31% of women hold NGX-30 boardroom representation
The percentage of women who secured seats at the boardroom tables of Nigeria’s most valuable companies has increased by 31.1 percent this year, the highest level of female representation since 2020 on the Nigerian Exchange (NGX), according to a new report.
The sixth edition of the report, launched on Thursday, titled ‘2025 PWR NGX Top 30 Gender Diversity Scorecard’ by PWR Advisory, an inclusion and sustainability advisory firm in Africa, disclosed that women now occupy 98 out of 315 total board seats in the NGX-30 companies.
It said this figure represents a rise from 29.7 percent in 2024, highlighting an upward trajectory in women’s participation in corporate governance. More notably, for the first time in the six-year history of the report, none of the NGX-30 companies has an all-male board.
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“Back in 2020, when we launched the first edition of this scorecard, our ambition was simple: to track progress, galvanise momentum, and advance the cause of women’s representation at the highest levels of corporate governance. None of that has changed, but our world looks profoundly different today,” said Ivana I. Osagie, founder and CEO of PWR Advisory.
“This edition of the scorecard gives us cause for optimism,” Osagie said. “Women now hold 31.1 percent of board seats at Nigeria’s 30 largest listed companies, the highest since we began tracking the data.”
“For the first time, no company in our sample has an all-male board. Congratulations to United Capital for making the shift. Significantly too, there are five women CEOs, the highest since the scorecard’s inception, compared to four last year, and three companies have female board chairs, up from one in 2024,” she said.
The report revealed that the seven highest-ranked performers were Transcorp Hotels Plc, with 57.1 percent. In second place, Access Holdings Plc and Stanbic IBTC Holdings Plc, with 50 percent each, and in third place, United Bank for Africa Plc, with 46.7 percent female representatives on the boardroom.
Others, including Dangote Sugar Refinery Plc, Nestle Nigeria Plc, and Presco Plc, reported 44.4 percent, respectively.
The report underscores that 53.3 percent of the NGX-30 companies have achieved at least 30 percent female board representation, which aligns with what it describes as the Critical Mass Theory, the idea that 30 percent is the minimum representation level required for minorities to exert meaningful influence in decision-making.
When compared globally, the report places Nigeria’s progress in context. The PWR report cites the 2024 South Africa Spencer Stuart Board Index, which shows that 47 percent of board seats across the Johannesburg Stock Exchange (JSE) top 50 companies are held by women.
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“Average female board representation for Africa is 23 percent based on the Sustainable Stock Exchanges’ 2023 report, while the MSCI Women on Boards and Beyond 2024 report puts the global average at 27.3 percent (large- and mid-cap companies),” it said.
Temi Popoola, the group managing director of NGX, represented by Olufemi Shobanjo, CEO of NGX Regulation Limited, commended PWR Advisory for launching the 2025 NGX30 Gender Diversity Scorecard, describing it as a vital instrument for fostering inclusivity in Nigeria’s corporate sector.
“Gatherings like this play a crucial role in fostering inclusivity and promoting gender diversity at the highest levels of corporate governance,” he noted.
He emphasised that gender-diverse boards are not just equitable but also yield measurable business advantages.
Gender-diverse boards lead to better decision-making. They reduce blind spots and deliver superior business outcomes,” he said. “It also leads to more resilience, innovation, and competitiveness on the global stage.”
