Eight publicly traded Nigerian companies have seen their combined liabilities swell to a staggering N8.67 trillion as of December 2024, according to financial statements filed with the Nigerian Exchange and analyzed by The PUNCH. This surge in debt is attributed to increases in both short-term and long-term obligations across various sectors.
Oando Plc leads the pack with a dramatic 165% surge in liabilities, climbing from N2.94 trillion in 2023 to N7.78 trillion in 2024. The oil and gas giant’s debt burden comprises N1.22 trillion in non-current liabilities, including borrowings and deferred tax liabilities, and a substantial N6.56 trillion in current liabilities, primarily driven by trade payables and borrowings.
In contrast, Bua Foods experienced a 23.5% decrease in total liabilities, falling from N808.38 billion in 2023 to N618.87 billion in 2024. Other companies, however, saw increases. Honeywell Flour Mills’ liabilities rose by 8% to N136.21 billion, while Caverton Offshore’s debt load jumped by 30.6% to N104.5 billion. SCOA Nigeria, ABC Transport, and Triple Gee also reported increases in liabilities.
Learn Africa Plc experienced a significant 66.4% rise in liabilities, reaching N2.08 billion, largely driven by current liabilities.
This trend reflects a broader increase in borrowing among listed companies. Earlier reporting by The PUNCH revealed that 15 listed companies held a combined N3.62 trillion in non-current liabilities as of September 2024, up from N2.74 trillion in 2023. The rising debt levels raise concerns about the financial health of these companies and the potential impact on the wider economy.
