MTN, Dangote Cement Top List of 10 Nigerian Companies With Most Cash in Bank Accounts

• MTN Nigeria and Dangote Cement have topped the list of 10 Nigerian companies with the most money in bank accounts
• The list includes companies in telecommunication, construction, consumer goods, and food
• Companies most often keep their cash in commercial bank accounts or in low-risk money market funds

Ten Nigerian companies listed on the Nigerian Exchange have reported increased cash balances.

Data obtained from the companies' financial statements as at the end of the first quarter of 2022 show that the total cash balance of the companies stands at N1.67 trillion.

A breakdown of the figures showed that MTN Nigeria and Dangote Cement topped the list of the 10 companies with the most cash reserves among the companies surveyed, the report states.

Telecommunication giant, MTN Nigeria, had the highest cash balance of N564.99 billion ($1.38 billion) on its books, using a one-dollar to N416 exchange rate.

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This was followed by Dangote Cement, a major construction company, with N255.19 billion ($624.17 million) in its bank accounts.

Seplat PLC, an energy company, was third on the list with a cash balance of N211.88 billion ($517.89 million).

Dangote Sugar, another food and beverage company owned by the Dangote Group, followed in fourth place with N203.02 billion ($496.90 million) in cash.

Lafarge, a construction company, came fifth with N106.52 billion ($260.85 million) in cash, while Nestle, a food and beverage company, was sixth with N102.04 billion ($249.95 million).

Unilever, a consumer goods company, had the seventh-highest cash balance with N78.13 billion ($191.01 million), followed by Total PLC, an energy company, with N55.09 billion ($134.66 million).

BUA Foods, a food and beverage company, and Julius Berger, a construction company, rounded up the list with N51.35 billion ($125.66 million) and N50.86 billion ($124.43 million) in cash balances, respectively, using the same exchange rate.

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Fidelity targets 5 banks across Africa

In another report, Fidelity Bank was considering the acquisition of five commercial banks across the continent.

The move came on the heels of the bank's recent acquisition in the United Kingdom.

Fidelity is currently the sixth-largest lender in Nigeria with assets worth almost N4 trillion.

Source: Legit.ng