37 year-old Nigerian tech company, Omatek only made ₦2.2m in revenue in 2025

Omatek Ventures Plc, the company that built Nigeria’s first indigenous personal computer in 1988, generated just ₦2.2 million in revenue for the entire year ended December 31, 2025.

That figure, buried in an unaudited consolidated financial statement filed in January 2026, tells the story of a company that has travelled very far from its founding ambition.

For context, ₦2.2 million is roughly what a mid-level Lagos professional earns in a year. For a publicly listed technology company with 2,941,789,472 shares on the Nigerian Exchange, this number demands explanation.

Omatek posted a net loss of ₦48.32 million in 2025. That is an improvement from the ₦62.14 million loss recorded in 2024, but the trajectory over five years tells a more disturbing story. In 2022, the company lost ₦1.93 billion.

In 2021, the loss was ₦1.75 billion. The losses have shrunk, but only because the business itself has shrunk.

Total assets stand at ₦2.43 billion at the group level. Total liabilities stand at ₦5.1 billion. That gap, ₦2.67 billion in negative equity, means the company owes significantly more than it owns.

At the company level, equity is positive at ₦703 million, but only because of a ₦4.37 billion share premium and a ₦615 million revaluation reserve. Retained earnings at the company level sit at negative ₦5.76 billion.

The loss per share is ₦0.016. Shareholders who have held this stock have watched the company report losses in every single year covered by the five-year financial summary in the FY report ending December 31, 2025.

Read also: Here are 7 Nigerian tech companies that have existed since the 90s

A tech company that runs on land

The most revealing number in the entire document is ₦2,207.35 million. That is the value of Omatek’s investment property, a leasehold building that has sat on the balance sheet unchanged since at least 2024.

This single asset represents 90.7% of the company’s total non-current assets of ₦2,402 million.

The actual technology assets tell a different story. Plant and machinery carry a net book value of ₦10,000. Computer equipment is worth ₦10,000. Motor vehicles are worth ₦20,000.

The entire portfolio of property, plant and equipment, which includes leasehold buildings, plant and machinery, fixtures and fittings, office equipment, computer equipment, motor vehicles, a resources centre and quality test equipment, has a combined carrying value of ₦8.41 million.

Most of these assets are fully depreciated. The company added zero new assets in 2025. Capital expenditure for the year was nil.

Omatek is, by its own numbers, a property holder with a technology company’s listing status.

Yet, there is one genuinely positive development in the report.

Omatek has fully settled its loans with the Bank of Industry and First Bank. The report states that “all loans due to Bank of Industry and First Bank have been amicably settled by both parties.” Long-term loans and borrowings now show zero on the balance sheet, down from what was a significant liability in prior years.

The company still carries ₦1.009 billion in short-term loans and borrowings, and trade and other payables of ₦3.47 billion at the group level, with accrued expenses alone accounting for ₦2.76 billion of that figure. But the resolution of the Bank of Industry and First Bank loans removes a material overhang that had weighed on the company for years.

The board acknowledges the situation directly in the going concern note: “The Company incurred a net loss of ₦48.32 million for the year ended 31st December 2025. The Board and management are intensifying efforts at attracting fresh capital from willing investors, both national and international.“

Ownership and control at Omatek

The estate of the late founder, Engr. Mrs Florence Seriki controls 52.77% of issued shares, equivalent to 1,552,315,285 units. Portables Investments Limited holds a further 5.60%. Together, these two shareholders control 58.37% of the company.

The free float sits at 34.81%, which keeps Omatek compliant with the Nigerian Exchange’s listing requirements.

Florence Seriki (late), Founder, Omatek

Her son, Temidayo Seriki, sits on the board as a director. The company chairman, Dr. Timothy Farinre, holds 3.41% indirectly. Group Managing Director Yemi Ogundipe holds just 80,000 shares, representing 0.003% of the company.

Omatek says plans are underway to revalue its assets “in view of the depreciating value of the Naira against major international currencies.” That revaluation, if it happens, could improve the numbers on paper. Whether it translates to an operational recovery is a different question entirely.

Omatek was Nigeria’s answer to a homegrown technology industry. The 2025 numbers show a company that has survived, which is notable, but has not yet found a reason to grow again.

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