LAGOS — The combined cost of sales and operating expenses of 12 companies listed on the Nigerian Exchange rose 16.9 per cent to N10.14 trillion in the first half of 2026, according to an analysis of their results by ThisDay. Oando's cost of sales reached N1.96 trillion and Seplat's N1.38 trillion. Analyst David Adonri warned that higher costs could reduce dividends.