About 22 companies listed on the Nigerian Exchange Limited are carrying varying levels of debt totalling N21.3 trillion in the second quarter of 2026. Of the 22 companies, 11 are operating with debt-to-equity ratios above 2.0, highlighting varying degrees of reliance on borrowed funds to finance their businesses. The situation raises concerns about the potential impact of interest costs, cash-flow pressures and shareholder returns. The companies include VFD Group, United Capital, UACN, TotalEnergies Marketing Nigeria, Tantalizers, SCOA Nigeria, Nestlé Nigeria, Neimeth International Pharmaceuticals, MTN Nigeria and Mecure Industries, among others.
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