Rankings | Africa’s Corporate Leaders: Revenue Exceeds RMB 50 Billion; South Africa Holds Six of the Top Ten Spots

From an industry-distribution perspective, mining and agribusiness each account for 71 companies on the list; energy follows with 70 companies—contributing 28% of total revenue; telecommunications has 48, construction 44, transport and logistics 32, retail 30, utilities 28, and diversified businesses 23. Ranked third through tenth are: VIVO ENERGY (South Africa); Eskom (South Africa), Africa’s largest power producer; Sasol (South Africa), one of the world’s largest producers of synthetic fuels and chemicals from coal; Sonangol (Angola), Angola’s national oil company; Bidcorp Group (South Africa), a leading one-stop supplier to the foodservice industry; MTN (South Africa), Africa’s largest mobile network operator; Shoprite (South Africa), Africa’s largest retailer; and OCP Group (Morocco), the world’s largest phosphate rock and phosphoric acid producer and exporter. VIVO ENERGY reported revenue of USD 19.283 billion. A subsidiary of Vitol Group—the world’s largest independent oil trader—it was established in 2011 and operates Engen and Shell-branded service stations across 28 African markets, managing approximately 4,000 service stations. It is the region’s leading fuel retail and distribution company. Last year, VIVO ENERGY acquired Engen Ltd., South Africa’s largest service station chain. On November 25 this year, it acquired TotalEnergies’ Jordan marketing business—including around 180 service stations in Jordan, as well as commercial fuel and lubricants operations—marking its entry into its 29th market. Nigerian National Petroleum Company (NNPC) ranks second, with revenue reaching USD 3.1187 billion. As Nigeria’s largest oil company, NNPC was formed on April 1, 1977, through the merger of the former Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. Headquartered in Abuja, it engages in crude oil exploration, production, refining, and is primarily responsible for Nigeria’s petroleum exports. On November 11, 2025, Nigeria officially unveiled NNPC’s asset-ownership restructuring plan, aimed at resolving chronic low output and helping achieve its target of 3 million barrels per day in oil production. This initiative signals a fundamental shift in the management model of Africa’s largest oil-producing nation. Sonatrach (Algeria) retains the top position, reporting revenue of USD 7.0904 billion (approximately RMB 50.09 billion). Established in 1963, the company progressively took over assets formerly held by ExxonMobil and other foreign firms in Algeria, and completed nationalization of foreign interests in domestic petroleum distribution in 1968.

Nigerian National Petroleum Company Joins Hands with China North Industries Group to Discuss Oil & Gas and Energy Infrastructure Cooperation

Nigerian National Petroleum Limited hosted a delegation from China North Industries Group (Norinco Group) in Abuja on Friday, exchanging views on potential cooperation in crude oil production, natural gas commercialization, energy infrastructure development, and investment—though no agreements were signed. Photo source: tvcnews Norinco Group Leads Delegation to Nigeria for Talks Nigerian National Petroleum Limited hosted Norinco Group’s delegation in Abuja on Friday, exploring possible collaboration in energy infrastructure, crude oil production, natural gas commercialization and trade, technology transfer, and investment. The delegation was led by Huang Zuxi, Vice President of China National United Oil Corporation (UNIPEC), a subsidiary of Norinco Group. Dapo Segun, Group Chief Financial Officer of Nigerian National Petroleum Limited, and Lalekan Ogungbemi, Executive Vice President for Gas, Power & New Energy, along with other senior management members, participated in the meeting remotely. Both sides exchanged perspectives on respective operational priorities and explored how potential cooperation could enhance NNPL’s operations, boost crude oil and natural gas output, and strengthen Nigeria’s energy security. No Agreements or Financial Details Announced Nigerian National Petroleum Limited announced neither the signing of any agreement nor the disclosure of financial terms related to the prospective collaboration.

NNPC IPO will likely start with 5% to 10% listing, CEO says

14 hours ago

Nigeria's NNPC plans to float a 5% to 10% stake via IPO primarily domestically, with potential secondary listings abroad. CEO Ojulari also noted Chinese interest in refurbishing smaller refineries like Port Harcourt and Warri.

reuters

2026-11-03

NNPC IPO will likely start with 5% to 10% listing, CEO says

NNPC IPO will likely start with 5% to 10% listing, CEO says

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