Top 10 NGX-listed companies by technology expenditure in 2025

Listed companies on the Nigerian Exchange recorded substantial technology expenditure in 2025, with technology-related costs supporting operational efficiency and digital infrastructure, particularly in the banking sector.

The data was compiled by Nairametrics Research from the audited financial statements of companies listed on the Nigerian Exchange.

Technology expenditure reflects IT-related costs as separately disclosed in company financial statements, though classification may vary across firms depending on accounting treatment and disclosure structure.

Eight of the top 10 companies that spent the most on technology in 2025 were financial institutions, with banks accounting for the bulk of total technology expenditure among Nigerian Exchange-listed companies. The remaining two spots were taken by an energy company and a cement manufacturer.

The concentration of technology expenditure among banks reflects the sector’s continued commitment to digital banking infrastructure, cybersecurity enhancement, transaction processing capacity, and platform modernization as lenders compete for retail and corporate transaction volumes.

Based on the data reviewed, the top 10 companies collectively spent approximately N628.1 billion on technology in 2025, up from N611.6 billion in 2024, highlighting the continued prominence of IT-related costs among some of Nigeria’s largest listed firms.

Here are the top 10 companies that spent the most on technology in 2025.

Note: In assessing company performance alongside technology expenditure, gross earnings are used for financial institutions, while revenue is used for non-bank companies, reflecting differences in how income is structured across sectors. 

Lafarge Africa Plc (N6.89 billion)

Lafarge Africa Plc recorded technology expenditure of N6.89 billion in 2025, a sharp increase from N1.90 billion in 2024, representing a 263.43% rise year-on-year.

The company recorded revenue of N1.07 trillion in 2025, compared with N696.8 billion in 2024, reflecting 53.04% growth. Profit after tax rose to N273.1 billion, from N100.1 billion in 2024, representing a 172.72% increase. Technology costs represented 10.50% of total operating expenses.

Wema Bank Plc (N19.04 billion)

Wema Bank Plc spent N19.04 billion on technology in 2025, up from N5.55 billion in 2024, a 242.87% year-on-year increase.

Wema Bank recorded gross earnings of N661.4 billion in 2025, compared with N430.3 billion in 2024, representing 53.72% growth.

Profit after tax more than doubled to N194.5 billion, up from N86.3 billion in 2024, a 125.40% increase. Technology expenditure represented 16.41% of total operating expenses.

Seplat Energy Plc (N24.85 billion)

Seplat Energy Plc recorded technology expenditure of N24.85 billion in 2025, compared with N7.27 billion in 2024, a 241.57% increase.

Seplat Energy recorded revenue of N4.14 trillion in 2025, up from N1.65 trillion in 2024, representing 150.39% growth. Profit after tax rose to N241.6 billion, from N207.9 billion in 2024, a 16.22% increase. Technology costs accounted for 6.56% of total operating expenses.

Stanbic IBTC Holdings Plc (N41.22 billion)

Stanbic IBTC Holdings Plc spent N41.22 billion on technology in 2025, up from N33.49 billion in 2024, representing a 23.09% increase.

Stanbic IBTC recorded gross earnings of N1.14 trillion in 2025, compared with N823.3 billion in 2024, representing 38.09% growth. Profit after tax rose to N380.8 billion, from N225.3 billion in 2024, a 69.01% increase. Technology expenditure represented 19.05% of total operating expenses.

United Bank for Africa Plc (N42.96 billion)

United Bank for Africa Plc spent N42.96 billion on technology in 2025, compared with N48.05 billion in 2024, a 10.60% decline year-on-year.

UBA recorded gross earnings of N3.09 trillion in 2025, compared with N3.19 trillion in 2024, a marginal decline of 3.04%. Profit after tax fell to N404.7 billion, from N766.6 billion in 2024, a 47.21% decrease. Technology expenditure represented 6.50% of total operating expenses.

Fidelity Bank Plc (N54.28 billion)

Fidelity Bank Plc spent N54.28 billion on technology in 2025, slightly below the N56.01 billion recorded in 2024, a 3.08% decline.

Fidelity Bank recorded gross earnings of N1.52 trillion in 2025, up from N1.04 trillion in 2024, a 45.65% increase. Profit after tax declined to N242.4 billion, from N278.1 billion in 2024, a 12.82% decrease. Technology expenditure represented 16.19% of total operating expenses.

Guaranty Trust Holding Company Plc (N77.09 billion)

Guaranty Trust Holding Company Plc spent N77.09 billion on technology in 2025, down from N88.04 billion in 2024, a 12.43% decline. Despite the reduction, GTCO recorded the highest technology spend as a proportion of total operating expenses among the top 10, at 27.07%.

GTCO recorded gross earnings of N2.15 trillion in 2025, almost unchanged from N2.14 trillion in 2024. Profit after tax declined to N865.7 billion, from N1.02 trillion in 2024, a 14.94% decrease.

Zenith Bank Plc (N91.92 billion)

Zenith Bank Plc spent N91.92 billion on technology in 2025, up from N67.30 billion in 2024, representing a 36.58% increase.

Zenith Bank recorded gross earnings of N4.19 trillion in 2025, compared with N3.97 trillion in 2024, a 5.57% increase. Profit after tax was broadly flat at N1.04 trillion, compared with N1.03 trillion in 2024, a 0.74% rise. Technology expenditure represented 13.72% of total operating expenses.

FirstHoldCo Plc (N108.97 billion)

FirstHoldCo Plc spent N108.97 billion on technology in 2025, marginally below the N110.50 billion recorded in 2024, a 1.39% decline.

FirstHoldCo recorded gross earnings of N3.44 trillion in 2025, compared with N3.21 trillion in 2024, a 6.93% increase. Profit after tax declined sharply to N139.5 billion, from N677.0 billion in 2024, a 79.40% decrease. Technology expenditure represented 13.35% of total operating expenses.

Access Holdings Plc (N160.85 billion)

Access Holdings Plc topped the list with technology expenditure of N160.85 billion in 2025, the highest among all listed Nigerian companies, despite a year-on-year decline from N193.52 billion in 2024 by 16.88%.

Access Holdings recorded gross earnings of N5.53 trillion in 2025, compared with N4.88 trillion in 2024, a 13.34% increase. Profit after tax rose to N743.0 billion, from N642.2 billion in 2024, a 15.70% increase. Technology expenditure represented 16.06% of total operating expenses.

Why this matters

Technology expenditure remains a strategic priority for Nigeria’s largest listed companies, particularly in banking, where digital infrastructure has become central to customer acquisition, transaction processing, and operational resilience.

The dominance of financial institutions in the ranking reflects how digital transformation is no longer discretionary spending but a core competitive necessity. Companies that sustain disciplined technology investment while preserving profitability may be better positioned to capture long-term efficiency gains and market share.