Nigerian Companies Declare N1.1tr in Dividends to Shareholders in 2024
By Patience Ikpeme
Listed companies in Nigeria declared a total of N1.1 trillion in dividends to their shareholders during 2024, with N1.0 trillion already disbursed. This information comes from Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), who shared these figures at the first quarter Capital Market Committee (CMC) meeting in Lagos. The payout reflects improving market confidence and solid returns for investors.
Dr. Agama also provided an overview of new issues approved by the commission. Between January and December 2024, the SEC approved a total of N3.68 trillion in new issues. This sum was composed of N59.82 billion from fixed income issuances and a substantial N3.62 trillion from equities, indicating a strong investor appetite and issuer confidence in the equity segment of the Nigerian market.
Looking into the current year, the Director-General reported that from January to April 2025, the SEC has already approved new issues valued at approximately N446.38 billion. Of this amount, N265.90 billion was raised through fixed income instruments, while N180.48 billion was mobilized via equities.
The SEC’s data also detailed significant activity in mergers and acquisitions (M&A). In 2024, the commission approved 11 transactions with an aggregate value of N320.36 billion. A notable transaction among these was the acquisition of a 58.02% equity stake in Guinness Nigeria Plc by N Seven Nigeria Ltd., valued at over N103.7 billion.
During the same period, the SEC approved three corporate restructuring transactions, two share capital reconstructions, one takeover, and four registrations of securities. Among the prominent corporate restructuring deals was a scheme of arrangement involving Flour Mills of Nigeria Plc, valued at over N105 billion. Additionally, Transnational Corporation Plc undertook a share capital reconstruction through a one-for-four share consolidation, amounting to N5.08 billion.
For the year-to-date in 2025, Dr. Agama stated that the commission has approved three major transactions worth N38.53 billion. These include two takeovers and one corporate restructuring. While no mergers have been recorded within this review period, the pace of market activity remains steady, reflecting continued interest in strategic consolidation and reorganization across key sectors. These activities, he noted, represent ongoing strategic realignments within the market.
The Director-General also shared positive developments in the collective investment schemes sector, which recorded robust expansion. As of the fourth quarter of 2024, the combined net asset value (NAV) of these schemes reached N3.84 trillion.
The number of registered mutual funds grew to 184, with a combined net asset value of N3.84 trillion and attracting over 800,000 unitholders. Privately managed portfolios and products expanded to 444 vehicles, overseeing assets under management totaling N4.69 trillion. In aggregate, 82 active asset management firms collectively manage N8.53 trillion in investments.
Dr. Agama explained that these figures reflect a maturing market where professional fund management is increasingly recognized as a critical driver of capital formation and wealth creation. He concluded that these statistics indicate sustained activity in the market, particularly as issuers continue to utilize both the debt and equity segments to finance growth and investment.
