Multinational conglomerate, Stallion Group, was honoured on Monday by President Goodluck Jonathan as one of the country’s top companies that contribute immensely to the economic development.
The Top 100 Business listing, which is the first in the history of the country, was a brainchild of Jonathan.
Stallion was ranked within the top 15 companies and was one the only two high ranked conglomerates along with the Dangote Group.
Stallion was listed amongst the highest ranked companies in Nigeria that included multinational oil giants Exxon Mobil, Shell, Chevron, TotalEni Agip/Saipem and CNOOC Oil.
Others included MTN, Zenith Bank and First Bank.
The award presentation ceremony, which was held in Abuja on Monday, was aimed at encouraging highly performing companies to further contribute to the economy in more significant ways.
The award, the first in Nigeria, took into account the amount of taxes paid, the employment generated, Corporate Social Responsibility and the companies’ turnover.
Jonathan, in his address at the dinner for recipients in Abuja, said: “The companies are the frontiers of our economy and will help the country achieve the Top 10 economy in the world status.”
Minister for Industry, Trade and Investment, Dr. Olusegun Aganga, said: “The top 100 companies account for 20 per cent of Nigeria’s $510 million Gross Domestic Product.”
Aganga said the country adopted similar criteria as Fortune 500 in the US, in selecting the top businesses.
He said this made it very objective and verifiable.
“We want to make it absolutely clear that it has integrity,” he stated.
Aganga expressed pride at the achievement of the selected companies, as it is investors that create jobs, wealth, facilitate economic growth and generate income for the government.
Promoted by multi billionaire, Sunil Vaswani, Stallion is a multi business conglomerate with a 45-year history in Nigeria and presence in 18 countries engaged in commodities, industries, automobile assembly, agriculture, mining, steel, plastics ,petro chemicals, packaging, IT/Automation, Real Estate,Shipping and Banking.
Stallion’s top ranking and recognition heralds its strong position as a well-entrenched conglomerate in the privileged company of multinational oil majors and leading banking and telecom companies.