NGX class of 1960: Where are they today?
The Nigerian Exchange (NGX) began trading on June 5, 1961, just seven months after Nigeria gained independence on October 1, 1960.
Although the market was incorporated in September 1960, formal trading did not begin until the enactment of the Lagos Stock Exchange Act No. 14 of 1961. At inception, the market opened with just three equities, six Federal Government bonds, and ten industrial loans.
By 1974, when the exchange was renamed the Nigerian Stock Exchange, the number of listed equities had grown to 36. This figure peaked at 217 in 2010 before declining to the current 148.
Today, 26 equities listed on the NGX predate Nigeria’s independence. This tally excludes companies such as Flour Mills of Nigeria, which delisted in early 2025, and United Bank for Africa, incorporated in 1961. It also excludes Sterling Holdco, whose roots trace back to Nigeria’s first merchant bank, NAL Merchant Bank, founded in 1960.
Among these 26 pioneer companies, there are six financial services firms, six industrial goods companies, four consumer goods players, three conglomerates, and one services company.
African Alliance Insurance
African Alliance Insurance (AFRINSURE) was incorporated on May 9, 1960, becoming the first indigenous life assurance company in Nigeria. Founded by Shafi Edu, Talabi Braithwaite, and M.E.R Okorodudu, AFRINSURE listed on the NGX in September 2009.
In 2005, the company co-founded PAL Pensions in a joint venture with FSDH. As of September 2025, Leadway Holdings has acquired PAL Pensions. However, AFRINSURE shares remain suspended from trading due to missed regulatory filings since 2023.
Berger Paints
Berger Paints was established in 1959 as British Paints (West Africa), initially importing paints from Newcastle, England. In 1962, it built its first factory in Nigeria.
Following the 1973 indigenisation decree, 60 percent of its shares were listed on the exchange. In H1 2025, Berger Paints posted its best half-year performance, with revenue of N6.2 billion and net income of N945.8 million, reflecting a 15 percent profit margin.
Chellarams
Founded by Kishinchand Chellaram in 1923, the company was incorporated in Nigeria in 1947 and listed on the NGX in 1977. Originally a textile merchant, Chellarams expanded into department stores in 1947.
Over time, it moved into industrial chemical production, winding down its consumer goods division. Today, its subsidiaries include Chelltek Industries, Dynamic Industries, and United Technical & Allied Services.
Read also: Top 10 most performing insurance stocks in nine months
Coronation Insurance
Incorporated in 1958 as the West African Provincial Insurance Company (WAPIC), Coronation Insurance listed on the NGX in August 1990. The company rebranded in 2020, reflecting its affiliation with major shareholders Coronation Capital and Coronation Asset Management.
It is now controlled by Aigboje Aig-Imoukhuede, Chairman of Access Holdings Plc.
First Holdco
First Holdco traces its roots to the British Bank of West Africa, established in 1894. Following acquisitions and name changes, it became First Bank of Nigeria in 1979. The bank listed on the NGX in 1991, adopted a holding structure as FBN Holdings in 2012, and rebranded as First Holdco in 2025.
As of June 2025, First Holdco is Nigeria’s fourth-largest banking group by assets, with total assets of N27.2 trillion.
Guinea Insurance
Guinea Insurance began as the insurance department of British West African Corporation (BEWAC) in 1948 before being incorporated in 1958 as a non-life insurance company.
Initially foreign-owned, with foreigners holding 51 percent, the 1976 indigenisation decree increased Nigerian ownership to 60 percent. Though its exact listing date is unclear, the decree likely necessitated its NGX debut.
Guinness Nigeria
Guinness Nigeria was incorporated on April 29, 1950, though the brand had been sold in Nigeria earlier by UAC. Initially an importer, the company established the first Guinness brewery outside Ireland and Britain in Ikeja, Lagos, in 1962 through a joint venture with UAC.
Guinness Nigeria listed on the NGX in 1965 with about 1,200 shareholders. Today, it is majority-owned by the Tolaram Group, which licenses the Guinness brand from Diageo Plc. It is Nigeria’s second-largest alcoholic beverage company.
Industrial and Medical Gases Nigeria
Founded in 1959 by the British Oxygen Company as Industrial Gases Limited, the company began operations in 1960 and listed on the exchange in 1979.
It became BOC Gases Nigeria Plc in 1997 and later fell under Linde Group after its acquisition of BOC Holdings in 2006. In 2020, Theophilus Danjuma’s TY Holdings acquired Linde’s 60 percent stake. The company rebranded as Industrial and Medical Gases Nigeria in 2021.
Lafarge Africa
Lafarge Africa’s origins lie in West Africa Portland Cement (WAPCO), a joint venture established in 1959 between Blue Circle, UAC Nigeria, and the Western Region Government. WAPCO commenced operations in 1961 at its Ewekoro plant and was listed on the NGX in 1979.
Blue Circle, later acquired by Lafarge in 2001, was a key UK cement supplier to Nigeria. Lafarge subsequently acquired Ashaka Cement in 2014 and UNICEM in 2015, consolidating its market dominance.
Read also: Banks’ dividend declarations spur optimism in stocks
May & Baker Nigeria
May & Baker Nigeria was established in 1944 as the country’s first pharmaceutical company. Initially importing drugs, it opened its factory in 1976 and listed on the NGX in 1994.
