Dangote Cement, BUA Foods and other Nigerian, listed companies earned a combined N179.5 billion in finance income in the first half of 2026, a 174 per cent jump from N65.6 billion recorded in the same period last year, as firms cashed in on the country’s high interest-rate environment by parking surplus funds in treasury bills, government bonds and bank placements.
The figure, which is drawn from the H1 2026 financial statements of 19 listed companies, posted growth in finance income during the period, according to data review. Across the wider pool of companies examined, total finance income crossed N200 billion.
Dangote Cement collected N14.8 billion in interest income, with its cash position doubling from N397.6 billion in December 2025 to N796.3 billion by June 2026, including N216.4 billion held in short-term bank deposits.
BUA Foods placed N103 billion into new short-term investments during H1 2026, up from nothing on its balance sheet as of December 2025.
Nestle Nigeria also recorded significant finance income for the period, though part of it came from non-cash foreign exchange translation gains on euro-denominated intercompany liabilities. Notably, the company’s cash position still fell 84 per cent, from N35.3 billion to N5.6 billion, illustrating that strong finance income does not always translate into stronger cash reserves.
MTN Nigeria pulled in N46.8 billion in finance income, holding a combined N874 billion in liquid assets as of June 2026, made up of N459 billion in cash and short-term deposits and N415 billion parked in treasury bills and FGN bonds. MTN moved a net N240 billion into government securities during the half year.
Julius Berger Nigeria also posted N9 billion in gross finance income, notably higher than its N6.1 billion profit after tax for the period, while Presco also earned N9 billion from the same sources.
NASCON Allied Industries more than doubled its finance income to N5.3 billion, and Seplat Energy reported $9.1 million, up 10.3 per cent from $8.3 million a year earlier.
The surge in finance income traces back to the Central Bank of Nigeria’s benchmark Monetary Policy Rate of 27.5 per cent, part of an aggressive tightening cycle aimed at taming inflation that had peaked above 34 per cent in 2024. The high-rate environment has pushed 91-day treasury bill yields above 20 per cent, with corporate deposit rates ranging between 18 and 22 per cent 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 per cent increase in aggregate liquidity.
Not all sector players welcomed the high-rate climate. The Manufacturers Association of Nigeria (MAN) has called for the Monetary Policy Rate to fall below 20 per cent, with Director-General Segun Ajayi-Kadir arguing that current rates are limiting the flow of credit to manufacturers.
Dangote Cement, BUA Foods, Others, Bag N179.5bn In H1 2026
Dangote Cement, BUA Foods and other Nigerian, listed companies earned a combined N179.5 billion in finance income in the first half of 2026, a 174 per cent jump from N65.6 billion recorded in the same period last year, as firms cashed in on the country’s high interest-rate environment by parking surplus funds in treasury bills, government bonds and bank placements.
The figure, which is drawn from the H1 2026 financial statements of 19 listed companies, posted growth in finance income during the period, according to data review. Across the wider pool of companies examined, total finance income crossed N200 billion.
Dangote Cement collected N14.8 billion in interest income, with its cash position doubling from N397.6 billion in December 2025 to N796.3 billion by June 2026, including N216.4 billion held in short-term bank deposits.
BUA Foods placed N103 billion into new short-term investments during H1 2026, up from nothing on its balance sheet as of December 2025.
Nestle Nigeria also recorded significant finance income for the period, though part of it came from non-cash foreign exchange translation gains on euro-denominated intercompany liabilities. Notably, the company’s cash position still fell 84 per cent, from N35.3 billion to N5.6 billion, illustrating that strong finance income does not always translate into stronger cash reserves.
MTN Nigeria pulled in N46.8 billion in finance income, holding a combined N874 billion in liquid assets as of June 2026, made up of N459 billion in cash and short-term deposits and N415 billion parked in treasury bills and FGN bonds. MTN moved a net N240 billion into government securities during the half year.
Julius Berger Nigeria also posted N9 billion in gross finance income, notably higher than its N6.1 billion profit after tax for the period, while Presco also earned N9 billion from the same sources.
NASCON Allied Industries more than doubled its finance income to N5.3 billion, and Seplat Energy reported $9.1 million, up 10.3 per cent from $8.3 million a year earlier.
The surge in finance income traces back to the Central Bank of Nigeria’s benchmark Monetary Policy Rate of 27.5 per cent, part of an aggressive tightening cycle aimed at taming inflation that had peaked above 34 per cent in 2024. The high-rate environment has pushed 91-day treasury bill yields above 20 per cent, with corporate deposit rates ranging between 18 and 22 per cent 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 per cent increase in aggregate liquidity.
Not all sector players welcomed the high-rate climate. The Manufacturers Association of Nigeria (MAN) has called for the Monetary Policy Rate to fall below 20 per cent, with Director-General Segun Ajayi-Kadir arguing that current rates are limiting the flow of credit to manufacturers.
