Nigerian listed companies earn N179.5bn from T-bills, bank placements in H1 2026

Nigerian listed companies raked in N179.5 billion in finance income in the first half of 2026, up 174% year on year from N65.6 billion in H1 2025. The figure comes from the H1 2026 financial statements of 19 listed companies that recorded positive growth in finance income, while total finance income across a broader sample of all companies reviewed surpassed N200 billion.

The income includes interest from treasury bills, FGN bonds, short-term bank deposits and money market placements. It reflects the high-interest-rate environment that Nigerian companies have operated in over the last few years.

Who earned the most

MTN Nigeria was the single largest earner of finance income in H1 2026, recording N46.8 billion. The telecoms company holds a combined liquid asset position of N874 billion, made up of N459 billion in cash and short-term deposits and another N415 billion in separately classified treasury bills and FGN bonds. MTN purchased a net N240 billion in government bonds and treasury bills during the half year.

Dangote Cement collected N14.8 billion in interest. Its cash position doubled from N397.6 billion in December 2025 to N796.3 billion in June 2026, including N216.4 billion in short-term bank deposits.

Julius Berger Nigeria posted N9 billion in gross finance income, compared with a profit after tax of N6.1 billion. Presco also generated N9 billion in finance income. NASCON Allied Industries more than doubled its finance income to N5.3 billion. Seplat Energy reported $9.1 million, up 10.3% from $8.3 million a year earlier.

Not every company benefited. BUA Cement’s finance income fell from N18.7 billion to N7.5 billion, while Oando’s dropped by N6.1 billion. Highly leveraged companies face the other side of high interest rates through increased finance costs.

Rates, cash and costs

The surge in finance income traces directly to the Central Bank of Nigeria’s Monetary Policy Rate, which stands at 27.5%. Inflation peaked above 34% in 2024 before moderating, prompting aggressive monetary tightening. The high-rate environment has pushed the 91-day treasury bill market yield above 20%, with longer-dated FGN bonds offering comparable or higher returns. Deposit rates received by companies typically range from 18% to 22%, depending on tenor and amount.

Total cash and short-term deposits held by the 35 listed companies reviewed grew by N437 billion to N5.41 trillion between December 2025 and June 2026, an 8.8% increase. BUA Foods placed N103 billion in new short-term investments during H1 2026, compared with none in December 2025. MTN’s reported cash balance fell by N174 billion to N459 billion, but N240 billion was rotated into longer-dated treasury bills and bonds, taking total liquid assets to N874 billion.

Nestle Nigeria’s cash fell 84% from N35.3 billion to N5.6 billion despite reporting significant finance income. Part of its finance income included non-cash foreign exchange translation gains on euro-denominated intercompany liabilities. Reported finance income does not always translate into stronger cash positions.

Manufacturers have decried the current rate. Director General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said the CBN should reduce the MPR below 20% to improve access to credit for manufacturers.

What it means for Nigerian businesses

The finance income boom highlights a widening gap between cash-rich firms and those carrying heavy debt. Cement was the standout sector, with Dangote Cement and BUA Cement recording combined revenue of N3.92 trillion, up 23.7%, and combined pre-tax profit up 47.1% to N1.68 trillion. Consumer goods companies saw revenue fall 3.9% to N2.09 trillion, but combined pre-tax profit rose 43% to N556.3 billion as finance income supplemented margins.

MTN Nigeria posted revenue of N2.99 trillion, up 25.9%. Three listed breweries recorded combined revenue of N1.41 trillion and pre-tax profit of N269.4 billion. Agribusiness firms Presco, Okomu Oil and HBM Nigeria recorded combined revenue of N198.8 billion, up about 59%, while pre-tax profit more than doubled to N122.2 billion. For the broader economy, the continued high-rate environment means firms with idle naira can keep earning easy income from government instruments, while manufacturers and borrowers face a tougher credit squeeze.