Sunday 24 June 2018

Value Relevance Of Accounting Information And Share Prices Of Listed Consumer Goods Firms In Nigeria




By




YUNUSA, Ibrahim
Department of Accountancy
School of Business and Financial Studies
College of Business and Management Studies
Kaduna Polytechnic, Kaduna
+2348036308171, +2348076864373
Ibroagyan33@gmail.com, inspirationalibro@yahoo.com









BEING A CONFERENCE PAPER PRESENTED AT THE ASSOCIATION FOR PROMOTING ACADEMIC RESEARCHES AND DEVELOPMENT IN NIGERIA (APARDN) NIGER DELTA UNIVERSITY, WILBERFORCE ISLAND, AMASSOMA, BAYELSA STATE, WITH THE THEME: EDUCATION IN NIGERIA: INTELLECTULS AND STRATEGIES FOR ENSURING PEACE, NATIONAL UNITY AND SUSTAINABLE DEVELOPMENT IN THE 21ST CENTURY
                               DATE: MONDAY 14TH MAY-FRIDAY 18TH MAY 2018
ABSTRACT
This study examines value relevance of accounting information of listed Consumer Goods firms in Nigeria. The study uses correlational and ex-post facto research design, secondary data for a period of 10 years (2007-2016) was used, and multiple regression was employed in data analysis. All robustness tests have been done using STATA 13 statistical software. The population of the study consisted of all the twenty-seven (27) Consumer Goods firms that are listed on the Nigerian Stock Exchange. The result revealed that the explanatory variables statistically and significantly influence the explained variable, except book value per share. This implies that accounting information published by listed Consumer Goods firms in Nigeria have high value relevance to the investors in making their investment decisions on the firms. The study also revealed that earnings per share are the most value relevant accounting information followed by cash flow from operations. It is therefore recommended that the management of Nigerian Consumer Goods firms should maintain stability and consistency in their earnings by maintaining uniform accounting policy and diversification of operations, which will go a long way in increasing the market value of the firms.
Key words: Value Relevance, earnings per share, cash flow from operations

