A s of December 2024, eight Nigerian companies have experienced a significant surge in their liabilities, reaching a combined total of N8.67 trillion, according to financial reports filed with the Nigerian Exchange. This rise reflects growing debt levels driven by increases in both current and non-current liabilities across various sectors.
Oando Plc Leads with a 164.95% Increase
Oando Plc tops the list with a staggering 164.95% growth in total liabilities, jumping from N2.94 trillion in 2023 to N7.78 trillion in 2024. The company’s liabilities comprise N1.22 trillion in non-current liabilities, including borrowings, deferred income tax liabilities, decommissioning provisions, and retirement benefit obligations. Current liabilities, dominated by trade payables and borrowings, amount to N6.56 trillion.
Bua Foods Records Decline Amid Rising Trends
Contrary to the upward trend, Bua Foods posted a 23.5% decrease in total liabilities, dropping from N808.38 billion in 2023 to N618.87 billion in 2024. Non-current liabilities include deferred tax liabilities of N22.31 billion and borrowings of N724.12 billion, while current liabilities consist of borrowings (N316.26 billion) and trade payables (N116.2 billion).
Other Companies with Notable Changes
Honeywell Flour Mills: Liabilities rose by 8% from N126.11 billion in 2023 to N136.21 billion in 2024, primarily due to current liabilities like trade payables (N92.34 billion) and borrowings (N7.67 billion).
Caverton Offshore: Reported a 30.6% increase in liabilities, growing from N80.07 billion to N104.5 billion. Non-current liabilities stand at N27.03 billion, with current liabilities surging by 90.72% to N77.47 billion.
SCOA Nigeria: Experienced a 7.2% rise from N12.02 billion to N12.89 billion, with minimal non-current liabilities and current liabilities driven by financial obligations and taxes.
ABC Transport: Saw a 28.8% increase from N4.82 billion to N6.21 billion, with stable non-current liabilities (loans and borrowings at N2.72 billion) and growing current liabilities.
Triple Gee: Liabilities climbed by 28.9% from N4.36 billion to N5.6 billion, dominated by both long-term and short-term borrowings.
Learn Africa Plc: Recorded a 66.4% surge in liabilities, from N1.25 billion to N2.08 billion, with current liabilities, such as trade payables and income tax payable, making up the bulk.
Broader Debt Trends
Across the Nigerian Exchange, 15 listed companies reported a combined N3.62 trillion in non-current liabilities as of September 2024, up from N2.74 trillion in 2023. This trend highlights the growing debt burden within Nigeria's corporate sector, influenced by economic conditions and operational expansions.
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