Eight companies on the list have racked up a debt of N8.67 trillion, according to a report.

As of December 2024, eight companies in Nigeria have reported an increase in their liabilities, totaling N8.67 trillion. This rise in debt levels is attributed to both non-current and current liabilities across various sectors.

Current liabilities refer to a company's short-term financial commitments that are due within one year or within a typical operating cycle. In contrast, non-current liabilities, or long-term liabilities, are obligations that are not expected to be settled within a year.

Recent financial statements submitted by these companies to the Nigerian Exchange for the year 2024 indicate that Oando Plc leads with a staggering 164.95 percent increase in total liabilities, escalating from N2.94 trillion in 2023 to N7.78 trillion. This figure reflects a significant portion of the company's corporate debt, which includes N1.22 trillion in non-current liabilities, covering borrowings, deferred income tax liabilities, decommissioning provisions, and retirement benefit obligations. Current liabilities, primarily driven by trade payables and borrowings, amount to N6.56 trillion.

In contrast, Bua Foods experienced a 23.5 percent reduction in total liabilities, which fell from N808.38 billion in 2023 to N618.87 billion in 2024. This includes non-current liabilities such as deferred tax liabilities of N22.31 billion and borrowings of N724.12 billion, alongside current liabilities comprising borrowings of N316.26 billion and trade payables of N116.2 billion.

Honeywell Flour Mills recorded an 8.0 percent increase in liabilities, rising from N126.11 billion in 2023 to N136.21 billion in 2024. The majority of this total is attributed to current liabilities, which include trade payables of N92.34 billion and borrowings of N7.67 billion, while non-current liabilities, mainly consisting of borrowings and deferred tax liabilities, represent a smaller share of the overall debt.

Caverton Offshore has seen its liabilities jump by 30.6%, going from N80.07 billion in 2023 to N104.5 billion in 2024. The non-current liabilities, which sit at N27.03 billion, are mainly due to loans and lease obligations. Meanwhile, current liabilities skyrocketed by 90.72% from last year, totaling N77.47 billion. Overall, the company’s total liabilities have surged by 167.04% year-on-year.

SCOA Nigeria's liabilities increased by 7.2%, rising from N12.02 billion in 2023 to N12.89 billion in 2024. The non-current liabilities are quite low, while current liabilities consist of financial debts and tax responsibilities.

ABC Transport experienced a 28.8% growth in liabilities, moving from N4.82 billion to N6.21 billion, with current liabilities making up a significant part of that total. Their non-current liabilities have remained steady, with loans and borrowings at N2.72 billion.

Triple Gee also reported a 28.9% rise in liabilities, increasing from N4.36 billion to N5.6 billion. Most of their debt comes from long-term and short-term borrowings, with current liabilities, especially trade payables and short-term loans, making up a large chunk of the total.

Learn Africa Plc's liabilities jumped by 66.4%, from N1.25 billion to N2.08 billion, with a strong emphasis on current liabilities. Their non-current liabilities are low, while current liabilities, including trade payables and income tax, dominate the debt.

A total of 15 listed companies on the Nigerian Exchange reported a combined non-current liability of N3.62 trillion as of September 2024, which is an increase from N2.74 trillion in 2023.