1.0 INTRODUCTION
Accounting is seen as the language of business used by corporate firms in communicating their financial positions to their users through the publication of annual financial statements containing the required financial accounting information. Financial accounting information is the product of corporate accounting and external reporting systems that measures and publicly discloses audited, quantitative data concerning the financial position and performance of publicly held firms. The statement should disclose reliable, relevant, comparable, timely and understandable information (Musa, 2015). However, for any accounting information to meet up with the above qualitative characteristics, it must be prepared and made public for the consumption of its target users. These users need different information at different times and as such, it is mandatory for the preparers of these financial statements to prepare and present reliable information to assist them in their decision making.
Value relevance is the ability of accounting numbers to summarize the information underlying the stock prices, thus the value relevance is indicated by a statistical association between financial information and prices or returns (Liu & Liu, 2007). The value relevance literature deals with the usefulness of financial information in equity valuation and how well do accounting figures measure value? What accounting figures can be used to predict value attributes? According to Omokhudu & Ibadin (2015) financial reports have the primary objective of providing information for investment decision making. Consequent upon this, the usefulness of information contained in financial reports depends upon their usefulness for investment decision making. From investors’ perspective, information is relevant if it contributes to the equity investment decisions of the investor. Useful accounting information must possess the primary attributes of relevance and reliability. Relevant accounting information must possess the capacity to influence the decision of the investor, to invest by buying shares and share price depends on the quantum of patronage by prospective investors.
In line with this, literatures indicate the relevance of accounting information in ascertaining the value of accounting information. The empirical operationalization of relevance of accounting information in the extant accounting literature is referred to as value relevance. Barth, Beaver & Landsman (2001) summarized value relevance as the “ability of financial statement information to capture or summarize information that affects share values.” Holthausen & Watts (2001) see value relevance as the empirical relation between stock market values (or changes in values) and particular accounting numbers for the purpose of providing basis for assessing the numbers used or proposed to be used in accounting standard.
There has been concerns as to whether financial statements are losing their value and relevancy due to the shift from an industrialized economy to a high-tech, service oriented economy (Collins, Maydew, & Weiss, 1997; Brown, Lo & Lys; 1999; Francis & Schipper, 1999 and Lev & Zarowin, 1999) and as to whether cross-country differences in disclosure and measurement practices cause differences in the quality of accounting information (Harris, Lang & Moller; 1994; Joos & Lang, 1994; Alford, Jones, Leftwich & Zmijcwiski, 1993 and Amir, Harris & Venuti.; 1993). Recent value relevance studies recognize and operationalize institutional factors affecting the level of accounting quality among the countries (Ali & Hwang, 2000; Ball, Robin & Wu, 2003; and Hung, 2001). These studies find that there exists a significant association between market returns and accounting earnings in these countries (Hellstrom, 2005)
Therefore, the focus of this study will be to investigate whether accounting information proxies by earnings per share, book value per share and cash flow from operations explains the share prices proxied by market prices per share of listed consumer Goods firms in Nigeria from 2007 to 2016. It is in line with the above, that the study motivated by the Residual Income Valuation Model which captures both accounting information and share price will be used to anchor the findings of this study and also owing to the fact that the value of a firm is usually a reflection of the accounting information.
This area of research originated from the work of Ball & Brown (1968) and Beaver (1968) who were motivated by the theory that financial statements must have some worth to shareholders since they had survived for so long and financial resources were required to produce them. This notion led to the pool of literature that examines the relevance of Accounting Information and Share prices.
