Despite enduring economic challenges and political uncertainties that led to the demise of numerous businesses, some companies have managed to thrive in Nigeria for over six decades. These enterprises have demonstrated resilience over 62 years or more, weathering military coups, civil war, oil booms and busts, the COVID-19 pandemic, and the Russia-Ukraine conflict.
Among the long-standing companies are First Bank of Nigeria Limited, John Holt Plc, Union Bank of Nigeria Plc, Royal Exchange Plc, Unilever Nigeria Plc, UAC of Nigeria Plc, Shell Petroleum Development Company, May & Baker Nigeria Plc, Wema Bank Plc, United Bank for Africa Plc (UBA), Julius Berger Nigeria Plc, Aero Contractors, and Sterling Bank Plc.
These companies have navigated through difficult periods by adapting to changing market conditions, diversifying their operations, and investing in innovation despite economic headwinds. First Bank, established in 1894, stands as one of the oldest surviving companies in Nigeria, with over 125 years of operation. It has weathered economic storms, political unrest, policy changes, and financial crises.
John Holt, founded in 1897, is another remarkable example. The company operates across various sectors, including engineering, air conditioning and cooling systems, fire and safety equipment, construction, and property development.
Union Bank, tracing its rich history back to 1917 when it was known as Colonial Bank, holds the third spot on the list. Over the years, the bank has undergone corporate changes, including a name change and the transfer of ownership to Nigerians as a result of the Nigerian Enterprises Promotion Acts in 1972 and 1977.
Royal Exchange Plc (1921) and Unilever Nigeria (originally Lever Brothers (West Africa) Limited, established in 1923) have also sustained their operations for many decades. UAC of Nigeria Plc, incorporated in 1931, and Shell Petroleum Development Company, the first oil company to enter Nigeria in 1937 as Shell D'Archy, are also among the enduring entities.
May & Baker Nigeria (1944) and Wema Bank (1945) rank as Nigeria's oldest surviving companies. UBA, established in 1949, follows closely in terms of longevity. Julius Berger, established in 1950, has recently announced plans to diversify its business beyond construction, its core industry, after a challenging fiscal year in 2020.
Aero Contractors, founded in 1959, and Sterling Bank (originally NAL Bank), established in 1960, complete the list of Nigeria's longest-standing companies.
These companies' ability to adapt, innovate, and withstand various challenges underscores their resilience in the Nigerian business landscape.
