Aradel and Seplat emerge as Nigeria’s oil and gas cash kings, but balance sheets tell a more nuanced story

Aradel Holdings Plc and Seplat Energy Plc collectively held N2.24 trillion in cash and bank balances at the end of the first quarter of 2026. This combined amount accounts for nearly the entire cash reserve of Nigeria's listed upstream oil sector, though balance sheet leverage presents a more complex financial outlook.