Listed companies on the Nigerian Exchange recorded substantial technology expenditure in 2025, with technology-related costs supporting operational efficiency and digital infrastructure, particularly in the banking sector.
The data was compiled by Nairametrics Research from the audited financial statements of companies listed on the Nigerian Exchange.
Technology expenditure reflects IT-related costs as separately disclosed in company financial statements, though classification may vary across firms depending on accounting treatment and disclosure structure.
Eight of the top 10 companies that spent the most on technology in 2025 were financial institutions, with banks accounting for the bulk of total technology expenditure among Nigerian Exchange-listed companies. The remaining two spots were taken by an energy company and a cement manufacturer.
The concentration of technology expenditure among banks reflects the sector’s continued commitment to digital banking infrastructure, cybersecurity enhancement, transaction processing capacity, and platform modernization as lenders compete for retail and corporate transaction volumes.
Based on the data reviewed, the top 10 companies collectively spent approximately N628.1 billion on technology in 2025, up from N611.6 billion in 2024, highlighting the continued prominence of IT-related costs among some of Nigeria’s largest listed firms.
Here are the top 10 companies that spent the most on technology in 2025.
Note: In assessing company performance alongside technology expenditure, gross earnings are used for financial institutions, while revenue is used for non-bank companies, reflecting differences in how income is structured across sectors.
United Bank for Africa Plc spent N42.96 billion on technology in 2025, compared with N48.05 billion in 2024, a 10.60% decline year-on-year.
UBA recorded gross earnings of N3.09 trillion in 2025, compared with N3.19 trillion in 2024, a marginal decline of 3.04%. Profit after tax fell to N404.7 billion, from N766.6 billion in 2024, a 47.21% decrease. Technology expenditure represented 6.50% of total operating expenses.