Moreover, accounting information and share prices have been empirically examined in many different ways and with different variables at different periods (Adaramola & Oyerinde, 2014; Abiodun 2012, Oyerinde, 2009; Omokhudu & Otakefe, 2004; Zhao & Zhang 1999, Sami & Haiyan 2004; Collins, Maydew & Weiss, 1997;  Francis & Schipper 1999; Lev & Zarowin 1999; Core, Guay & Buskirk 2003; Omokhudu & Ibadin2015; Abubakar, 2010; Abiodun 2012; Beisland, 2010; Brimble & Hodgson 2007; Dung, 2010; Ghayoumi, Nayeri & Raeesi 2011; Gottsche, & Schauer, 2011) . Most of these studies concentrated on earnings per share, book value per share and dividend per share, without considering the effect, cash flow from operations has on share price. To the best of my knowledge, these create variable inclusion gap for this study to fill.
All of these empirical researches, (Abayadeera, 2010; Amir & Lev 1996; Ayed & Abaoub, 2006; Musa 2015; Oyerinde 2009; Abubakar 2011, Bartov, Goldberg, & kim 2001) none to the best of my knowledge was carried out to cover 2014 annual report and accounts of listed consumer goods firms in Nigeria or thereafter. The scope of this study covers the period from 2007 to 2016 which differentiate this study from the previous empirical studies, providing period gap for this study to cover.
In addition, most of these studies (Zhao & Zhang 1999, Sami & Haiyan 2004; Collins, Maydew & Weiss, 1997;  Francis & Schipper 1999; Lev & Zarowin 1999; Core, Guay & Buskirk 2003; Beisland, 2010; Brimble & Hodgson 2007; Dung, 2010; Ghayoumi, Nayeri & Raeesi 2011; Gottsche, & Schauer, 2011;) are from different geographical and business environment significantly different from Nigeria, this provides environmental gap for this study to obviously fill, by examining value relevance of accounting information on share prices of  consumer goods firms listed on the Nigerian Stock Exchange. 
In the light of the foregoing the following research questions needs to be answered. To what extent does the accounting information of consumer Goods firms in Nigeria, influence the share price of the firms? Is the value relevance of earnings per share and cash flow from operations of consumer Goods Firms in Nigeria affecting the share prices of those firms?
The major objective of the study is to examine the impact of value relevance of accounting information on share prices of listed consumer Goods Firm in Nigeria. Other specific objectives are to:
  1. examine the impact of earnings per share on share prices of listed consumer Goods Firms in Nigeria.
  2. determine the impact of book value per share on share prices of listed consumer Goods Firms in Nigeria.
  3. find out the impact of cash flow from operations on share prices of listed consumer Goods Firms in Nigeria.
In line with the objectives of this study, the following hypotheses have been formulated in null form:
H01: Earnings per share has no significant impact on the share prices of listed consumer goods firm in Nigeria;
H02:  Book Value per share has no significant impact on the share prices of listed consumer goods firm in Nigeria;
H03: Cash flow from operations has no significant impact on the share prices of listed consumer goods firm in Nigeria.
The study focuses on finding the impact of value relevance of accounting information on share prices of Listed consumer Goods firm in Nigeria only. Therefore, the independent variables are earnings per share, book value per share and cash flow from operations while the dependent variable is share prices. The study is expected to cover the period of 2007 to 2016. The impact of these variables of the study are tested using secondary data that are extracted from the annual financial reports of the listed consumer Goods Firms in Nigeria.
Since consumer Goods firms is one of the largest sector of Nigeria Industrial sector, assessing the impact of value relevance of accounting information on share prices will help concerned parties innovate actions that can fortify their competitive position in the industry. This study, therefore, contributes to the literature by assessing the impact of value relevance of accounting information on share prices of listed consumer Goods firms in Nigeria. Second, the study has great importance to external investors and shareholders, bank managers, lenders and policy makers in making knowledgeable decisions and regulations considering the financing patterns of the listed consumer Goods firms in Nigeria. Also, the study notably contributes to other studies to be made in different economic sectors by providing potential factors determining the impact of value relevance of accounting information on share prices, it serves as a reference point for other researches.


