Omatek made just ₦1.5m in nine months, owes ₦5.2bn
Nigerian computer maker Omatek reports liabilities of about ₦5.18bn against assets of ₦2.43bn, according to its unaudited nine-month results, as reported by Condia.
The facts
- According to Condia, Omatek Ventures Plc earned ₦1.5 million in revenue in the first nine months of 2026, up from ₦200,000 a year earlier, and posted an operating loss of ₦47.15 million.
- Total liabilities were about ₦5.18 billion against total assets of about ₦2.43 billion, leaving negative equity of about ₦2.75 billion, per the unaudited results.
- Accrued expenses of about ₦3.27 billion make up most of trade and other payables. The filing does not say what they cover, who is owed or how old they are.
- Bank balances were about ₦2 million and current assets about ₦28 million. The going-concern note says management is still trying to attract new capital, with no amount or timeline given.
Case notes · Danny's take
Why it matters
Omatek is one of Nigeria's oldest home-grown computer makers. Its numbers show how hard local hardware manufacturing is to sustain. Negative equity is not proof of insolvency, but the gap between a ₦2 million cash balance and billions in obligations is hard to ignore. The biggest line item is the one the filing leaves unexplained. That is where you start digging.
For traders
If you follow the stock, read the full filing rather than the headline. Watch for an explanation of the ₦3.27 billion in accrued expenses, any named investor or capital-raising amount, and whether the restated December 2025 comparatives are corrected. Balance-sheet property is not cash in the bank.
For builders
Local hardware assembly carries heavy fixed costs and depends on steady sales volume. Omatek's figures show what happens when revenue stalls while obligations keep building. If you plan to build or supply in this space, stress-test your cash runway first.
Not financial advice. Do your own investigation.
This story was summarised with AI from Benjamindada's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.