Top Nigerian oil and gas companies holding largest cash in bank, nine-month period 2025 

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Nigeria’s leading oil and gas companies closed the 9-month period ended September 2025 with a combined cash balance of N1.48 trillion.

This marks a 0.76% rise from the N1.46 trillion recorded in the same period of 2023, reflecting an uptick in cash and bank balances across the sector.

Cash in the bank represents funds a company can access immediately, whether sitting in regular bank accounts or short-term deposits.

It is a vital indicator of financial strength, showing how quickly a company can meet its obligations, pursue growth opportunities, or cushion itself against unexpected shocks.

In financial statements, this appears under “cash and cash equivalents” on the balance sheet, covering not only physical cash but also near-cash assets that can be converted into liquid funds within a short period.

For this report, we rank Nigeria’s leading oil and gas companies by their cash and bank balances for the period ended September 30, 2025.

JapaulGold & Ventures — N614.8 million 

Japaul Gold & Ventures Plc occupies the 7th position with N614.8 million in cash and bank balances, a dramatic leap from the N25.7 million reported at the end of 2024.

Its liquid position sits within N15.8 billion in current assets, which slipped 3.7%, largely powered by trade and other receivables of N15.2 billion.

Current liabilities rose to N11.1 billion, an 8.21% uptick, mainly due to trade and other payables of N6.9 billion.

With a quick ratio of 1.42, Japaul Gold is well positioned to meet its short-term obligations, comfortably above the 1.00 benchmark.

The company posted a pre-tax profit of N496.2 million, slightly lower than the previous year’s N578.1 million, despite generating a much stronger N2.6 billion in revenue, up 24.09%. Admin expenses, however, clipped overall profitability.

However, a bright spot emerged in operating cash flow, which flipped from a N335.8 million outflow last year to an impressive N737.3 million inflow.

Eterna— N2.27 billion 

In 6th place, Eterna Plc holds N2.27 billion in cash and bank balances, representing a significant decline from N5.93 billion in December 2024.

Its current assets closed at N40.9 billion, down 17.05%, supported mainly by inventories (N22.2 billion) and receivables (N16 billion).

On the liability side, the company experienced some relief: current liabilities eased to N42.5 billion, a 15.90% reduction, with borrowings of N28.5 billion forming the bulk.

Eterna’s quick ratio stood at 0.44.

For the nine-month period, the group reported N1.3 billion in pre-tax earnings, trailing last year’s N1.6 billion.

Revenue also slowed, falling 8.95% to N212.8 billion, with fuel sales contributing N178.1 billion.

Operating activities produced N13.9 billion in cash inflow, slightly weaker than the N16.1 billion delivered at the end of 2024 but still a healthy flow.

Conoil— N9.27 billion 

Conoil Plc claims the 5th spot with N9.27 billion in cash and bank balances, an improvement of 27.62% year-on-year.

Its current assets edged up to N113.4 billion, supported primarily by N89.7 billion in receivables and N14 billion in inventories.

Current liabilities climbed 13.15% to N84 billion, driven by trade and other payables worth N40.6 billion.

A quick ratio of 1.18 suggests that Conoil can comfortably service its short-term obligations.

Profitability, however, took a sharp hit. Pre-tax profit plunged to N1.87 billion from N15.2 billion, as higher costs weighed on earnings.

Cash generation also softened, with operating cash flow slowing to N5 billion, down from an inflow of N8.7 billion the previous year.

TotalEnergies— N63.8 billion 

TotalEnergies Marketing Nigeria ranks fourth with N63.8 billion in cash and cash equivalents, a 30.1% reduction from the prior year.

Current assets decreased to N324.5 billion, down from N392.1 billion in December 2024, driven by trade and other receivables (N148.8 billion) and inventories (N107.9 billion).

Current liabilities declined to N341.3 billion, an 11.19% contraction, with trade and other payables (N242.6 billion) comprising the largest element.

The company’s quick ratio stood at 0.63, signaling moderate liquidity.

TotalEnergies recorded a pre-tax loss of N11.9 billion, in contrast to a N41.8 billion profit in the prior period, following elevated operating and finance costs.

Nevertheless, operating cash flow strengthened markedly, recording an inflow of N23.6 billion, compared with an outflow of N7.3 billion in 2024.

Oando— N143.7 billion

Oando Plc places third with N143.7 billion in cash and cash equivalents, lower than the N221.7 billion reported the previous year.

The company expanded its current assets to N1.15 trillion, supported predominantly by trade, other receivables and contract assets totaling N805.6 billion.

Current liabilities decreased to N4.01 trillion, down from N4.4 trillion in 2024. Quick ratio settled at 0.27.

Oando reported a pre-tax profit of N19.4 billion, and after accounting for N181.8 billion in tax credit, achieved a post-tax profit of N201.3 billion, representing a 163.85% increase.

Operating cash flow improved, with the outflow narrowing to N234.9 billion, compared with N495.1 billion in the prior year.

Aradel— N411.8 billion 

Aradel Plc comes in 2nd with N411.8 billion in cash and bank balances, slightly down from N422.2 billion a year earlier.

Total current assets grew to N545.2 billion, up from N538.6 billion, with trade and other receivables (N93.2 billion) being the second-largest component after cash.

Current liabilities rose 25.23% to N268.6 billion, driven mainly by trade and other payables (N128.5 billion).

The company’s quick ratio stood at 1.68, reflecting strong liquidity after stripping out inventory.

Aradel delivered a solid performance with pre-tax profit of N300.6 billion, up 57.05%, supported by revenue of N538.8 billion, which grew 42.70%.

Net operating cash flow came in at N205.4 billion, slightly down 3.8% from the previous year.

Seplat— N849.5 billion 

Seplat tops the list with N849.5 billion in cash and cash equivalents, up 17.76% from N721.3 billion in the previous year.

Total current assets hit N2.7 trillion, driven largely by trade and other receivables (N869.4 billion) and the company’s sizeable cash position.

Current liabilities fell to N2.25 trillion, down from N2.6 trillion, with trade and other payables (N1.6 trillion) comprising the largest portion.

Seplat’s quick ratio stood at 0.90, reflecting fairly balanced liquidity.

The company reported a powerful pre-tax profit of N878.9 billion, up 139.70%, backed by revenue of N3.3 trillion, up from N1.07 trillion in the previous year.

Operating cash flow surged to N1.55 trillion, a significant rise from N535.6 billion a year earlier.