This study examines the relationship between C2C cycle and firm profitability for the Nigerian conglomerate sector. The study is undertaken based on the historical panel data analysis. To achieve this objective; an ex-post facto research design was employed. Data were generated from secondary sources, specifically, the annual reports and accounts of quoted firms from 2003 to 2012. The population of the study comprises of six Conglomerate companies listed on the Nigerian Stock Exchange. Descriptive statistics, Pearson correlation, as well as fixed-effect and random-effect Generalised Least Square (GLS) regression techniques alongside with Hausman Specification Test as the decision rules were utilised as tools of analysis in the study. The findings establish that C2C cycle is positively related to the efficiency of the listed Conglomerate Firms in Nigeria, though the relationship is statistically insignificant. Management has to attempt to uphold cash operating cycle. Since, as showed in this study the lengthier the C2C cycle, the higher gainful the businesses turn out to be; implying that a long operating cycle is more appropriate and logical as it influence profitability.