NGX: Stakeholders To Receive N491m Maiden Dividend

Shareholders of Nigerian Exchange Group (NGX Group) will receive N491 million as interim cash dividend, the first payout to be made by the group after it transited to a profit-making entity.

The Board of Directors of NGX Group, after its emergency meeting, stated that the group would be paying an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders based on the results of the group for the first half ended June 30, 2023.

This dividend, which is the first since the demutualisation of the defunct Nigerian Stock Exchange (NSE) will be paid to shareholders whose names appear in the shareholders’ register as of close of business Monday, July 31, 2023. Payment will be remitted electronically to qualified shareholders on Thursday, August 31, 2023.

The dividend announcement followed request from shareholders at the annual general meeting of the group two weeks ago.

Chairman, NGX Group Plc, Alhaji Umaru Kwairanga said the announcement of the dividend will send a signal to shareholders that the company has a listening and responsive board following the request at the last annual general meeting.

“We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term,” Kwairanga said.

Group Chief Executive Officer, NGX Group Plc, Mr Oscar Onyema, said the interim dividend would not significantly impact the cash position and retained earnings of the company.

He noted that the interim dividend will further position the company as investible stock for a wider class of investors in the capital market.

“We will continue to focus on maximising value for shareholders just as we champion the development of Africa’s financial markets,” Onyema said.