Nigerian listed companies recorded a combined N179.5 billion in finance income during the first half of 2026, a figure that represents a 174% jump from the N65.6 billion reported in the same period the previous year. The surge in earnings comes from interest earned on government securities and short-term placements, which have become more lucrative as the Central Bank of Nigeria maintains high interest rates to fight inflation. High rates have made government securities attractive.
Cash-rich firms dominate the earnings list
MTN Nigeria led the pack, generating N46.8 billion in interest income. The telecom giant’s total liquid assets grew to N874 billion, comprising N459 billion in cash and short-term deposits, plus N415 billion in treasury bills and bonds. The company purchased a net N240 billion in government securities during the six-month period. Dangote Cement followed with N14.8 billion in interest income, while its cash position more than doubled from N397.6 billion in December 2025 to N796.3 billion by June 2026.
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Julius Berger Nigeria and Presco also recorded N9 billion each in finance income. NASCON Allied Industries more than doubled its income to N5.3 billion, while Seplat Energy reported $9.1 million, a 10.3% increase from the previous year. However, not every company saw their numbers climb. BUA Cement’s finance income fell from N18.7 billion to N7.5 billion, and Oando’s dropped by N6.1 billion. This disparity highlights the uneven impact of high rates, which help cash-rich firms but strain leveraged companies facing higher borrowing costs.
The Central Bank of Nigeria’s Monetary Policy Rate sits at 27.5%, a level kept high to anchor price expectations after inflation peaked above 34% in 2024. This aggressive tightening has pushed the yield on 91-day treasury bills above 20%, with longer-dated bonds offering comparable returns. Companies with surplus liquidity are moving cash into these instruments, with deposit rates typically ranging from 18% to 22%.
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For firms that have reduced debt and accumulated cash, the high-interest environment offers a rare opportunity. Finance income can now partially offset the increased cost of servicing existing loans. This dynamic creates a clear distinction between gross and net finance income, where balance sheet health determines who truly benefits from the current market. Manufacturers have criticized the rate. According to Segun Ajayi-Kadir, the Director General of the Manufacturers Association of Nigeria, the 26.5% rate is limiting credit flow to the sector. He has called for the Monetary Policy Rate to drop below 20% to improve access to capital for industrial players.
Total cash and short-term deposits among the 35 reviewed companies grew by N437 billion to N5.41 trillion between December 2025 and June 2026. This aggregate cash position increased by 8.8%. For companies including Dangote Cement, BUA Cement, BUA Foods and NASCON, rising cash balances and finance income largely reflect surplus operational liquidity.