2.0 Review of Related Literatures
Ayed & Abaoub (2006) examined the value relevance of accounting earnings and components in the Tunisia Stock Exchange. They employed a sample of 262 firm-years, over the period 1997 to 2004, in which the new accounting system of companies was introduced, but before the introduction of the standard of consolidation in 2005, they tested three hypotheses. First, that operating earnings before taxes are more value relevant than bottom line earnings in explaining returns; second, that earnings components are more value relevant in explaining returns.
Abayadeera (2010) tested for the value relevance of financial and non-financial information in high-tech industries in Australia with a sample size of 91 companies running through various sectors of the Australian economy. The Ohlson’s (1995) Equity Valuation Model (modified for the intangible assets disclosure) was explicitly applied to examine the value relevance of financial and non-financial information with an overall results that provided evidence that book value is the most significant factor and earnings are the least significant factor in deciding share prices in high-tech industries in Australia .This finding of Abayadeera (2010) further supported previous studies that showed value relevance declined in earnings but increase in book value.
Perera (2010) addressed the relevance of Accounting Information on investor’s stock market decisions in Commercial Banks registered under Colombo Stock Exchange (CSE) in Sri Lanka. The relevance of accounting data was measured by correlation coefficient between Market Price per Share (MPS) and selected accounting information such as Earning per Share (EPS), Return on Equity (ROE) and Earning Yield (EY). The data analysis was based on the AI in the Journal of Economic Info, 3(1), 40-48, 2014 43 published financial statements of Commercial banks registered under CSE for a period of 5 years from 2006 to 2009. The study concluded that there is a relationship between Accounting Information and Market Price per Share. Further, the study examined that investors still consider Accounting Information which is contained in the published financial statements of Commercial Banks registered under CSE for the stock market decisions in Sri Lanka. 
Furthermore, Abiodun (2012) conducted a research on the value relevance in corporate sector’ of Nigeria and used logarithmic regression models on 40 companies for the period between 1999 to 2009. The results conclude that earnings is more value relevant than book values by extension that, information contained in the income statements, dictates more of the corporate values of firms in Nigeria than the information contained in the balance sheet. Relevant information is such that it influences the economic decisions of users by helping them evaluate past, present and future events.
Glezakos, M., Mylonakis, J.& Kafuoros, C. (2012) studied the impact of earnings and book value in the formulation of stock prices on a sample of 38 companies listed in the Athens Stock Market during the1996-2008 period. The results concluded that the joint explanatory power of the above parameters in the formation of stock prices increases over time. The study further examined that the impact of earnings is diminishing, compared to the book value, while investors strive towards analyzing the fundamental parameters of businesses.
Mohammadi (2012) investigates the relationship between accounting information and the value of the companies accepted in Tehran exchange market. The profit quality characteristic index is to be related and to be on-time. The number of 194 companies was selected by systematic method as the statistics sample in the period of 2007-2009. The results found that that there is no relationship between accounting information and companies’ value (stock value), The study argue that this may have happened due to lack of efficiency of investment market and inability in using the accounting information by investment market activists.
Nayeri (2012) examined the factors affecting the value relevance of accounting information for investors in the Tehran Stock Exchange over the period of six years. In the study, the effect of four factors; being profitable or loss generating, company size, earnings stability and company growth on the value relevance of accounting information have been studied. For this purpose, Ohlson model and the cumulative regression analysis was used in order to examine the hypotheses and as the basis of data analysis T-test by Regression coefficient analysis is deployed. The study concluded that that these factors influence the value relevance of accounting information for investors in Tehran Stock Exchange.
Halonen, Pavlovia, & Pearson, (2013) conducted a research in order to measure the value relevance between accounting data and stock prices from OMX (Sweden) Large Cap between 2007-2010. The results revealed that value relevance from the balance sheet, measured by BVPS, has increased as compared to EPS. The results also show that accounting data explains a high proportion of the stock price.
This study adopts a simplified version of Ohlson’s clean surplus theory following (Beisland, 2009). Ohlson (1995), who bases his theory of valuation on the residual income valuation model (RIVM), claims that under certain conditions share price can be expressed as a weighted average of book value and earnings. Ohlson’s clean surplus theory shows that the market value of the firm can be expressed in terms of income statement and balance sheet items (Scott, 2003).  Residual Income Valuation Model defines total common equity value in terms of the book value of stockholders’ equity and net income determined in accordance with GAAP (Halsey, 2001).
The model has generated much empirical research examining the comparative valuation relevance of the balance sheet and the income statement components.  Residual Income Valuation Model has become prominent in the accounting literature (Spilioti and Karathanassis, 2010). This is because it has had some success in explaining and predicting actual market firm value (Scott, 2003). Prior empirical studies that find book value and discounted future abnormal earnings have vital role to play in the determination of equity prices include Bernard, (1995); Burgstahler and Dichev, (1997); Penman and Sougiannis, (1998); Dechow, Hutton and Sloan, (1999).

