BUA Cement, Presco, Nestlé, Seplat, Oando Plc currently top the list of Most Indebted Listed Companies as the H1 2025.
NaijaOnPoint Nigeria reports that corporate debt among Nigeria’s top listed firms surged unevenly in H1 2025. Some companies relied heavily on borrowings to fund expansion, while others cut down debt to preserve margins.
Here’s a company-by-company ranking from the most indebted to the least indebted, with details on current vs. non-current borrowings, debt ratios, and financial health.
1. Oando Plc – ₦3.19 Trillion (Most Indebted)
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YoY Growth: +98.54% (from ₦1.61trn in H1 2024)
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Current Debt: ₦1.12trn
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Non-Current Debt: ₦2.08trn
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Cash Reserves: ₦227.71bn
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Net Debt: ₦2.97trn
Analysis:
Oando sits at the top as Nigeria’s most indebted listed company. Its balance sheet shows negative equity, with a debt-to-equity ratio of -10.44x, meaning liabilities far exceed shareholders’ funds.
Its Debt/EBITDA ratio of -27.90x and negative interest coverage (-1.41x) confirm unsustainable debt levels, with earnings unable to cover interest obligations. Urgent restructuring or recapitalization is critical.
2. Seplat Energy Plc – ₦1.68 Trillion
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YoY Growth: +54.47% (from ₦1.08trn)
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Current Debt: ₦171.47bn
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Non-Current Debt: ₦1.50trn
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Cash Reserves: ₦641.28bn
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Net Debt: ₦1.03trn
Analysis:
Seplat’s debt increase is linked to oilfield development and upstream expansion. With a debt-to-equity ratio of 0.60x, it balances debt and equity well.
Its Debt/EBITDA of 1.45x and interest coverage ratio of 3.99x reflect strong repayment ability, making its leverage manageable despite the high figure.
3. Dangote Cement Plc – ₦2.53 Trillion
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YoY Growth: +59.25% (from ₦1.59trn)
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Current Debt: ₦1.13trn
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Non-Current Debt: ₦1.40trn
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Cash Reserves: ₦383.90bn
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Net Debt: ₦2.15trn
Analysis:
Dangote Cement continues aggressive expansion, both domestically and across Africa. Debt levels are heavy, but backed by consistent revenues.
Its Debt/EBITDA ratio of 2.68x and interest coverage of 3.75x indicate the company can service debt, though risks remain if earnings weaken.
4. Nestlé Nigeria Plc – ₦579.19 Billion
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YoY Change: -11.43% (from ₦653.92bn)
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Current Debt: ₦63.36bn
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Non-Current Debt: ₦515.83bn
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Cash Reserves: ₦37.40bn
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Net Debt: ₦541.79bn
Analysis:
Despite trimming debt, Nestlé faces a negative equity position, with a debt-to-equity ratio of -13.88x. Its borrowings are high relative to earnings, with a Debt/EBITDA of 3.90x, showing heavy repayment pressure.
Interest coverage (3.02x) is modest, keeping the company solvent but leaving little room for shocks.
5. MTN Nigeria Communications Plc – ₦813.77 Billion
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YoY Change: -13.93% (from ₦945.45bn)
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Current Debt: ₦317.91bn
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Non-Current Debt: ₦495.86bn
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Cash Reserves: ₦257.58bn
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Net Debt: ₦556.19bn
Analysis:
MTN reduced borrowings but still carries negative equity due to forex pressures. Despite this, strong cash flows make debt manageable.
Its Debt/EBITDA ratio of 0.68x is strong, meaning borrowings can be repaid within a year of operating earnings. However, its negative equity (-19.17x debt-to-equity) remains a structural concern.
6. BUA Cement Plc – ₦476.97 Billion
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YoY Change: -13.82% (from ₦553.47bn)
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Current Debt: ₦59.62bn
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Non-Current Debt: ₦417.35bn
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Cash Reserves: ₦163.41bn
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Net Debt: ₦313.57bn
Analysis:
BUA Cement has taken a disciplined approach to leverage, with borrowings aligned to capacity expansion.
A Debt/EBITDA ratio of 1.77x and interest coverage of 6.44x reflect financial resilience. Its capital structure remains balanced, with debt making up less than half of funding.
7. Presco Plc – ₦155.54 Billion
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YoY Growth: +162.52% (from ₦59.25bn)
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Current Debt: ₦14.08bn
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Non-Current Debt: ₦141.47bn
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Cash Reserves: ₦97.69bn
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Net Debt: ₦57.85bn
Analysis:
Presco recorded the fastest percentage debt growth, reflecting aggressive expansion in palm oil and agribusiness operations.
Its Debt/EBITDA ratio of 2.45x shows higher repayment burden than peers. With interest coverage of 3.11x, solvency is adequate but tighter than industry leaders.
8. Transcorp Plc – ₦110.35 Billion
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YoY Growth: +5.63% (from ₦104.47bn)
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Current Debt: ₦48.41bn
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Non-Current Debt: ₦61.93bn
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Cash Reserves: ₦49.03bn
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Net Debt: ₦61.32bn
Analysis:
Transcorp’s modest debt increase supports its power and hospitality portfolio.
With Debt/EBITDA of 1.13x and an interest coverage ratio of 6.49x, the company demonstrates conservative debt management and financial flexibility.
9. Nigerian Breweries Plc – ₦182.03 Billion
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YoY Change: -69.06% (from ₦588.24bn)
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Current Debt: ₦152.03bn
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Non-Current Debt: ₦30.00bn
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Cash Reserves: ₦77.70bn
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Net Debt: ₦104.32bn
Analysis:
Nigerian Breweries cut debt aggressively, freeing cash flow amid FX and inflationary challenges.
Its Debt/EBITDA of 0.98x signals that debt can be repaid in less than one year of operating earnings. Strong interest coverage (5.46x) shows sustainable debt servicing.
10. Beta Glass Plc – ₦34.77 Billion (Least Indebted)
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YoY Change: -4.08% (from ₦36.25bn)
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Current Debt: ₦5.59bn
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Non-Current Debt: ₦29.18bn
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Cash Reserves: ₦12.40bn
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Net Debt: ₦22.37bn
Analysis:
Beta Glass has the healthiest debt profile of the group. With Debt/EBITDA of 1.16x and an exceptional interest coverage ratio of 18.36x, it demonstrates strong solvency and financial discipline. Its debt-to-capital ratio of 0.30x reflects balanced funding, making it the most financially stable among its peers.
Bottom Line
Nigeria’s corporate debt map in H1 2025 paints two clear pictures:
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High-risk borrowers (Oando, Nestlé, MTN) face structural balance sheet stress.
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Financially disciplined players (Beta Glass, BUA Cement, Nigerian Breweries) combine moderate debt with strong earnings capacity.
The divergence underscores how Nigerian corporates are responding differently to volatile macroeconomic conditions, inflation, and high interest rates.