About 22 companies listed on the Nigerian Exchange Limited NGX are carrying a total debt of N21.3 trillion as of Q2 2026, as they seek to finance operations and profitability.
The 22 companies are: VFD Group, United Capital, UACN, TotalEnergies Marketing Nigeria, Tantalizers, SCOA Nigeria, Nestlé Nigeria, Neimeth International Pharmaceuticals, MTN Nigeria, Mecure Industries, Infinity Trust Mortgage Bank, FTN Cocoa Processors, Ecobank Transnational Incorporated, Dangote Sugar, Conoil, C&I Leasing, BUA Cement, Aradel Holdings, AIICO Insurance, Access Holdings, Abbey Bank and Fortis Global Insurance.
Of the 22, 11 are operating with debt-to-equity ratios above 2.0, meaning they use more than N2 of debt for every N1 of equity — raising concerns about interest costs, cash-flow pressure and shareholder returns.
Highest leverage:
- FTN Cocoa Processors: 28.61
- SCOA Nigeria: 14.37
- United Capital: 6.52
- Nestlé Nigeria: 5.74
- Fortis Global Insurance: 4.66
- UACN: 4.10
- Neimeth International: 3.29
- Mecure Industries: 3.0
- MTN Nigeria: 2.98
- VFD Group: 2.4
- Infinity Trust Mortgage Bank: 2.18
The debt-to-equity ratio measures how much a company relies on debt versus shareholders’ equity. Analysts note there is no single normal ratio, as capital-intensive sectors like manufacturing and telecom can sustain higher leverage than less capital-intensive firms, but ratios this high signal significant reliance on borrowed funds at a time of high interest rates.
