Nigeria's Top Companies Hold N6.25 Trillion in Debt

As of June 2026, Nigeria's largest listed companies, including Dangote Cement, BUA Cement, MTN Nigeria, Seplat Energy, Aradel Holdings, BUA Foods, Nestlé Nigeria, Nigerian Breweries, Presco, and Geregu Power, collectively owe N6.25 trillion. Of this, approximately N4.64 trillion, or 74.2%, is from bank loans and direct borrowing, while only N1.61 trillion (25.8%) is raised through bonds and commercial papers.

The overall debt decreased by N1.50 trillion, or 19.3%, from N7.75 trillion in December 2025, and cash balances increased to N5.02 trillion. This indicates improved liquidity and reduced net debt to N1.23 trillion.

The oil and gas sector, particularly Aradel Holdings and Seplat Energy, accounts for 47% of the total debt, reflecting its capital-intensive nature. Despite increased corporate debt market activity, the companies' borrowing structure remains heavily bank-dependent.