In this article, we will list the most indebted companies in Nigeria in 2025. We arrived at this list by ranking firms by the amount of debt in their balance-sheet.
Companies prefer using debts rather than equity capital to fund expansion plans and growth of their business because the former is cheaper as it enjoys tax shield and also it doesn’t result in the dilution of controls.
However, when interest on money borrowed from financial institutions increases or reaches a crescendo, it exposes the company to credit risk.
Lists of most indebted firms
1. Oando Energy Plc
Total Debt- N3.03 trillion
Oando is the first on our lists of most indebted firms in 2025. The company is technically insolvent, which means its total liabilities exceeded total assets. Perhaps more worrisome is that it doesn’t have enough cash flow to cover these debts.
2. Seplat Energy Plc
Total Debt-N1.39 trillion
Seplat Energy is the largest oil and gas firm in Nigeria. And its robust cash flows makes it easier for the oil major to pay interest on loans which ensures it maintains its going concern status.
3. Dangote Cement Plc
Total Debts- N1.08 trillion
Dangote Cement is the largest producer of the building material in Nigeria. The good tiding for investors is that the cement maker’s operating income covers finance costs.
4. Dangote Sugar Plc
Total Debt- N752.30 billion
The largest producer of the sweetener in Africa’s most populous nation says its debt pile does not crimp growth, but the company capitulated to foreign exchange revaluation loss as it posted a loss after tax of N16.05 billion.
5. MTN Nigeria Plc
Total Debt- N527.67 billion
The telecommunications giant that is investing in network expansion with a view to expanding its coverage is sitting on a debt of N527.67 billion. Its capital expenditure spend of N1 trillion underpins its optimism in the Nigeria economy.
6. Nestle Nigeria Plc
Total Debt- N476.02 billion
Nestle Nigeria Plc is a Nigeria-based food and beverage company. The Company is engaged in the manufacturing, marketing, and distribution of food products, including purified water throughout the country.
7. BUA Cement Plc
Total Debt- N476.37 billion
BUA Cement Plc is a Nigeria-based company. The Company is engaged in the manufacture and sale of cement to the general public. It is involved in quarrying, extracting, processing, and dealing in limestone, as well as the manufacture and supply of cement in Nigeria under the brand name BUA Cement.
8. BUA Foods Plc
Total Debt- N363.63 billion
BUA Foods Plc is a food and fast-moving consumer goods (FMCG) company engaged in the processing, manufacturing, production, and distribution of products such as sugar, flour, pasta, rice, and edible oils, as well as packaged foods. Its operations comprise five divisions: Sugar, Flour, Pasta, Rice, and Edible Oils.
9. Presco Oil Plc
Total Debt- N164.10 billion
Presco Plc is an integrated agro-industrial company engaged in the development of oil palm plantations, palm oil milling, palm kernel processing, and vegetable oil refining. It specializes in the cultivation of oil palm, as well as the extraction, refining, and fractionation of crude palm oil into finished products.
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