NGX Group Approves N4.4bn Dividend for Shareholders
Nigerian Exchange Group (NGX Group) on Wednesday approved payment of N4.4 billion to the company’s shareholders for the year 2024. Dr Umaru Kwairanga, Chairman, Nigerian Exchange Group, disclosed this during the company’s 64th Annual General Meeting (AGM) held in Lagos.
Kwairanga said, “These results mark a pivotal moment in NGX Group’s post-demutualisation journey, reinforcing investor confidence in our long-term vision. “The approval of a record N4.4 billion dividend, translating to N2 per share, is the highest dividend payout in the Group’s history.
“This is a testament to our unwavering commitment to delivering value to our shareholders while ensuring the long-term sustainability of our business. “As we continue to invest in strengthening market infrastructure, expanding our service offerings, and fostering innovation, we remain focused on positioning NGX Group as a key driver of Africa’s financial ecosystem.
“The Group’s financial and operational milestones in 2024 serve as a strong foundation for future growth, and we are confident that our disciplined execution and strategic foresight will sustain this momentum in the years ahead,” he said.
According to Kwairanga, the Group’s profit after tax increased by 47.07 per cent from N5.25 billion in 2023 to N7.72 billion in 2024. He said that the profit before tax also rose from N5.29 billion in 2023 to N13.61 billion in 2024.
He noted that while the company’s income grew by 51 per cent from N11.8 billion in 2023 to N23.99 billion in 2024, total assets also soared by 12.05 per cent from N59.84 billion in 2023 to N67.04 billion in 2024. According to him, the Group’s expenses soared by 28 per cent from N11.37 billion in 2023 to N14.5 billion in 2024.
He said the gross earnings for 2024 rose by 100 per cent from N16.66 billion in 2023 to N33.32 billion in 2024. He noted that the revenue soared from N8.299 billion to N16.89 billion in 2024.
“NGX Group remains at the forefront of Africa’s financial market, representing excellence, innovation and good corporate governance. “At the core of the Group’s mission is our commitment to empowering Nigeria’s economy and driving its transformation into a dynamic and globally competitive financial hub.
“Our vision transcends borders as we aspire not only to elevate the Nigerian economy but also to meaningfully contribute to Africa’s economic prosperity.
“The actualisation of this vision is evidenced by our recent strategic investment in the Ethiopian Securities Exchange. “Our purpose remains clear: to redefine market infrastructure benchmarks and cultivate a resilient and inclusive financial ecosystem that serves the diverse,” he said.
Also speaking, Mr. Temi Popoola, Group Managing Director, NGX Group Plc, said NGX Group’s strategic focus and operational discipline delivered record-breaking results in 2024.
Popoola said the Group’s profit before tax surged by 157.3 per cent, reflecting both top-line expansion and cost efficiency.
“He said the gross earnings rose by 103.2 per cent to N24 billion, supported by significant growth across key revenue lines. “Listing fees rose by 397.1 per cent, reflecting renewed market activity.
“Transaction fees grew by 64 per cent, driven by higher trade volumes. “Technology-Related Income doubled, reinforcing our digital leadership.
“Treasury Income increased by 45.6 per cent, while Market Data Revenue grew by 100.5 per cent. “Other fees and income climbed by 174.8 per cent and 102.6 per cent, respectively, underlining the diversification of our revenue base.
“These numbers are more than metrics; they are evidence of a business model that is increasingly resilient, technology-enabled, and diversified for long-term growth.
Mr. Nonso Okpala, Mrs Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga were re-elected as Non-Executive Directors of the NGX Group.
The shareholders raised pertinent issues around delisting, dividend policy, and remuneration of Directors. Mr. Sam Ayinninuola, Mr Oluwadare Adejumo, and Mr Peter Eyanuku were elected as statutory audit committee members. #NGX Group Approves N4.4bn Dividend for Shareholders#
Major Currencies Strengthen Against US Dollar Despite Tariffs –Fitch
