Nigeria’s top listed companies are flush with cash after generating a combined ₦2.92 trillion in net operating cash flow during the first half of 2025. This represents a 140% surge compared to H1 2024 and is already 14% higher than their full year 2024 total.

The five corporate heavyweights MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria and BUA Cement also posted a dramatic turnaround in profitability, recording a combined ₦1.21 trillion profit after tax and reversing a ₦403 billion loss in the same period last year.

Company Highlights
MTN Nigeria: ₦956 billion in operating cash flow, outpacing its ₦622 billion profit. Stronger naira, improved pricing and revenue growth reduced negative equity from ₦458 billion to ₦42.5 billion. Dividend payouts are likely to resume.
Dangote Cement: ₦874 billion in cash flow, more than double last year, paired with ₦521 billion net income. High liquidity supports expansion and debt reduction.
Seplat Energy: ₦755 billion cash flow on modest ₦42 billion profit, boosted by ₦518.9 billion in depreciation charges. Maintains focus on dividends and debt repayment.
Nestlé Nigeria: Returned to profit with ₦50.6 billion after a loss last year. Cash flow rebounded to ₦187.6 billion from a negative position.
BUA Cement: ₦150 billion cash flow, up from ₦62.6 billion, as pre tax profit jumped 435% to ₦215 billion. Slight cash flow shortfall versus profit signals working capital pressure.

Why It Matters
Stronger fundamentals: Cash generation is reinforcing balance sheets and enabling growth investments.
Investor appeal: Liquidity strength could draw more capital and lift market valuations.
Watch for sustainability: The second half will reveal if the cash surge is a lasting trend.

With liquidity at unprecedented levels, Nigeria’s corporate giants are proving that in 2025 the real measure of strength is found not just in profits but in the cash they can bank.