Nigeria’s oil and gas sector shows a widening gap in debt sustainability across industry players, with a few companies demonstrating prudent balance sheet management, while others remain deeply burdened by high borrowings and negative equity.
The top five most indebted listed oil and gas companies—led by Oando Plc, Seplat Energy Plc —highlight contrasting financial realities, from strategic leverage to severe solvency stress.
While some firms have leveraged debt to drive expansion and maintain liquidity buffers, others face mounting repayment challenges, underscoring the importance of disciplined capital structure management in a high-interest-rate environment.
Below are the most indebted listed companies in the oil and gas industry.