Nigeria’s companies, whose stocks worth over one trillion capitalizations (SWOOT), continued to deepen their digital footprints in 2025 through varying levels of investment in software acquisitions.
The stock of these premium companies is blue-chip giants of the market.
These software acquisition figures represent additions to intangible assets, while the intangible asset balances referenced in this report show carrying values already recorded in the companies’ books.
Examining their 9-month 2025 result reveals sharp differences in technology spending, ranging from aggressive digital expansion to significant cutbacks following earlier heavy investments.
These trends show insight into how each company is prioritizing innovation, operational efficiency, and long-term competitiveness within a rapidly evolving business and regulatory landscape.
Overall, the data shows that while some SWOOT firms have doubled down on software-driven transformation, others are entering a consolidation phase after completing major system upgrades in prior years.
Below is a detailed breakdown of how the seven SWOOT companies spent on software acquisitions in the first nine months of 2025.
Dangote Cement Plc invested N91 million in software acquisitions (additions) in 9M 2025, showing a sharp 60.78% decline from N232 million recorded in 2024.
The reduction reflects a slowdown in digital capex activity, likely due to the completion of major prior-year system upgrades or internal consolidation of technology platforms.
Its intangible assets carrying amount totaled N18.19 billion, with the software additions highlighting 0.50% of this intangible portfolio for the year.
Both the software-to-total-assets ratio (0.002%) and software capex intensity (0.003%) remain negligible, consistent with Dangote Cement’s heavy-industry structure where physical assets dominate the balance sheet.
Aradel Holdings Plc recorded N227.87 million in software acquisitions (additions) in 9M 2025, reflecting a modest 2.36% year-on-year increase from N222.62 million in the same period of 2024. This slight rise points to steady investment in digital operations, though at a conservative pace relative to its asset base.
The company’s intangible assets carrying amount stood at N1.01 billion, with the software additions representing 22.59% of this category. However, the software-to-total-assets ratio remains low at 0.01%, indicating limited balance-sheet exposure to digital assets overall. The software capex intensity of 0.04% suggests controlled spending.
Stanbic IBTC posted N2.37 billion in software acquisitions (additions) in 9M 2025, an extraordinary 15,720% year-on-year increase from just N15 million in 2024. This explosive growth underscores a major shift toward digital transformation, likely involving core banking system upgrades, asset-management digitalization, risk systems modernization, or enhanced digital channel infrastructure.
The Group’s intangible assets carrying amount stood at N3.28 billion, with software additions accounting for 72.33% of this total — the highest among the companies assessed. The software-to-total-assets ratio of 0.03% indicates moderate balance-sheet exposure, while a software capex intensity of 0.36% confirms heightened digital-investment intent.
Seplat Energy Plc invested N3.70 billion in software acquisitions (additions) during 9M 2025, reflecting a sharp 69.18% decline from N12.01 billion in 2024. The reduction likely reflects the completion of major digital transformation programmes tied to upstream operations, monitoring systems, reservoir-management platforms, or integrated asset-management technologies.
Seplat Energy Plc invested N3.70 billion in software acquisitions (additions) during 9M 2025, reflecting a sharp 69.18% decline from N12.01 billion in 2024. The reduction likely reflects the completion of major digital transformation programmes tied to upstream operations, monitoring systems, reservoir-management platforms, or integrated asset-management technologies.
The company’s intangible assets carrying amount closed at N336.26 billion, with software additions that constitute 1.10%. The software-to-total-assets ratio of 0.04% and capex intensity of 0.11% reflect the firm’s reliance on digital systems, although hardware and physical oil & gas infrastructure remain dominant.
Zenith Bank recorded N4.15 billion in software acquisitions (additions) in 9M 2025, marking a substantial –91.60% decline from N49.37 billion in 2024. The sharp contraction suggests that major digital rollouts or system overhauls implemented previously have slowed down in 2025.
Its intangible assets carrying amount stood at N81.03 billion, with the software additions representing 5.12% of this figure.
The software-to-total-assets ratio remains low at 0.01%, reflecting Zenith’s conservative approach to capitalizing software investments. Software capex intensity is 0.12%, consistent with a moderation in technology-related capital expenditure for the year.
Access Holdings Plc continues to demonstrate strong commitment to digital transformation through sustained investment in technology infrastructure.
In the first nine months of 2025, the Group invested N22.11 billion in software acquisitions (additions), a 22.04% increase from N18.11 billion recorded in 2024.
This investment forms part of Access Holdings’ strategy to enhance system automation, improve digital-banking efficiency, and strengthen the technology backbone supporting its expanding retail, corporate, and international operations.
The Group’s intangible assets carrying amount rose to N417.47 billion in 9M 2025, with the software additions indicating 5.30% of this total. Although software remains a smaller component of the Group’s intangible base, the yearly increase indicates a calculated push toward scalable digital capability.
Amortization charges of N172.48 billion reflect the significant volume of past digital and intangible investments now flowing through the income statement.
Software assets represent 0.04% of total assets, while software capex intensity stands at 0.57%, indicating healthy reinvestment aligned with global standards for tech-driven banking groups.
GTCO reported N31.24 billion in software acquisitions (additions) for 9M 2025, a –43.40% decline from N55.20 billion in the previous year. Despite the reduction, GTCO remains one of the highest spenders on digital infrastructure among Nigerian financial institutions.
The Group’s intangible assets carrying amount stood at N99.99 billion, with software additions accounting for a significant 31.24%, reflecting GTCO’s technology-driven operating model. The software-to-total-assets ratio of 0.19% highlights meaningful balance-sheet exposure to digital investments, while the software capex intensity of 2.05% demonstrates continued prioritization of system upgrades, fintech capabilities, and digital-channel expansion.