Bernard (1995) is one of the first to gauge the value relevance of accounting data. He compares the explanatory power of a model in which share price is explained by book value and earnings versus a model of share price based on dividends alone. He finds that the accounting variables dominate dividends, which is interpreted as confirming the benefits of the linkage between accounting data and firm value.

3.0 Methodology and model specification
Predicated on the objectives of this study, it is believed that this study is quantitative in nature. Therefore, the worldview is post-positivism paradigm and the research design is quasi experimental and the study approach is quantitative. To describe the statistical association between the variables in the study correlational and Ex post facto research designs are used. These designs are considered appropriate for examining the relationship between the variables and the impact of one of the variable (independent variables) on another (dependent variable).
The population of this study is all the twenty-seven (27) consumer goods firms listed on the floor of Nigerian Stock Exchange as at 31st December, 2016. The sample size is all the firms in the population constituting 100% sample using Census sampling techniques. Therefore, twenty- seven (27) consumer goods firms is the sample size of this study. As a result of lack of complete data of some of the listed firms, unbalanced panel data was used.
In order to achieve the objectives and test the hypotheses of this study, multiple panel regression analysis is employed.The explanatory variables used as proxies of accounting information are earnings per share, book value per share and cash flow from operation. The choice of explanatory variable is based on the Ohlsons’ Clean Surplus theory as used in previous studies conducted.
To measure share price; this study adopts Ohlson (1995) model measure as stated in the work of Oyerinde (2011) and Musa (2015). In order to measure earnings per share, this study adopts the measurement used in the work of Shehzad & Ismail (2014). In order to measure book value per share, this study adopts the measurement used in the work of Oyerinde, 2011 and Ali & Hwang 1999 To measure Cash Flow from operation this study adopts the measurement used by Omokhudu & Ibadin (2015).
The model of the study is stated and specified as follows:
SHRPRit = β+ βEARPSit + βBKVPSit  + βCFFOit ε it
Where:            SHRPRit =share price of firm i at time t
                        EARPSit   =earnings per share of firm i at time t
                        BKVPSit = book value per share of firm i at time t
                        CFFOit = Cash flow from Operations of firm i at time t
                        β0            =constant or intercept.
                        β1-2      =coefficients of explanatory variables
                        εit         =error term
4.0 Results and Discussion
The descriptive statistics of the data collected for the study is presented and discussed in this section. The summary of the descriptive statistics of the data collected is presented in Table 4.1 as follows;
Table 4.1: Descriptive Statistics of the Variables
VARIABLES
Min
Max
Mean
SD              
Skewness
Kurtosis
SHRPR
  -433
  1481
153.43
302.90
1.88
  7.29
EARPS
BKVPS
   0.18
   0.07
  1.77
15.5
    0.59
    1.64
    0.26
    1.58
1.20
4.20
  5.82
32.27
CFFO
-41.54
39.15
    7.84
  15.13
-0.55
  3.44
Source: STATA 13 (Appendix ii)
Table 4.1 shows that our measure of Share Price (SHRPR) has a minimum value of -433 and 1481 as the maximum value, this indicates that 1.00 is the lowest value in the data set while 1481 is the highest value in the data set which signifies that there are no serious outlier issues in the data set. The average value of the SHRPR is 153.43 with standard deviation of 302.90, this signifies that there is large deviation from the mean, because of the value of standard deviation which is far from the mean. The kurtosis value of 7.29 also suggests that majority of the data are lower than mean, as such the data meet the Gaussians distribution assumption. Similarly, the coefficient of Skewness 1.88 implies that the data is positively skewed, and thus, the data did meet the symmetrical distribution assumption.
The results from the table also indicate that the minimum and maximum values of the Earnings Per Share (EARPS) are 0.18 and 1.77 respectively; this indicates non-existence of outliers’ issues from the data set. The mean value of 0.59 and standard deviation of 0.26 in the data implies that there is dispersion from the mean value by approximately 0.26 in the sample firms. The coefficient of Skewness 1.20 implies that the data is positively skewed, and thus, the data did meet the symmetrical distribution assumption. On the other hand, the kurtosis value of 5.82 also shows that most of the values are higher than the mean, and thus the data did not meet the Gaussians distribution assumption.
The descriptive statistics from Table 4.1 shows that Book Value Per Share (BKVPS) has no elements of outliers’ issues in the data set because the minimum and maximum value in the data set are 0.07 and 15.55 respectively. On average, the BKVPS in the sample firms is 1.64 with standard deviation of 1.59. That is, the deviation from the mean is about 1.59 at best. The value of Skewness 4.21 implies that the data is positively skewed, and therefore conform to the symmetrical distribution requirement. Moreover, the value of Kurtosis 32.27 also indicates that the BKVPS data did not meet the Gaussians distribution assumption. 
The descriptive statistics from Table 4.1 shows that Cash Flow from Operations (CFFO) has no elements of outliers’ issues in the data set because the minimum and maximum value in the data set are -49.54 and 39.15 respectively. On average, the CFFO in the sample firms is 7.84 with standard deviation of 15.13. That is, the deviation from the mean is about 8.00 at best. The value of Skewness -0.55 implies that the data is negatively skewed, and therefore does not conform to the symmetrical distribution requirement. Moreover, the value of Kurtosis 3.44 also indicates that the CFFO data did not meet the Gaussians distribution assumption. 
Table 4.2 Correlation Matrix of the Dependent and Independent Variables of the first model
VARIABLES           SHRPR            EARPS           BKVPS           CFFO
SHRPR                     1.0000

