This trend still remains prevalent with businesses in the country increasing in size and scale annually. According to Nairametrics, a Nigerian business platform, companies listed on the Nigerian Exchange reported a strong cash position of N1.8 trillion at the end of March 2023, a considerable increase from the N1.2 trillion recorded during the same period in 2022.
Nairametrics monitors the performance of 30 Nigerian businesses engaged in the COMARTs industries of manufacturing, agriculture, real estate, oil and gas, and technology, the top 10 of which would be listed in this article. Commercial banks are not included in this data.
The cash holdings of Nigerian corporations varied greatly as of March 31, 2023, with some reporting considerable growth over the previous year and others seeing reductions.
Cash created from operations, or cash received from consumers after subtracting the amount paid to suppliers, is included in the cash balances of businesses.
Last, but not least, it comprises the proceeds from the sale of investments after deducting the proceeds from the purchase of new investments. It also includes the proceeds from bank loans after paying debt servicing. Additionally, this is added to the cash in the bank at the beginning of the year.
Below are the top 10 Nigerian companies with the most money in the bank according to Nairametrics:
| Rank |
Company |
Cash balance (million) |
Sector |
|
1.
|
MTN
|
564,992
|
Telecommunications
|
|
2.
|
Dangote Cement
|
255,194
|
Construction
|
|
3.
|
Seplat PLC
|
211,885
|
Energy
|
|
4.
|
Dangote Sugar
|
203,020
|
Food
|
|
5.
|
Lafarge
|
106,516
|
Construction
|
|
6.
|
Nestle
|
102,045
|
Food
|
|
7.
|
Unilever
|
78,129
|
Consumer goods
|
|
8.
|
Total PLC
|
55,099
|
Energy
|
|
9.
|
BUA Foods
|
51,353
|
Food
|
|
10.
|
Julius Berger
|
50,857
|
Construction
|
