It seems the decision of the Central Bank of Nigeria (CBN) to gravitate towards a dovish stance as it held rates twice is a boon for companies whose debts are reducing on the back of a gradual deceleration in borrowing costs.
Data gathered by MoneyCentral shows corporate Nigerian companies who are listed on the NGX have a total of N15 trillion of debts (both long and short term obligation) in their books in the first six months of 2026, which is 3.61 percent lower than 2025’s N15.57 trillion.
A reduction in debts indicates gradual decreases in borrowing costs that lessens or allays investors fear over default on the N15 trillion debt load.
Lower borrowing costs help a firm by reducing its ongoing interest expenses, freeing up cash flow for daily operations, and making it cheaper to fund new projects or refinance old, high-interest debt. This financial advantageous position underpins firms’ ability to embark on future expansion plans which strengthens overall earnings and paves the way for higher returns to shareholders.
The Central Bank of Nigeria (CBN) retained its benchmark Monetary Policy Rate (MPR) at 26.5 percent during its 306th Monetary Policy Committee meeting.
Nigeria’s headline inflation rate for June 2026 eased slightly to 15.91 percent year-on-year, down from 15.93 percent in May 2026, according to the National Bureau of Statistics.
The Nigeria 10-Year Government Bond currently offers a yield of 17.216 percent, according to data from World Government Bonds.
Interestingly, the current yield which indicates easing inflationary pressures and benign interest rate environment is favorable when compared to the 21.73 percent bond yield as at December 2024.
Nigerian companies registered over N191 billion in commercial papers (CPs) during the first half of 2026, according to data from FMDQ.
Oando has a total of N2.71 trillion of debts in its balance sheet, which is 0.23 percent lower than 2025’s N2.69 trillion, according to data gathered by MoneyCentral. The oil and gas giant is struggling with deteriorating balance sheets as it prioritises acquisition over operational efficiency.
Seplat Energy ended the period with gross debt of N1.10 trillion ($804.5 million) 20 percent lower than at end  2025’s N1.44 trillion ($1,005.6 million)
During the period, the upstream oil and gas giant repaid and cancelled N270 billion ($200 million) on the Advanced payment facility which was used to finance the acquisition of Mobil Producing Nigeria Unlimited (MPNU) shallow water assets.
Seplat Energy refinanced and upscaled its existing facility to a new N540 billion ($400 million) revolving credit facility, up from (N427,500) $350 million previously), while at the same time lowering the borrowing cost with the new facility interest rate set at SOFR plus 4.5 percent (down from SOFR plus 5 percent plus CAS of 0.26 percent), achieving a saving of 76 basis point (bps). The facility matures in October 2029 and is currently undrawn.
Airtel Africa’s total debt increased by 4.45 percent to N7.74 trillion in June 2026 from N7.41 trillion as at June 2025.
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