6 discrepancies, ₦1.9B gap: Omatek’s 2025 financial report raises serious questions

Omatek Ventures Plc filed its unaudited consolidated financial statements for the year ended December 31, 2025, on January 30, 2026. The document covers the full financial year for Nigeria’s first indigenous computer manufacturer, a company incorporated in 1988, converted to a public company in 2008, and listed on the Nigerian Exchange with 2,941,789,472 shares in issue.

The financial statements were approved by the board on January 30, 2026, and signed by Group Chairman Dr Timothy Farinre, Chief Finance Officer Mr Anthony O. Omhenke and Group Managing Director Mr Yemi Ogundipe.

Investors who hold those shares, and the 5,481 shareholders on Omatek’s register, rely on this document to understand the state of the company. A review of the filing by Technext found six instances where figures on one page of the report do not match figures on another page of the same document.

Before those discrepancies, the numbers that are consistent across the document already tell a difficult story.

For instance, Omatek recorded revenue of ₦2.2 million for the full year ended December 31, 2025, down from ₦6.27 million in 2024. Against that revenue, the company recorded administration expenses of ₦50.52 million, producing a loss from operations of ₦48.32 million.

The company made no capital expenditure in 2025. It purchased no new equipment, no machinery, no vehicles. The charge for depreciation during the year was zero, because most of the company’s technology assets are fully depreciated.

The net book value of Omatek’s plant and machinery is ₦10,000. Computer equipment costs ₦10,000. The resources centre is ₦10,000. Quality test equipment is ₦10,000. Motor vehicles are on the books at ₦20,000. Office equipment carries a net book value of ₦130,000. Fixtures and fittings stand at ₦1.22 million.

The leasehold building, the only PPE line item with meaningful value, carries ₦7 million.

Together, the entire portfolio of property, plant and equipment, spanning 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.

The depreciation charge for 2025 was zero, because most of these assets are fully depreciated. The cost column for all these assets has not changed since January 1, 2025.

What keeps Omatek's asset base intact is a single investment property, a leasehold building valued at ₦2,207.35 million. That figure has not changed since at least 2024 and represents 90.7% of the company's total non-current assets of ₦2,402 million.

The loss per share for 2025 is ₦0.016.

The five-year financial summary in the document shows the company has recorded losses in every year since 2021, when it lost ₦1,750 million. In 2022, the loss was ₦1,930 million. In 2023, it was ₦4.10 million. In 2024, it was ₦62.14 million. In 2025, it was ₦48.32 million.

Florence Seriki (late), Founder, Omatek

One positive development disclosed in the report is the settlement of Omatek’s loans with the Bank of Industry and First Bank. The document states that all loans due to both institutions have been amicably settled. Long-term loans and borrowings now show zero on the balance sheet.

Here are the 6 discrepancies in Omatek’s 2025 report

1. Total Comprehensive Income: ₦1,943 million vs ₦43.64 million

The Operational Highlights page shows Company Total Comprehensive Income as negative ₦1,943 million for 2025. The income statement on page 12 of the same document shows Company Total Comprehensive Income as negative ₦43.64 million for the same period.

The difference between the two figures is approximately ₦1.9 billion. No note in the document explains the difference between these two figures.

2. Financing cash flow: Identical figure for 2 consecutive years

The consolidated statement of cash flows shows net cash from financing activities at the company level as negative ₦6,774.08 million for 2025. The 2024 figure in the same column is also negative ₦6,774.08 million.

The two figures are identical down to two decimal places. Net cash from operating activities at the company level also shows negative ₦864.78 million for 2025 and negative ₦4,387.14 million for 2024, meaning those figures differ across the two years. The financing line alone is identical.

3. Company revenue: 3 different figures in one document

The Operational Highlights page shows company revenue as ₦0.54 million for 2025. The income statement shows the company’s revenue as ₦2.20 million for the same period. The segment analysis shows company revenue as zero for 2025.

All three figures refer to the same line item for the same company in the same financial year.

4. Omatek’s issued shares: 2.94 billion vs 1.47 billion

The directors’ report states the issued share capital as 2,941,789,472 ordinary shares of 50 kobo each. The free float page at the back of the same document uses 1,470,894,736 shares as its calculation base, exactly half the figure stated elsewhere.

In the directors’ shareholding table, the estate of the late founder, Engr Mrs Florence Seriki, is listed as holding 1,552,315,285 units. On the free float page, the same holding is listed as 776,191,152 units, again exactly half.

The shareholding percentages are consistent across both pages at 52.77%, which means one set of unit figures is calculated on a different share base than the other.

5. Deferred tax: ₦24.39 million in notes, zero on income statement

Note 11 of the financial statements shows a deferred tax charge of negative ₦24.39 million at the group level for 2025. The income statement shows tax expense as zero for the same period.

The same note shows the deferred tax liability balance carried forward as ₦407 million, unchanged from the opening balance of ₦407 million, while simultaneously showing a current period charge of negative ₦24.39 million.

6. Group cash flow: Empty columns against visible balance sheet movements

The group-level cash flow statement shows dashes across most line items for both 2024 and 2025, indicating no recorded activity. The group balance sheet for the same periods shows trade and other payables move from ₦3,443 million in 2024 to ₦3,473 million in 2025, a difference of ₦30 million. Other liabilities move from ₦209 million to ₦216 million.

Cash and cash equivalents fell from ₦13 million in 2024 to ₦2 million in 2025. These movements appear on the balance sheet but do not appear in the group cash flow statement.

This list is non-exhaustive.

Omatek is listed on the Main Board of the Nigerian Exchange. The company has 2,941,789,472 shares in issue and a free float of 34.81% as of December 31, 2025. The document is described as unaudited. Omatek's next filing obligation to the Nigerian Exchange will be its audited financial statements.

The post 6 discrepancies, ₦1.9B gap: Omatek’s 2025 financial report raises serious questions first appeared on Technext.