6 oil firms spend N613bn on debt servicing in 6 months

Six major oil and gas companies listed on the Nigerian Exchange (NGX) spent N613 billion servicing loans and other finance-related obligations in the first half of 2026, as the combined impact of foreign exchange (FX) losses and high interest rates continued to weigh on corporate earnings.
A Daily Sun analysis of the half-year financial statements of Aradel Holdings, Eterna, Japaul Gold and Ventures, Oando, Seplat Energy and TotalEnergies Marketing Nigeria showed that their combined net finance costs rose to N613.3 billion between January and June 2026. This represents a sharp increase from N182.2 billion recorded in the same period of 2025, an increase of about 237 per cent.
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