Firms included in the sample for the study
| 1. A.G. Leventis Nigeria Plc | Conglomerates |
| 2. Chellarams Plc | Conglomerates |
| 3. John Holt Plc | Conglomerates |
| 4. SCOA Nigeria Plc | Conglomerates |
| 5. Transnational Corporation Plc | Conglomerates |
| 6. UACN Plc | Conglomerates |
| 7. DN Tyre & Rubber Plc | Consumer goods |
| 8. Champion Breweries Plc | Consumer goods |
| 9. Golden Guinea Breweries Plc | Consumer goods |
| 10. Guinness Nigeria Plc | Consumer goods |
| 11. International Breweries Plc | Consumer goods |
| 12. Nigerian Breweries Plc | Consumer goods |
| 13. 7-Up Bottling Company Plc | Consumer goods |
| 14. Dangote Flour Mills Plc | Consumer goods |
| 15. Dangote Sugar Refinery Plc | Consumer goods |
| 16. Flour Mills Nigeria Plc | Consumer goods |
| 17. Honeywell Flour Mill Plc | Consumer goods |
| 18. Multi-Trex Integrated Plc | Consumer goods |
| 19. N. Nigeria Flour Mills Plc | Consumer goods |
| 20. Union Dicon Salt Plc | Consumer goods |
| 21. Cadbury Nigeria Plc | Consumer goods |
| 22. Nestle Nigeria Plc | Consumer goods |
| 23. Nigerian Enamelware Plc | Consumer goods |
| 24. Vitafoam Nigeria Plc | Consumer goods |
| 25. P.Z. Cussons Nigeria Plc | Consumer goods |
| 26. Unilever Nigeria Plc | Consumer goods |
| 27. Mcnichols Plc | Consumer goods |
| 28. NASCO Allied Industries Plc | Consumer goods |
| 29. African Paints (Nigeria) Plc | Industrial goods |
| 30. Ashaka Cem Plc | Industrial goods |
| 31. Austin Laz & Company Plc | Industrial goods |
| 32. Avon Crowncaps & Containers | Industrial goods |
| 33. Berger Paints Plc | Industrial goods |
| 34. Beta Glass Plc | Industrial goods |
| 35. CAP Plc | Industrial goods |
| 36. Cement Co. of North.Nig. Plc | Industrial goods |
| 37. Cutix Plc | Industrial goods |
| 38. Dangote Cement Plc | Industrial goods |
| 39. First Aluminium Nigeria Plc | Industrial goods |
| 40. Greif Nigeria Plc | Industrial goods |
| 41. Lafarge Africa Plc | Industrial goods |
| 42. Meyer Plc | Industrial goods |
| 43. Paints and Coatings Manufactures Plc | Industrial goods |
| 44. Portland Paints & Products Nigeria Plc | Industrial goods |
| 45. Premier Paints Plc | Industrial goods |
| 1. A.G. Leventis Nigeria Plc | Conglomerates |
| 2. Chellarams Plc | Conglomerates |
| 3. John Holt Plc | Conglomerates |
| 4. SCOA Nigeria Plc | Conglomerates |
| 5. Transnational Corporation Plc | Conglomerates |
| 6. UACN Plc | Conglomerates |
| 7. DN Tyre & Rubber Plc | Consumer goods |
| 8. Champion Breweries Plc | Consumer goods |
| 9. Golden Guinea Breweries Plc | Consumer goods |
| 10. Guinness Nigeria Plc | Consumer goods |
| 11. International Breweries Plc | Consumer goods |
| 12. Nigerian Breweries Plc | Consumer goods |
| 13. 7-Up Bottling Company Plc | Consumer goods |
| 14. Dangote Flour Mills Plc | Consumer goods |
| 15. Dangote Sugar Refinery Plc | Consumer goods |
| 16. Flour Mills Nigeria Plc | Consumer goods |
| 17. Honeywell Flour Mill Plc | Consumer goods |
| 18. Multi-Trex Integrated Plc | Consumer goods |
| 19. N. Nigeria Flour Mills Plc | Consumer goods |
| 20. Union Dicon Salt Plc | Consumer goods |
| 21. Cadbury Nigeria Plc | Consumer goods |
| 22. Nestle Nigeria Plc | Consumer goods |
| 23. Nigerian Enamelware Plc | Consumer goods |
| 24. Vitafoam Nigeria Plc | Consumer goods |
| 25. P.Z. Cussons Nigeria Plc | Consumer goods |
| 26. Unilever Nigeria Plc | Consumer goods |
| 27. Mcnichols Plc | Consumer goods |
| 28. NASCO Allied Industries Plc | Consumer goods |
| 29. African Paints (Nigeria) Plc | Industrial goods |
| 30. Ashaka Cem Plc | Industrial goods |
| 31. Austin Laz & Company Plc | Industrial goods |
| 32. Avon Crowncaps & Containers | Industrial goods |
| 33. Berger Paints Plc | Industrial goods |
| 34. Beta Glass Plc | Industrial goods |
| 35. CAP Plc | Industrial goods |
| 36. Cement Co. of North.Nig. Plc | Industrial goods |
| 37. Cutix Plc | Industrial goods |
| 38. Dangote Cement Plc | Industrial goods |
| 39. First Aluminium Nigeria Plc | Industrial goods |
| 40. Greif Nigeria Plc | Industrial goods |
| 41. Lafarge Africa Plc | Industrial goods |
| 42. Meyer Plc | Industrial goods |
| 43. Paints and Coatings Manufactures Plc | Industrial goods |
| 44. Portland Paints & Products Nigeria Plc | Industrial goods |
| 45. Premier Paints Plc | Industrial goods |
Source: Nigerian Stock Exchange (2017)
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