Paystack, BudgIT, 7 Other Nigerian Companies Make London Stock Exchange Group’s “Companies to Inspire Africa” List for 2019
Payments firm, Paystack and accountability public enlightenment platform, BudgIT were among the 9 Nigerian companies that made it to the London Stock Exchange Group (LSEG)’s Companies to inspire Africa List for 2019.
Paystack was named in the Financial Services sector alongside 3 other firms in the Nigeria dominated group (Renmoney Microfinance Bank, echadvance and Venia Group). Other African firms in the group include: Superfluid Labs, Sa Taxi, Bluespace Africa Technologies, Acioe Associates, Frontline Capital Advisors and Lulalend.
Secureid was listed in the Women In Power category in appreciation of its CEO,
Kofo Akinkugbe. Other African firms sharing this category are Ladol, Ethical Apparel Africa,Mojec and Wonderbag.
3 other Nigerian firms: BudgIT, 3 Wise Pixels and Tizeti were listed in the Technology & Telecoms category alongside Helios Towers (Morocco), Bean Interactive, Csquared and Sea Monster Entertainment.
About Companies to Inspire Africa
Companies to inspire Africa is a list of inspirational and dynamic private, high-growth African companies compiled by the LSEG with the aim of introducing investors to the opportunities that the companies and their countries may offer to the global market.
According to the LSEG, it is believed “that these firms are crucial to the future of the African economy, capable of driving transformative economic growth in their home countries, Africa and beyond.”
The list is composed of 360 companies from 32 different countries across the continent. They boast of an average compound annual growth rate of 46%, up from 16% last year. On average, each firm employs over 350 people, with an average compound annual employee growth rate of 25%.
The list featured firms from diverse sectors. However, Consumer Services, Industry and Agriculture are the three biggest sectors as they make up over 50% of the companies featured.
23% of the senior executives in the companies featured are female, nearly double of last year’s 12%.
According to LSEG, firms that have made the list in the past have experienced significant growth.
“The firms listed in last year’s Companies to Inspire Africa report have already realised significant progress and achievements in the last 12 months in a variety of ways, including pursuing IPOs and issuing bonds to grow, while some have also undertaken cross-border expansion, both within the African continent and globally,” the report said.
How They Were Choosen
To build this list, the London Stock Exchange Group collated companies nominated by its partners, development finance institutions, venture capitalists, private equity firms, impact investors and their research partner, Asoko Insight.
LSEG then considered the financial data provided to establish the list. Criteria needing to be met for inclusion include: Company status, Growth, Size and Auditability.
London Stock Exchange Group has a long history of supporting the development of African capital markets and investment in African companies.
There are currently 30 African sovereign bonds listed in London, from eight issuers based in countries including Egypt, Nigeria, Kenya and Angola. They have raised $35.8 billion. There are over 110 African companies listed or trading on the London Stock Exchange – more than on any other international stock exchange.
These companies have a total market capitalization of over US$175 billion, and in the last 10 years have raised more than $19.5 billion in equity capital on our markets.
Seplat was the first Nigerian company to simultaneously dual list equity shares in London and Nigeria in April 2014.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.