Sundry Markets Limited (SML) , the operator of the popular Marketsquare supermarket chain , has been recognized by the Financial Times (FT) as one of Africa’s fastest-growing companies for the second consecutive year. In the 2025 edition of the FT’s ranking—developed in collaboration with Statista —SML secured the 47th position out of 130 companies across the continent, affirming its leadership in Nigeria’s organized retail sector.
The ranking, based on the compound annual growth rate (CAGR) from 2020 to 2023, highlights SML’s impressive financial performance during the period. The company achieved a CAGR of 59.2% and an Absolute Growth Rate of 303.6% , underscoring its rapid expansion and market dominance. Notably, SML is inferred to be the fastest-growing retail company in Africa , with the third-highest revenues among the companies listed.
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The Founder and CEO of SML, Mr. Ebele Enunwa , expressed excitement about the recognition, attributing the achievement to the dedication of management, staff, and the collaborative efforts of stakeholders. Enunwa emphasized SML’s commitment to building a modern retail company that caters to the evolving needs of Nigerian consumers while promoting homegrown solutions.
“This recognition is a testament to our hard work and innovation in the retail sector,” Enunwa stated. “We remain focused on delivering value to our customers and contributing to the growth of Nigeria’s economy.”
Established in 2015 , SML has grown from operating a single store to managing 36 stores across 14 cities in Nigeria. With ambitious expansion plans, the company aims to reach a milestone of 50 operational stores in various Nigerian cities by the end of 2026 .
This accolade is expected to boost the morale of SML’s team, encouraging continued excellence in Nigeria’s competitive retail landscape.
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