The first quarter of 2024 saw a swift rise on the Nigerian stock exchange, with the All-Share Index reaching a laudable 104,562.06 points, marking a major increase of 39.84%.
During this period, NGX trading capital volume also experienced a substantial uptick, rising by 44.5% to close at N59.13 trillion by the quarter’s end. This surge reflects a notable N18.21 trillion increase from the initial N40.92 trillion at the beginning of 2024.
Driving this market performance were the outstanding results of individual stocks. Behind these successful companies are visionary Chief Executive Officers who navigate the challenges and steer their organizations towards financial success. With this in mind, Nairametrics highlights some of the CEOs of companies with the best -performing stocks on the NGX during the first quarter of 2024 (Q1 2024).
Dr. Lars Richter holds a Doctorate Degree in Civil Engineering, and brings to the table vast operational experience, comprehensive technical expertise, and an in-depth understanding of Julius Berger’s operations nationwide.
Furthermore, the company’s market capitalization experienced a noteworthy appreciation, increasing by N36.8 billion to reach N105.6 billion by the close of the quarter. This marks a substantial rise from the N68.6 billion valuation recorded at the beginning of the year on January 1, 2024.
Andrew Ikekhua holds a Higher National Diploma in Mass Communication from the Plateau State School of Accountancy & Management Studies, Jos, and an MBA in Administration and Entrepreneurship from the London School of Business and Finance.
NEM Insurance Plc saw a remarkable 57.1% increase in its share price, closing the quarter at N9.90 compared to the N6.30 at the beginning of the year. This surge contributed to an impressive gain in the company’s market capitalization, which rose by N18.1 billion from N31.6 billion to N49.7 billion during the same period.
Owen D. Omogiafo serves as the President and Group CEO of Transnational Corporation Plc (Transcorp), Nigeria’s leading diversified conglomerate. Prior to her current role, Owen led as MD/CEO of Transcorp Hotels Plc, overseeing the $132m renovation of the Transcorp Hilton Abuja. As a seasoned professional, she boasts over two decades of experience across various domains, holding key positions at Heirs Holdings Limited, United Bank for Africa Plc, and Accenture.
Transnational Corporation Plc, a conglomerate powerhouse, saw a 64% surge in its share price, soaring from N8.66 to N14.20 in Q1 2024. With significant holdings in Transcorp Hotels Plc and Transcorp Power Plc, the conglomerate achieved a substantial market capitalization of N577.2 billion during the quarter. This marked an impressive N225.2 billion uptick from its starting position of N352.0 billion on January 1, 2024.
Adaobi Nwakuche, appointed Managing Director in December 2023, brings over 25 years of expertise in insurance. Her vast experience includes strategic partnerships, deal negotiations, channel development, and team leadership.
Veritas Kapital Assurance Plc, one of the insurance companies listed on the NGX was one of the best performing stocks in the NGX in Q1 2024. It gained an impressive 81.1% as its share price moved from N0.37 at the start of the quarter to N0.67 at the end of the quarter.
The company’s market cap also appreciated by N4.16 billion during the first quarter.
Chief (Mrs) Adebimpe Giwa is a highly accomplished Administrator with extensive experience and a strong educational background, including a B.A ED (English) and Masters in Public Administration (MPA) from Lagos State University.
Printing firm Tripple Gee and Company Plc made a notable impact on the NGX in Q1 2024. The company’s share price surged by 92.1%, reaching N4.13 at quarter-end from N2.15 at the beginning.
Additionally, its market capitalization increased by approximately N980 million during the quarter, totaling N2.04 billion compared to N1.06 billion on January 1, 2024. This performance shows Tripple Gee’s strong showing in the market, reflecting positive investor sentiment and confidence in the company’s prospects.
Ayodele Abioye is an experienced and multi-skilled business engineer with over 25 years in business operations, leadership and management, food manufacturing, project engineering, supply chain, change, and general management.
Nigeria’s largest consumer goods company and the largest member of BUA Group, BUA Foods posted an outstanding performance in the NGX in Q1 2024. The company’s share price appreciated by 96.4%, moving from N193.40 to N379.90 during the quarter.
BUA Foods’ market capitalization also appreciated by N3.36 trillion, closing the quarter at N6.84 trillion, up from N3.48 trillion posted at the start of the year.
Ossai Mustapha Reuben is a seasoned environmentalist and Waste Manager with over two decades of experience.
Waste management company, The Initiates Plc (TIP), demonstrated strong performance on the NGX in Q1 2024, with a 97.4% increase in its share price. Starting the quarter at N1.15, the company’s share price surged to N2.27 by the end of the quarter.
Additionally, TIP’s market capitalization saw a significant rise of N997 million, climbing from N1.023 billion to N2.020 billion during the same period.
Arvind Pathak assumed the role of Group Managing Director of Dangote Cement Plc on March 1, 2023, bringing over 36 years of experience in the cement industry.
Dangote Cement Plc, Nigeria’s most capitalized company, experienced a remarkable surge in its share price during Q1 2024, soaring by 114.7%. Starting at N319.90, the share price surged to N686.70 by the quarter’s end. Additionally, the group’s market capitalization witnessed a staggering increase of N6.25 trillion, rising from N5.45 trillion to N11.70 trillion.
Dangote Cement’s market share on the NGX also saw significant growth, climbing from 13.32% to 19.79% during the quarter, marking a substantial increase of 6.47 percentage points.
Akin Akinfemiwa, the CEO of Geregu Power Plc, oversees strategic leadership, direction, and expansion for the business. With over 22 years of experience, he specializes in International Petroleum Products Trading and Energy. Akinfemiwa served as Group CEO of Forte Oil Plc for 8 years, leading its transformation and turning it into a profitable entity.
He also chaired Forte Upstream Services and MOMAN, and held directorial roles in African Petroleum Ghana and Fineshade Energy UK. Akinfemiwa began his career as a Business Process Analyst at FSB International Bank plc before venturing into strategic trading and supply relationships at Oando Plc.