May & Baker’s debt declines 48% amid five-year plan

May & Baker Nigeria Plc has reported a significant reduction in its borrowings, with total group debt falling by 47.7% to N4.17 billion by March 2026. This marks a decrease of N3.80 billion from March 2025, reflecting disciplined financial management and adherence to repayment obligations.

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The reduction in the company’s borrowings reflects our disciplined financial management and adherence to our loan repayment obligations.

The debt reduction occurred alongside substantial growth in other key financial areas. Cash and cash equivalents rose by 55.8% to N7.91 billion, and total equity increased by 35.2% to N14.93 billion over the same period. Investments in fixed assets also continued, with property, plant, and equipment growing by 24.1%.

May & Baker's Managing Director and CEO, Pharm. Patrick Ajah, clarified that the falling debt figures do not signal a slowdown in investment. He explained that the company's loans primarily consist of intervention facilities from the Central Bank of Nigeria and the Bank of Industry, which have more favorable terms and defined repayment schedules. The absence of new borrowings has naturally led to the decline in the outstanding balance.

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Our borrowings are largely intervention facilities from the CBN and the Bank of Industry, which offer more favourable terms than conventional commercial bank loans. These facilities were obtained to support strategic business needs and come with defined repayment schedules.

Looking ahead, the company is formulating a new five-year strategic plan to guide its next phase of business expansion. Ajah emphasized that May & Baker remains committed to its long-term growth strategy, driven by prudent capital management rather than aggressive borrowing.

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No, the reduction in borrowings does not indicate a slowdown in our investment drive. Rather, it reflects our prudent approach to capital management. May & Baker remains committed to its long-term growth strategy and is currently developing a new five-year strategic plan to support its next phase of growth.