Listed companies on the Nigerian Exchange are accumulating significant corporate liquidity, ending the first half of 2026 with a combined N3.65 trillion in cash and cash equivalents. This represents a 58.10% increase compared to the N2.31 trillion held by the top ten cash holders in H1 2025, according to financial statements compiled by Nairametrics Research for the period ended June 30, 2026.
Dangote Cement Leads Corporate Liquidity Surge
Dangote Cement Plc leads the corporate cash ranking, with its cash and cash equivalents doubling from N397.57 billion at full-year 2025 to N796.28 billion as of H1 2026, an increase of 100.29%. The industrial giant posted an operating profit of N1.06 trillion, up 30.66% from N810.98 billion in H1 2025, while profit before tax grew 34.43% to N981.39 billion.
The company's profit after tax rose 22.69% to N638.53 billion, supported by N1.06 trillion in net cash from operating activities, which grew 20.82% year-on-year. Its quick ratio improved to 0.62x from 0.47x at year-end 2025.
Energy Giants Seplat and Oando Build Cash Reserves
Seplat Energy Plc holds the second spot with N598.35 billion in cash and cash equivalents, up 25.45% from N476.97 billion at year-end 2025. The company's operating profit rose 49.99% to N901.73 billion, while profit before tax reached N790.41 billion. Its profit after tax surged 430.30% to N225.48 billion, and net cash from operating activities stood at N874.74 billion.
Oando Plc ranks third, holding N544.92 billion in cash, up 23.88% from N439.88 billion at full-year 2025. The energy firm recorded an operating profit of N127.84 billion, recovering from an operating loss of N158.71 billion in H1 2025, though it posted a negative profit before tax of N32.84 billion. Profit after tax rose 8.28% to N68.56 billion, while net cash from operating activities reversed to positive N110.02 billion.
Telecoms and Industrial Players Maintain Strong Balances
MTN Nigeria Communications Plc holds N458.93 billion in cash, down 27.44% from N632.50 billion at year-end 2025. Despite the drawdown, MTN recorded the highest operating profit in the ranking at N1.27 trillion, up 41.86%, and generated N1.53 trillion in net cash from operating activities. Profit after tax grew 70.55% to N707.54 billion, while its quick ratio edged down to 0.51x.
HBM Nigeria Plc, formerly Lafarge Africa Plc, holds N330.64 billion in cash, down 14.80% from N388.07 billion at year-end 2025. The cement manufacturer grew its operating profit by 51.32% to N290.94 billion, while profit after tax rose 57.03% to N208.35 billion. Net cash from operating activities increased 80.49% to N149.05 billion.
BUA Cement Plc holds N303.56 billion in cash, up 8.27% from N280.38 billion at full-year 2025. The company's operating profit rose 51.30% to N371.27 billion, and profit after tax grew 79.59% to N324.88 billion. However, net cash from operating activities fell 38.31% to N278.45 billion.
Consumer Goods and Construction Firms Complete the Top Ten
International Breweries Plc holds N171.28 billion in cash, up 10.33% from N155.24 billion at year-end 2025. Its operating profit rose 24.66% to N69.88 billion, while profit after tax declined 7.20% to N38.31 billion. Net cash from operating activities surged 1,089.18% to N69.52 billion from N5.85 billion in H1 2025.
Julius Berger Nigeria Plc holds N168.80 billion in cash, down 12.15% from N192.15 billion at full-year 2025. The construction firm grew its operating profit by 84.23% to N17.38 billion, though profit after tax fell 14.70% to N6.06 billion. Net cash from operating activities remained negative at N35.23 billion, an improvement from negative N63.84 billion in H1 2025.
BUA Foods Plc holds N149.52 billion in cash, representing a 165.27% increase from N56.36 billion at year-end 2025. Operating profit grew 12.53% to N320.52 billion, while profit after tax rose 12.38% to N292.27 billion. Net cash from operating activities increased 12.58% to N162.18 billion.
Presco Plc rounds out the top ten with N129.86 billion in cash, down 53.57% from N279.69 billion at year-end 2025. Operating profit fell 2.56% to N126.48 billion, and profit after tax declined 7.27% to N82.27 billion. Net cash from operating activities grew 21.47% to N68.08 billion, while its quick ratio stood at 2.78x.