Meyer Paints
Originally Hagemeyer Paints in the 1940s, Meyer was incorporated in 1960 and listed on the NGX in 1979.
During the 1990s, Dunlop was its controlling shareholder under the name DN Meyer. After Dunlop’s 2003 divestment, the company rebranded as Meyer Plc in 2010.
Morison Industries
Incorporated in 1955, Morison Industries had operated since 1947 as an agent for foreign manufacturers. It became one of Nigeria’s earliest producers of disinfectants, sanitisers, and methylated spirit.
Following the 1976 indigenisation decree, 60 percent of its foreign shareholding was sold to Nigerians. By FY 2024, however, the company had accumulated losses of N916 million, raising concerns about its viability.
NCR (Nigeria)
Incorporated in 1949 as National Cash Register (West Africa), the company was renamed NCR (Nigeria) Limited in 1974 and listed on the NGX in 1979.
It underwent multiple rebrandings, eventually adopting the name NCR (Nigeria) Plc in 1996. The company introduced Nigeria’s first ATM in 1989 and is currently 61.76 percent owned by NCR Voyix Corporation of Atlanta, Georgia, making it the only American-owned company on the NGX.
Neimeth International Pharmaceuticals
Founded as Pfizer Nigeria in 1957, the company established its first factory in Aba in 1962 and listed on the NGX in 1979.
In 1997, its management bought out Pfizer’s stake and renamed the company Neimeth in honor of Robert Neimeth, a former Pfizer country manager. Today, Neimeth derives most of its revenue from proprietary drugs developed in-house.
Nigerian Breweries
Established in 1946 through a joint venture of UAC, John Holt, CFAO, and UTC, Nigerian Breweries partnered with Heineken as its technical partner. Its Iganmu plant produced the first STAR Lager in 1949.
By 1960, it expanded its product portfolio with Gulder, Roses, Schweppes, and Heineken, listing on the NGX in 1973. Today, it is Nigeria’s largest brewer by assets and sales.
Nigerian Enamelware
Incorporated in 1960, Nigerian Enamelware listed on the NGX in 1979. The company produces a range of kitchen utensils.
For FY ending April 30, 2025, it returned to profitability with a net income of N15.5 million, compared with a N2.6 billion loss the previous year.
Nigerian Exchange Group
Incorporated on September 15, 1960, as the Lagos Stock Exchange, it commenced trading in June 1961. In 2021, the exchange was demutualised and reorganised into a for-profit group structure.
Read also: Top mutual funds extend five-year inflation-beating run
PZ Cussons Nigeria
Paterson Zochonis (PZ Cussons) began operations in Nigeria in 1899 but was incorporated locally in 1948. In the 1950s, it set up a soap factory in Aba.
PZ listed on the NGX in 1972 and raised its floated shares to 60 percent in 1977. In 1973, it began producing Thermocool refrigerators, later rebranded as Haier Thermocool in 2001.
RT Briscoe
Incorporated in 1957 and listed in 1974, RT Briscoe operates across automobiles, industrial equipment, power, and real estate. It distributes Toyota, Ford, Manitou Forklifts, and Elgi Compressors in Nigeria.
Royal Exchange
Royal Exchange began operations in 1918, initially through Barclays Bank DCO, before becoming a full branch of Royal Exchange Assurance, London, in 1921.
For decades, it was Nigeria’s sole insurance provider, shaping the local industry. It listed on the NGX in 1990 and in 2007 merged with African Prudential Insurance and Phoenix of Nigeria Assurance. In 2008, it reorganized as a holding company with interests in insurance, funds management, finance, and banking.
Thomas Wyatt
Incorporated in 1948, Thomas Wyatt became Nigeria’s first paper conversion and printing company. Listed in 1978, it operates two factories in Kaduna and Port Harcourt, producing iconic brands like the “Olympic Exercise Book.”
TotalEnergies Marketing Nigeria
TotalEnergies entered Nigeria in 1956 as Total Oil Products, opening its first Yaba petrol station. It rebranded as Total Nigeria in 1967 and merged with Elf Oil in 2001 to form TotalFinaElf Nigeria before reverting to Total Nigeria in 2003. In 2021, it adopted its current name.
UAC Nigeria
Tracing its roots to the Royal Niger Company of 1879, UAC Nigeria adopted its current name in the 1920s. UAC Motors was incorporated in 1931.
Unilever once held a 40 percent stake but divested when UAC listed on the NGX in 1991. Today, UAC operates through UAC Foods, Livestock Feeds, Grand Cereals, CAP Plc, UAC Restaurants (Mr Biggs), and MDS Logistics.
Unilever Nigeria
Unilever Nigeria Plc, one of Nigeria’s oldest consumer goods companies, began as Lever Brothers (West Africa) Ltd in 1923. It opened its first factory in 1925 and later expanded into brands such as Omo, Royco, Blue Band, and Lipton.
Listed since 1973, the company strengthened its local supply chain through backward integration. Following a 1995 merger with Unilever Nigeria Limited, it became majority-owned by Unilever and rebranded in 2001.
Wema Bank
Founded in 1945 as Agbonmagbe Bank Limited, Wema Bank was acquired by the Western Nigeria Marketing Board and rebranded in 1969. Today, it is Nigeria’s longest-surviving indigenous bank.
Listed on the NGX in 1990 under the symbol WEMABANK, the bank is now the country’s 12th-largest by assets.
