Nigerian listed companies recorded a significant rise in finance income in the first half of 2026, earning a combined N179.5 billion, according to their financial statements.
The figure represents a 174% increase from the N65.6 billion recorded by the companies during the corresponding period in 2025. The analysis covers 19 listed companies that reported positive growth in finance income during the period.
When all the companies reviewed are considered, total finance income exceeded N200 billion.
The increase was largely driven by income from investments in fixed-income instruments, including Treasury Bills, Federal Government of Nigeria (FGN) bonds, short-term bank deposits and money-market placements. The development reflects the high-interest-rate environment that has provided companies with attractive returns on excess cash and liquid investments.
MTN Nigeria Leads the Pack
MTN Nigeria emerged as the largest finance-income earner among the companies reviewed, generating N46.8 billion during the six-month period.
The telecoms giant held liquid assets worth about N874 billion, consisting of N459 billion in cash and short-term deposits, alongside N415 billion invested in separately classified Treasury Bills and FGN bonds.
During the first half of the year, MTN Nigeria also increased its exposure to government securities, purchasing a net N240 billion in Treasury Bills and government bonds.
Dangote Cement, Julius Berger and Presco Record Strong Gains
Dangote Cement generated N14.8 billion in interest income during the period. Its cash and cash-equivalent position also increased significantly, rising from N397.6 billion in December 2025 to N796.3 billion by June 2026. This included N216.4 billion held in short-term bank deposits.
Meanwhile, Julius Berger Nigeria recorded gross finance income of N9 billion, exceeding its profit after tax of N6.1 billion. Presco also generated N9 billion in finance income during the period.
NASCON Allied Industries more than doubled its finance income to N5.3 billion, while Seplat Energy reported finance income of $9.1 million, representing a 10.3% increase from the $8.3 million recorded in the same period of 2025.
High Interest Rates Also Create Pressure
However, the benefits of high interest rates were not evenly distributed across the companies.
BUA Cement’s finance income declined sharply from N18.7 billion to N7.5 billion, while Oando’s finance income fell by N6.1 billion.
The contrasting results highlight the two sides of the high-interest-rate environment. While companies with substantial cash reserves can earn significant returns by investing in Treasury Bills, government bonds and bank placements, highly leveraged businesses may face rising borrowing and finance costs.
Overall, the strong growth in finance income shows that Nigerian companies with substantial liquidity are increasingly benefiting from opportunities in the fixed-income and money-market space, turning idle cash into an important source of earnings.
