In 2024, Dangote Cement stood out as Nigeria’s largest publicly listed employer, with 21,639 workers on its payroll. Backed by N5.74 trillion in total assets, the cement giant effectively operated with one employee for every N377 million in assets. This ratio captures the labour-heavy nature of Nigerian manufacturing.
FCMB Group, by comparison, managed N7.54 trillion in assets with just 3,796 employees as of FYE 2024. The mid-tier bank operated at an efficiency level of one employee per N5.03 billion in assets.
Essentially, for FCMB, the