EARPS                     -0.0746              1.0000
                                  (0.2287)
BKVPS                     0.2101               -0.1483           
                                  (0.0006)            (0.0163)
CFFO                       0.6076               -0.4669            0.0235             1.0000
                                 (0.0000)             (0.0000)          (0.7049)

P-Values in Parentheses
Source: STATA 13 (Appendix ii)

Table 4.2 present the correlation results between predictor variables (Earnings Per Share and Cash Flow from Operations) and Share Price (SHRPR) in the Listed Consumer Goods Firms in Nigeria. The result shows that there is a negative relationship between Share Price (SHRPR) and Earnings Per Share (EARPS) from the correlation coefficient of -0.0746, at 22% level of significance, (p-value 0.2287). This result suggests that if Earnings Per Share increases in the sample firms, Share Price would decrease, but not significantly.
From the table 4.2 the result indicates that there is a positive significant relationship between share price (SHRPR) and Book Value Per Share (BKVPS) from the correlation of 0.2101 which is significant at all levels of significance (p-value of 0.0006). This implies that the more the Book Value Per Share of the Sampled firms, Share price will increase significantly.
From the table 4.2 also the results indicate that there is a positive relationship between Share Price (SHRPR) and Cash flow from operations (CFFO) from the correlation coefficient of 0.6076 which is significant at all levels of significance (p-value of 0.0000). This implies that the more Cash flow from operations increases in the sample firms, Share Price increases, and it is statistically significant.
Table 4.3 Summary of Regression Result of the Model

Variables
OLS Model
                  GLS Model
Fixed Effect
Random Effect
R2
Adj. R2
F-STAT

Wald Chi2(5)

Hausman
Hettest
Mean/VIF
Autocorrelation
 0.4806
 0.4745
 79.56 (0.0000)
0.4586

40.79 (0.0000)
0.4763



177.50(0.0000)

