by Izuchukwu Okoye
The top 10 Nigerian companies with the largest cash holdings ended the first half of 2025 with a combined total of N2.31 trillion in the bank.
This represents a 30.9% increase from the N1.7 trillion collectively reported by the same set of companies a year earlier.
Cash in the bank refers to funds a company can access immediately, whether held in bank accounts or short-term deposits.
It serves as a clear indicator of a company’s capacity to quickly meet its obligations, invest in growth opportunities, or withstand unexpected shocks.
In corporate reporting, this is reflected under ‘cash and cash equivalents’ on the balance sheet, covering not only actual cash but also near-cash investments that can be converted into liquid funds within a few months.
For this report, we highlight the 10 Nigerian companies with the highest cash and cash equivalent positions in H1 2025.
Here they are:
10. International Breweries – N86.6 billion
International Breweries ranks 10th on the list with N86.6 billion in cash and cash equivalents as of June 2025, down from N109 billion at the end of last year.
The brewer’s current assets came in at N304.2 billion down 10.1%, while current liabilities stood at N196.3 billion down 23.4%.
Inventories were valued at N93.7 billion, giving a quick ratio of 1.07, above 1.00 standard, meaning the company has enough liquid assets to cover its short-term debts without selling inventory.
Notably, the company swung from a loss of N119.5 billion last year to an operating profit of N56 billion in H1 2025 and recorded a pretax profit of N61.5 billion after a loss of N150.2 billion.
For the period ended June 2025, the company recorded a net cash inflow from operating activities of N5.3 billion, a significant improvement from an outflow of N25.6 billion in the previous year.
9. Presco – N97.6 billion
Presco claims the 9th spot after a remarkable jump in cash balances to N97.6 billion from N31.4 billion just six months earlier.
Current assets rose 64% to N279.8 billion, against current liabilities of N204.8 billion, and inventories of N69.9 billion, translating into a quick ratio of 1.02.
Stronger fundamentals carried through to profitability, with operating profit jumping to N129.7 billion (up 138.3%) and pretax profit more than doubling to N111.8 billion in H1 2025.
The company generated N56 billion in net cash from operating activities during the period, slightly lower than the N63 billion recorded in the previous year.
8. Julius Berger – N101.4 billion
Julius Berger holds N101.4 billion in cash and cash equivalents, lower than the N162.3 billion reported at the close of 2024.
Current assets edged up to N556.2 billion, while current liabilities grew to N152.2 billion. With inventories of N94.6 billion, the company’s quick ratio stands at 3.03.
Despite solid liquidity, earnings softened, with operating profit down to N9.4 billion from N17.8 billion, and pretax profit at N13.1 billion down 47.62%, reflecting rising cost pressures.
In addition, the company’s cash flow from operating activities was a negative N63.8 billion, representing a higher outflow compared with the negative N27.9 billion recorded in the previous period.
7. Dangote Sugar Refinery – N147.7 billion
At N147.7 billion, Dangote Sugar’s cash position improved from N108.1 billion in December 2024, placing it 7th in the ranking.
The company’s current assets stood at N412.4 billion, while current liabilities were N842.7 billion. With inventories valued at N108.5 billion, the quick ratio stands at 0.36.
Operationally, results were far stronger, with operating profit soaring to N38 billion in H1 2025 and Q2 bringing a turnaround from a N104.5 billion pretax loss to a profit of N523.8 million.
Dangote Sugar generated N49.3 billion in net cash flow from operations, a significant improvement from the N170.9 billion loss reported in the previous year.
6. BUA Cement – N163.4 billion
BUA Cement nearly doubled its cash and cash equivalents in six months to N163.4 billion, earning the 6th position.
Current assets climbed to N460 billion, current liabilities eased to N495 billion, and inventories totaled N179.8 billion, resulting in a quick ratio of 0.57.
The improvement in liquidity was matched by stellar earnings growth, as operating profit surged to N245.3 billion (up 199.4% YoY) and pretax profit reached N214.8 billion in H1 2025, more than four times last year’s figure.
BUA Cement’s net cash from operating activities stood at N150.2 billion for the period, down from N405.2 billion recorded at the end of 2024.
5. Lafarge Africa – N210.01 billion
Lafarge Africa secured 5th place with N210.01 billion in cash and cash equivalents in H1 2025, down from N237.8 billion at year-end 2024.
Current assets stood at N407.7 billion, current liabilities at N393.9 billion, and inventories at N115.7 billion, giving a quick ratio of 0.74.
The cement producer posted a strong half-year, with operating profit jumping to N192.2 billion and pretax profit surging to N199.7 billion up 328.3%.
For the H1 period, net cash flow from operating activities reached N82.5 billion, up from N18.7 billion in the previous year.
4. Oando – N227.7 billion
Oando Plc holds the 4th position with N227.7 billion in cash and cash equivalents, slightly above the N221.7 billion recorded in December 2024.
Current assets totaled N998.5 billion, current liabilities stood at N4.1 trillion, and inventories at N49.9 billion, producing a quick ratio of 0.23.
Oando’s net cash flow from operating activities for the period was a negative N357.4 billion, slightly higher than the negative N329.5 billion recorded previously.
3. MTN Nigeria – N257.5 billion
MTN Nigeria’s cash and cash equivalents stood at N257.5 billion in June 2025, just above the N253.3 billion reported at the end of last year.
The company’s current assets were N784.3 billion, current liabilities N2.1 trillion, and inventories N12.5 billion, resulting in a quick ratio of 0.36.
Profitability improved dramatically, with operating profit leaping to N892.8 billion and pretax profit swinging from a N751.2 billion loss to N622.2 billion in H1 2025.
The group generated a cash flow of N955.6 billion from operating activities for the period ended June 2025, up N533.2 billion from the previous period.
2. Dangote Cement – N383.8 billion
Dangote Cement ranks 2nd, with N383.8 billion in cash and cash equivalents, down from N449.8 billion six months earlier.
Current assets reached N1.98 trillion, current liabilities N2.6 trillion, and inventories N716.2 billion, leading to a quick ratio of 0.47.
The company’s operating profit rose to N810.9 billion, while pretax profit hit N730 billion, marking a strong gain from N292.9 billion in H1 2024.
Dangote Cement generated a net cash flow of N874.2 billion from operating activities, up from N411.8 billion reported in the previous year.
1. Seplat Energy – N641.2 billion
Seplat Energy leads the list with N641.2 billion in cash and cash equivalents, down from N721.3 billion at the end of 2024.
Current assets were N2.80 trillion, current liabilities N2.3 trillion, and inventories N754.9 billion, producing a quick ratio of 0.89.
The oil and gas producer’s earnings strengthened sharply, with operating profit up to N601.1 billion and pretax profit climbing to N454.1 billion in H1 2025.
Seplat generated net cash inflows of N754.7 billion in H1 2025, up from N235.1 billion in the previous year.
Nairametrics
