May & Baker Nigeria Cuts Debt by 47.7% Amid Expansion Plans

May & Baker Nigeria Plc has announced a 47.7% reduction in its borrowings, decreasing from N7.97 billion in March 2025 to N4.17 billion by March 2026. This decline reflects disciplined financial management rather than a slowdown in investment, according to Pharm.

Patrick Ajah, the Managing Director/Chief Executive Officer. The company’s financial statements show total equity rose from N11.04 billion to N14.93 billion, and cash and cash equivalents increased from N5.08 billion to N7.91 billion during the same period.

Ajah explained that the loans were primarily intervention facilities from the Central Bank of Nigeria and the Bank of Industry, which have more favorable terms than conventional loans. He emphasized that the absence of new borrowings allowed the outstanding balance to decline naturally.

May & Baker is currently developing a new five-year strategic plan to support its next phase of growth, indicating a commitment to long-term expansion financed through internal resources and market instruments.