Nigerian companies rake in N179.5 billion from T-bills, bank placements in H1 2026
Nigerian listed companies raked in N179.5 billion in finance income in the first half of 2026, representing a 174% year-on-year increase from N65.6 billion in the same period of 2025.
The figure is based on the H1 2026 financial statements of 19 listed companies that recorded positive growth in finance income during the period.
Across the broader sample of all companies reviewed, total finance income surpassed N200 billion.
The finance income includes interest earned from fixed-income securities such as treasury bills, Federal Government of Nigeria (FGN) bonds, short-term bank deposits, and money market placements, reflecting the high-interest-rate environment Nigerian companies have operated in over the last few years.
What the data is saying
MTN Nigeria was the single largest earner of finance income in H1 2026, recording N46.8 billion. The telecoms company holds a combined liquid asset position of N874 billion, comprising N459 billion in cash and short-term deposits and another N415 billion in separately classified treasury bills and FGN bonds.
MTN purchased a net N240 billion in government bonds and treasury bills during the half year.
Dangote Cement collected N14.8 billion in interest, while its cash position doubled from N397.6 billion in December 2025 to N796.3 billion in June 2026, including N216.4 billion in short-term bank deposits.
Julius Berger Nigeria posted N9 billion in gross finance income, compared with a profit after tax of N6.1 billion, while Presco also generated N9 billion in finance income.
NASCON Allied Industries more than doubled its finance income to N5.3 billion, while Seplat Energy reported $9.1 million, up 10.3% from $8.3 million a year earlier.
Not every company benefited. BUA Cement’s finance income fell from N18.7 billion to N7.5 billion, while Oando’s dropped by N6.1 billion, highlighting how leveraged companies face the other side of high interest rates through increased finance costs.
The impact of high interest rates
The surge in finance income traces directly to the Central Bank of Nigeria’s Monetary Policy Rate, which stands at 27.5%. Nigeria’s inflation, which peaked above 34% in 2024 before moderating, prompted aggressive monetary tightening aimed at anchoring price expectations and making naira-denominated instruments more attractive.
The high-rate environment has resulted in a 91-day treasury bill market yielding above 20%, with longer-dated FGN bonds offering comparable or higher returns.
Cash-rich companies can deploy surplus liquidity into these instruments with minimal operational effort, while banks place corporate deposits into government securities and other instruments.
Deposit rates received by companies typically range from 18% to 22%, depending on tenor and amount.
For companies with both borrowings and substantial cash positions, finance income can partially offset increased borrowing costs.
The distinction between gross and net finance income is therefore important, as companies that have reduced debt and accumulated cash are better positioned to benefit from prevailing rates.
Meanwhile, manufacturers in the country have decried the current rate, saying the 26.5% is limiting the flow of credit to the sector.
According to the Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, the CBN should reduce the MPR below 20% to improve access to credit for manufacturers.
Get up to speed
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. This represented an 8.8% increase in aggregate cash holdings.
For companies including Dangote Cement, BUA Cement, BUA Foods and NASCON, rising cash balances and finance income largely reflect surplus operating cash being deployed into short-term deposits.
BUA Foods placed N103 billion in new short-term investments during H1 2026, compared with none on its balance sheet in December 2025.
MTN’s reported cash balance decreased by N174 billion to N459 billion. Still, a net N240 billion was simultaneously transferred into longer-dated FGN treasury bills and bonds, increasing its total liquid asset base to N874 billion.
Nestle Nigeria’s cash fell 84% from N35.3 billion to N5.6 billion, despite reporting significant finance income, as part of its finance income included non-cash foreign exchange translation gains on euro-denominated intercompany liabilities.
The figures show that reported finance income does not necessarily translate into stronger cash positions, particularly where non-cash gains are included.
What you should know
The finance income data comes amid a mixed but largely positive trading period for Nigerian listed companies across sectors.
Cement was the standout sector, with Dangote Cement and BUA Cement recording combined revenue of N3.92 trillion, up 23.7% year on year, while combined pre-tax profit rose 47.1% to N1.68 trillion.
Consumer goods companies recorded combined revenue of N2.09 trillion, down 3.9%, but combined pre-tax profit rose 43% to N556.3 billion as finance income supplemented operating margins.
MTN Nigeria posted revenue of N2.99 trillion, up 25.9%, while the three listed breweries recorded combined revenue of N1.41 trillion and pre-tax profit of N269.4 billion.
Agribusiness companies Presco, Okomu Oil and HBM Nigeria recorded combined revenue of N198.8 billion, up approximately 59%, while combined pre-tax profit more than doubled to N122.2 billion.
Across industrials, pharmaceuticals, transport and aviation, and ICT/fintech, performance was more varied, underscoring how operating conditions and companies’ individual cash and debt positions continue to determine how much they benefit from Nigeria’s high-interest-rate environment.
