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Nigerian listed companies are sitting on increasingly large cash reserves, with the ten cash holders ending H1 2026 with a combined N3.65 trillion in cash and cash equivalents, reflecting a significant build-up in corporate liquidity across the exchange.
This compares to N2.31 trillion held by the top ten cash holders in H1 2025, representing a 58.10% increase over the past year.
Data was compiled by Nairametrics Research from unaudited half-year financial statements filed by listed companies with the Nigerian Exchange (NGX) for the period ended June 30, 2026.
Cash and cash equivalents refer to funds held in bank accounts or highly liquid short-term investments that can be accessed immediately. It serves as a clear indicator of a company’s capacity to meet its obligations quickly, invest in growth opportunities, or withstand unexpected shocks.
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Operating profit, profit before tax, profit after tax, and net cash from operating activities are compared on a year-on-year basis against the corresponding half-year period in 2025, while cash balances and quick ratios are compared against the full-year 2025 position.
Below is a breakdown of the top 10 companies with the largest cash in the bank.
10. Presco Plc (N129.86 billion)
Presco Plc rounds out the top ten with cash and cash equivalents of N129.86 billion as of H1 2026, a decline of 53.57% from N279.69 billion at full-year 2025, suggesting the company deployed a significant portion of its cash reserves during the period.
Despite the drawdown, Presco remains well-capitalized, with a quick ratio of 2.78x, though this is down from 3.82x at year-end 2025. Operating profit of N126.48 billion was marginally lower than the N129.80 billion recorded in H1 2025, a decline of 2.56%, while profit after tax of N82.27 billion similarly retreated 7.27% from N88.72 billion, reflecting some pressure on margins.
Net cash from operating activities of N68.08 billion improved 21.47% year-on-year, indicating that underlying cash generation remained healthy even as the balance sheet position moderated.
9. BUA Foods Plc (N149.52 billion)
BUA Foods Plc holds N149.52 billion in cash and cash equivalents as of H1 2026, representing a sharp increase of 165.27% from N56.36 billion at full-year 2025, the largest percentage cash build among the top ten.
The company delivered consistent profitability during the period, with operating profit of N320.52 billion up 12.53% from N284.82 billion in H1 2025, profit before tax of N314.88 billion up 14.04%, and profit after tax of N292.27 billion up 12.38%. Net cash from operating activities of N162.18 billion grew 12.58% year-on-year.
The quick ratio strengthened to 1.84x from 1.36x at year-end 2025, reflecting both the higher cash balance and a reduction in inventory levels, and pointing to an improving liquidity position across the business.
8. Julius Berger Nigeria Plc (N168.80 billion)
Julius Berger Nigeria Plc holds N168.80 billion in cash and cash equivalents as of H1 2026, down 12.15% from N192.15 billion at full-year 2025. The construction company delivered improved profitability on an operating basis, with operating profit of N17.38 billion rising 84.23% from N9.43 billion in H1 2025, and profit before tax of N23.52 billion up 78.62%.
However, profit after tax of N6.06 billion declined 14.70% from N7.11 billion, reflecting the impact of taxation. Net cash from operating activities remained negative at N35.23 billion, though this was an improvement from the negative N63.84 billion recorded in H1 2025, consistent with the working capital dynamics of a project-driven business where cash inflows are typically tied to contract milestones.
The quick ratio of 2.38x, while down from 3.03x at year-end 2025, remains comfortably above one.
7. International Breweries Plc (N171.28 billion)
International Breweries Plc holds N171.28 billion in cash and cash equivalents as of H1 2026, up 10.33% from N155.24 billion at full-year 2025. Operating profit of N69.88 billion grew 24.66% from N56.05 billion in H1 2025, and profit before tax of N74.79 billion rose 21.55%, reflecting improved trading performance.
Profit after tax of N38.31 billion declined modestly by 7.20% from N41.29 billion, pointing to a higher tax charge in the period. The most notable figure is net cash from operating activities of N69.52 billion, which surged from N5.85 billion in H1 2025, an increase of 1,089.18%, suggesting a significant improvement in working capital management and cash conversion during the half-year. The quick ratio of 1.25x improved from 1.11x at year-end 2025.
6. BUA Cement Plc (N303.56 billion)
BUA Cement Plc holds N303.56 billion in cash and cash equivalents as of H1 2026, up 8.27% from N280.38 billion at full-year 2025.
The company delivered strong profitability during the period, with operating profit of N371.27 billion rising 51.30% from N245.39 billion in H1 2025, profit before tax of N384.44 billion up 78.97%, and profit after tax of N324.88 billion up 79.59%.
