Bank loans dominate N6.25tn debt owed by Nigeria’s largest listed firms

A review of 19 major NGX 30 companies found that ₦4.64 trillion, or 74.2%, came from bank loans and direct borrowing facilities, according to Nairametrics, while only ₦1.61 trillion was raised through bonds and commercial papers.

The companies, including Dangote Cement, MTN Nigeria, and Seplat Energy, saw combined debt fall by ₦1.50 trillion from December 2025, as cash balances rose to ₦5.02 trillion.

Oil and gas firms Aradel Holdings and Seplat Energy accounted for about 47% of total debt, reflecting the sector’s capital-intensive operations amid elevated lending rates above 30%.