Lagos, Nigeria — August 15, 2025
Nigeria’s corporate heavyweights are sitting on unprecedented cash piles, with Dangote Cement, Seplat Energy, MTN Nigeria, and Dangote Sugar topping the list of companies boasting the largest bank balances.
While complete first-half 2025 figures are still trickling in, market data and company disclosures suggest the cash-hoarding streak of recent years has not only continued but accelerated. By late 2023, the combined reserves of Nigeria’s top 28 non-financial, non-insurance listed firms hit ₦2.3 trillion, up from ₦1.8 trillion a year earlier — a trend analysts believe has grown even stronger this year on the back of robust earnings.
Seplat Energy emerged as a star performer, generating approximately ₦1.188 trillion in operational cash flow in just the first six months of 2025 — a sign of strong liquidity even if not all of it sits as reserves. Dangote Cement and MTN Nigeria also posted solid revenues, bolstering their capacity to keep hefty cash buffers.
Experts attribute this liquidity cushion to a blend of financial discipline and strategic caution in the face of inflation, exchange rate volatility, and rising borrowing costs. “It’s a defensive and offensive play,” noted a Lagos-based capital markets analyst. “They’re shielding themselves from economic shocks while staying ready to pounce on investment openings.”
Investor confidence on the Nigerian Stock Exchange has surged in 2025, with several firms crossing the billion-dollar valuation threshold, fueled by healthy profits and supportive government reforms.
With half-year results still being released, analysts expect Nigeria’s corporate cash mountains to grow even higher, underscoring a mix of resilience, agility, and readiness to navigate an unpredictable economy.
