Lagos: Nigerian Exchange Group (NGX Group) has approved the payment of a N4.4 billion dividend to its shareholders for the year 2024. Dr. Umaru Kwairanga, Chairman of NGX Group, announced this decision during the company’s 64th Annual General Meeting held in Lagos.
According to News Agency of Nigeria, Kwairanga emphasized the significance of this record dividend payout, which translates to N2 per share, marking the highest in the Group’s history. He highlighted that these developments underscore the Group’s commitment to delivering value to shareholders while ensuring long-term business sustainability. Kwairanga also reiterated NGX Group’s dedication to enhancing market infrastructure, expanding service offerings, and driving innovation to solidify its role as a key player in Africa’s financial ecosystem.
Kwairanga shared detailed financial results, noting a significant increase in the Group’s profit after tax, which rose by 47.07 percent from N5.25 billion in 2023 to N7.72 billion in 2024. The profit before tax experienced an even more substantial increase, climbing from N5.29 billion in 2023 to N13.61 billion in 2024. The Group’s income grew by 51 percent, reaching N23.99 billion in 2024, while total assets increased by 12.05 percent to N67.04 billion.
Despite the rise in expenses by 28 percent to N14.5 billion in 2024, NGX Group’s gross earnings for the year doubled to N33.32 billion. Revenue also soared to N16.89 billion, demonstrating the Group’s robust financial performance.
Kwairanga emphasized NGX Group’s leadership in Africa’s financial market, highlighting its commitment to empowering Nigeria’s economy and contributing to Africa’s economic prosperity. He pointed to the Group’s strategic investment in the Ethiopian Securities Exchange as evidence of its vision to redefine market infrastructure benchmarks and cultivate a resilient financial ecosystem.
Mr. Temi Popoola, Group Managing Director of NGX Group Plc, noted the Group’s strategic focus and operational discipline, which delivered record-breaking results in 2024. He reported a 157.3 percent surge in profit before tax, driven by top-line expansion and cost efficiency. Gross earnings rose by 103.2 percent, supported by growth across key revenue lines, including listing fees, transaction fees, technology-related income, and treasury income.
Mr. Nonso Okpala, Mrs. Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga were re-elected as Non-Executive Directors of NGX Group. Shareholders also elected Mr. Sam Ayinninuola, Mr. Oluwadare Adejumo, and Mr. Peter Eyanuku as statutory audit committee members. During the meeting, shareholders raised issues around delisting, dividend policy, and the remuneration of Directors.