Contact Us

+251 961 41 41 41