Listed tech company, Omatek, only made ₦500,000 in revenue in Q1 2026

This is not the first time Omatek’s filings have raised questions. When the company submitted its 2025 unaudited financial statements, Technext identified six inconsistencies in the document, ranging from figures that did not reconcile across statements to disclosures that appeared internally contradictory.

That investigation prompted broader questions about the quality of financial reporting at the company and the oversight mechanisms in place for listed entities in this condition. The Q1 2026 filing arrives against that backdrop, and the numbers do little to change the picture.

The group’s income statement shows revenue of ₦0.5 million for the three months ended March 31, 2026, up from ₦0.3 million in the same period a year earlier.

Cost of sales consumed ₦0.1 million of that, leaving a gross profit of ₦0.4 million. Administration expenses then came in at ₦16.62 million, producing a loss from operations of ₦16.22 million and a total comprehensive loss of the same figure.

No tax was charged. No finance costs were recorded. The company simply spent ₦16 million more than it earned on running itself.

Revenue for the three months ended March 31, 2026: N500,000. Administration expenses for the same period: ₦16.62 million.

The balance sheet tells a more complex story, and not a reassuring one.

Total group assets stand at ₦2.43 billion, but almost all of that figure rests on a single line: investment property valued at ₦2.2 billion, which has not moved since at least the prior year and generates no rental income in the current period.

Property, plant and equipment across the group is carried at just ₦15 million, of which ₦13.15 million is leasehold building and the remaining ₦1.85 million is spread across plant, machinery, fixtures, office equipment, computers, and motor vehicles.

The group holds ₦25 million in inventories and ₦3 million in cash. That is the entirety of what the business has in liquid or near-liquid assets.

On the other side of the balance sheet, total equity at group level stands at negative ₦2.71 billion. The retained earnings line shows an accumulated deficit of ₦5.85 billion, a figure that has been deteriorating steadily across the five-year summary the company includes in the filing.

In 2022, the retained earnings deficit was ₦16.13 billion before what appears to have been a significant restatement or restructuring. The non-controlling interest is also deeply negative at ₦3.32 billion, reflecting losses absorbed at subsidiary level that have outpaced any contributions from minority shareholders.

The debt that was settled and the debt that remains

One development Omatek directors highlight is the resolution of the company’s borrowings with the Bank of Industry and First Bank. The filing notes that all loans with those two lenders have been amicably settled, and long-term borrowings on the balance sheet are indeed zero.

This is a material change from prior years, where non-current liabilities included hundreds of millions in debt. The directors describe the company as now free from material encumbrances, with a clearer path to carrying out its business going forward.

That framing, however, sits awkwardly beside the rest of the numbers. Short-term loans and borrowings of ₦1.002 billion remain on the balance sheet, unchanged from the prior year-end.

Trade and other payables at group level stand at ₦3.92 billion, of which ₦3.25 billion is accrued expenses, a figure that has also barely moved. Other liabilities add another ₦216 million. Total current liabilities come to ₦5.14 billion, against total current assets of just ₦28 million. The company cannot, by any conventional measure, meet its short-term obligations from its short-term assets.

Total current assets: ₦28 million. Total current liabilities: ₦5.14 billion.

A going concern that is going very slowly

The directors have prepared the financial statements on a going concern basis, as they have done in prior periods. The justification offered is that the board and management are intensifying efforts to attract fresh capital from willing investors, both national and international.

That phrase has appeared in Omatek’s filings across multiple reporting periods. As of March 31, 2026, there is no indication in the statements that any such capital has been secured or that any concrete investor discussions have reached a conclusive stage.

The five-year financial summary included in the filing shows turnover of ₦0.5 million in Q1 2026, ₦1.15 million in 2025, ₦1 million in 2024, ₦1.11 million in 2023, and ₦3.75 million in 2021.

The business has not generated meaningful revenue in years. The engineering segment, which was once the primary contributor, shows no external revenue in the current quarter at all.

Omatek’s shares remain quoted on the Nigerian Exchange, where it continues to meet its filing obligations, but the underlying operational activity captured in these statements is, by any reading, minimal.

Omatek was once a notable name in Nigerian technology, assembling computers domestically at a time when that was a genuine feat. Its founder, the late Engr. Florence Seriki, whose estate now holds 52.77% of the shares, was a prominent figure in that era.

Florence Seriki (late), Founder, Omatek

The Omatek she built is now filing quarterly accounts showing ₦500,000 in revenue, ₦3 million in cash, and a loss that is thirty times larger than its income. The filing, at least, continues.