The quick ratio improved to 0.81x from 0.70x at year-end 2025. Net cash from operating activities of N278.45 billion declined 38.31% from N451.36 billion in H1 2025, a notable contraction despite the strong profit performance, suggesting an increase in working capital requirements or timing differences in cash collections during the period.
5. HBM Nigeria Plc (N330.64 billion)
HBM Nigeria Plc, formerly known as Lafarge Africa Plc, holds N330.64 billion in cash and cash equivalents as of H1 2026, a decline of 14.80% from N388.07 billion at full-year 2025.
Despite the lower cash balance, the company delivered strong earnings growth, with operating profit of N290.94 billion up 51.32% from N192.27 billion in H1 2025, profit before tax of N317.73 billion up 59.08%, and profit after tax of N208.35 billion up 57.03%.
Net cash from operating activities of N149.05 billion grew 80.49% year-on-year, reflecting improved cash generation from the core business. The quick ratio of 1.11x, up from 1.07x at year-end 2025, indicates that current liabilities are adequately covered by liquid assets, and the overall liquidity position remains sound.
4. MTN Nigeria Communications Plc (N458.93 billion)
MTN Nigeria Communications Plc holds N458.93 billion in cash and cash equivalents as of H1 2026, a decline of 27.44% from N632.50 billion at full-year 2025, suggesting the company drew down on its cash reserves during the period, potentially in line with capital expenditure commitments.
Despite the lower cash balance, MTN delivered its strongest operating performance among the top ten by operating profit, with N1.27 trillion in H1 2026, up 41.86% from N892.82 billion in H1 2025.
Profit before tax of N1.09 trillion rose 75.42%, profit after tax of N707.54 billion grew 70.55%, and net cash from operating activities of N1.53 trillion increased 60.61%, the highest operating cash generation in the ranking.
The quick ratio of 0.51x, however, remained below one and edged down from 0.55x at year-end 2025.
3. Oando Plc (N544.92 billion)
Oando Plc holds N544.92 billion in cash and cash equivalents as of H1 2026, up 23.88% from N439.88 billion at full-year 2025. The energy company’s financial position is more nuanced than the cash balance suggests.
While operating profit of N127.84 billion represented a significant turnaround from the operating loss of N158.71 billion recorded in H1 2025, profit before tax remained negative at N32.84 billion, though this was a marked improvement from the negative N145.74 billion in the prior-year period.
Profit after tax of N68.56 billion rose 8.28% from N63.31 billion, while net cash from operating activities of N110.02 billion reversed sharply from the negative N357.47 billion recorded in H1 2025.
The quick ratio of 0.53x improved from 0.43x at year-end 2025, though current liabilities of N6.57 trillion continue to substantially exceed current assets of N3.54 trillion, a working capital position that warrants monitoring.
2. Seplat Energy Plc (N598.35 billion)
Seplat Energy Plc holds N598.35 billion in cash and cash equivalents as of H1 2026, up 25.45% from N476.97 billion at full-year 2025. The company delivered a strong operational profit during the period, with operating profit of N901.73 billion rising 49.99% from N601.19 billion in H1 2025, and profit before tax of N790.41 billion up 74.06%.
The standout figure is profit after tax of N225.48 billion, which surged 430.30% from N42.52 billion in the corresponding period of 2025, reflecting a significantly lower tax charge or one-off credit in the current period. Net cash from operating activities of N874.74 billion grew 15.90% year-on-year.
The quick ratio of 0.79x edged down marginally from 0.81x at year-end 2025, and current liabilities of N1.93 trillion remain broadly in line with current assets of N2.01 trillion, indicating a manageable short-term liquidity position.
1. Dangote Cement Plc (N796.28 billion)
Dangote Cement Plc leads the ranking with cash and cash equivalents of N796.28 billion as of H1 2026, doubling from N397.57 billion held at full-year 2025, representing an increase of 100.29%.
The company delivered broad-based growth across all key financial metrics during the period. Operating profit of N1.06 trillion rose 30.66% from N810.98 billion in H1 2025, profit before tax of N981.39 billion grew 34.43% from N730.03 billion, and profit after tax of N638.53 billion increased 22.69% from N520.46 billion.
Net cash from operating activities of N1.06 trillion grew 20.82% year-on-year, confirming that the stronger cash position reflects genuine operating cash generation rather than financing activity.
The quick ratio improved to 0.62x from 0.47x at year-end 2025, though it remains below one, consistent with the working capital profile of a capital-intensive industrial business with large inventory and payables balances.
With nearly N800 billion in cash, Dangote Cement holds approximately 33% more cash than the second-ranked company, and accounts for approximately 21.80% of the total cash held by the top ten.
