NGX Group Announces N299M Interim Dividend Payout With 25 kobo per Share

The Nigerian Exchange Group Plc has proposed an interim dividend of N299 million after an emergency meeting with the Board of Directors. This dividend will be 25 kobo per share to shareholders for the first half (H1) of fiscal year 2023.

This dividend, the first since the demutualization of the Nigerian Stock Exchange, will be paid to shareholders whose names appear in the Shareholders’ Register as of the close of business on July 31, 2023. 

• This is what the group has to say,  “payment will be remitted electronically to qualified shareholders on August 31, 2023. The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting on July 14, 2023.”

Also, the chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, talked about the dividend announcement, “the announcement of the dividend will send a signal to our 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 its strategy to create sustainable growth in the medium to long term.”

Mr Oscar Onyema, group chief executive officer of NGX Group, noted that the proposed payment will have no major effect on the company's cash position or retained earnings, and will also place it as profitable for a greater number of capital market investors. 

• “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investable for a wider class of investors in the capital market.”

He also said that the NGX will continue to focus on maximizing value for shareholders just as they champion the development of Africa’s financial markets.