13.80(0.0032)
76.01(0.0000)
1.21
No Autocorrelation
Source: STATA 13 (see appendix i)
The Table 4.3 present the regression results of OLS model and GLS model In choosing the most appropriate GLS model for the study, usually two important tests are conducted; Hausman Specification Test and Breusch and Pagan Lagrangian Multiplier Test. The Hausman Specification test from the Table 4.4 suggests that there is Fixed Effects in the model for the study as evidenced by the Chi2 of 13.80 with p-value 0.0032. From the Table 4.3 also the Breusch Pagan/Cook Weisberg (test of heteroskedasticity) coefficient of 76.01 with p-value of 0.0000 proved that there is presence of heterogeneity problem (that is, an unequal variance exists in the panel data).
The multiple coefficient of determination R2 of OLS and Random Effect regression result from the table 4.3 are better than that of Fixed Effect. This implies that OLS and Random Effect gives robust proportion of the total variation in the dependent variable explained by the independent variables jointly, which is more than that of Fixed Effect confirming Beck & Katz (1995) argument that despite contemporaneous correlation in panel data OLS is still BLUE compared to GLS that under-estimate standard errors seriously leading to inefficient beta coefficient. Therefore, Fixed Effect regression model is chosen as suggested by Hausman Specification test which is significant at 5% and used in the analysis and hypotheses testing so as to produce efficient and reliable results.
The results also from Table 4.3 indicate that the predictor variables (earnings per share, book value per share and cash flow from operations) explained 46% of the variations in the dependent variable, share price of the listed consumer goods firms in Nigeria, (R2 value of 0.4586). The result also shows that the model is fitted as evidenced by the F-Statistics of 40.79 which is significant at 1% level of significance (P-value 0.0000).
The results from Table 4.3 proved the absence of perfect multicollinearity among the independent variables, because on average variance inflation factor (Mean VIF) is 1.21. The evidence from Breusch-Pagan/Cook-Weisberg test for heteroskedasticity coefficient of 76.01 with p-value of 0.0000 confirms the presence of the effects of heteroskedasticity. This leads to conducting the fixed effect and random effect regression model.
5.0 Conclusions and Recommendations
Based on the key findings of this research, the study concludes as follows; There is significant positive relationship between Earnings Per Share and share prices of listed consumer goods firms in Nigeria. This supports the proposition that accounting information is value relevant, however the functional form of the relationship has become complex, requiring a higher regard to research design. Therefore, accounting information plays a prominent role in influencing the share prices of listed Consumer Goods Firm in Nigeria. There is insignificant positive relationship between book value per share and share prices of listed consumer goods firms in Nigeria, therefore book value does not influence share prices. There is also significant positive relationship between Cash flow from operations and share price of listed consumer goods firms in Nigeria. Therefore, Cash flow from operations influences share prices by increasing the value of shares
In line with the findings and conclusion of the study, it is recommended as follows; The Managements of listed consumer goods firms in Nigeria should maintain stability and consistency in their earnings, while avoiding earnings management as much as possible. This is by employing uniform accounting policy in accordance with the relevant accounting standards for the preparation of financial accounting information. This will go a long way in increasing market value of the firms by drawing investors’ confidence to the shares of the firms. The management should also make efforts in increasing the cash flow from operations as this has been found to have significant effect on share prices of the affected firms.
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APPENDIX I
LISTED CONSUMER GOODS FIRMS IN NIGERIAN STOCK EXCHANGE                         AS AT 31ST DEC. 2016.
S/N.
LISTED DIVPSSUMER GOODS FIRMS IN NIGERIA
REMARK
1
DN TYRE & RUBBER PLC
SELECTED
2
CHAMPION BREWERIES PLC
SELECTED
3
GOLDEN GUINEA BREWERIES PLC
SELECTED
4
GUINESS NIGERIA PLC
SELECTED
5
INTERNATIONAL BREWERIES PLC
SELECTED
6
JOS INTERNATIONAL BREWERIES PLC
SELECTED
7
NIGERIAN BREWERIES PLC
SELECTED
8
PREMIER BREWERIES PLC
SELECTED
9
7-UP BOTTLING COMPANY PLC
SELECTED
10
BIG TREAT PLC
SELECTED
11
DANGOTE FLOUR MILLS PLC
SELECTED
12
DANGOTE SUGAR REFINERY PLC
SELECTED
13
FLOUR MILLS NIGERIA PLC
SELECTED
14
HONEYWELL FLOUR MILLS PLC
SELECTED
15
P.S MANDRIES & CO. PLC
SELECTED
16
MULTY-TREX INTERGRATED PLC
SELECTED
17
NATIONAL SALT COMPANY CO. NIG. PLC
SELECTED
18
NORTHERN NIGERIA FLOUR MILLS PLC
SELECTED
19
UNION DIDIVPS SALT PLC
SELECTED
20
UTC NIGERIA PLC
SELECTED
21
CADBURY NIGERIA PLC
SELECTED
22
NESTLE NIGERIA PLC
SELECTED
23
NIGERIAN ENAMELWARE PLC
SELECTED
24
VITAFOAM NIGERIA PLC
SELECTED
25
VONO PRODUCTS NIGERIA PLC
SELECTED
26
P.Z CUSSONS NIGERIA PLC
SELECTED
27
UNILEVER NIGERIA PLC
SELECTED



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