NGX Group Declares N2 Dividend

Nigerian Exchange Group Plc (NGX Group) has declared a final dividend of N2.00 per share, following the approval of its audited financial statements for the fiscal year ended December 31, 2024.

The announcement was made during its 64th Annual General Meeting (AGM), reinforcing investor confidence in the group’s robust financial performance and strategic direction.

NGX Group’s profit before tax rose sharply by 157.3 percent to N13.6 billion in 2024, compared to N5.3 billion in the previous year. The remarkable growth was attributed to a surge in market activity, cost containment, and diversification of revenue streams. Gross earnings doubled year-on-year, increasing by 103.2 percent from N11.8 billion in 2023 to N24.0 billion in 2024.

The audited financial statements, along with reports from the Directors, Auditors, Board Evaluation Consultants, and Audit Committee, were unanimously adopted during the AGM. The shareholders also approved the re-election of directors and renewed the mandate for the Board to determine the remuneration of its external auditors, Ernst & Young, for the 2025 financial year.

The NGX Group demonstrated solid momentum across its key business segments. Transaction fees climbed 64 percent, benefiting from heightened trading volumes and increased investor participation. Listing fees surged by 397.1 percent amid stronger capital market listings and corporate activity. Revenue from technology-related services grew by 105 percent, while treasury investment income rose by 45.6 percent, reflecting prudent asset management practices.

Additional income sources also expanded. Market data revenue doubled, recording a 100.5 percent year-on-year increase. Other fees rose by 174.8 percent, leading to a 102.6 percent increase in total other income. These gains contributed to a significant shift in revenue composition, with non-core earnings now accounting for 29.6 percent of gross earnings.

Governance Enhancements and Leadership Stability

The AGM also saw the re-election of three directors — Mr. Nonso Okpala, Mrs. Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga — all of whom retired by rotation. Their reinstatement signals continuity and institutional memory as the group navigates its next growth phase.

In compliance with Section 404(3) of the Companies and Allied Matters Act (CAMA) 2020, shareholders approved the constitution of a five-member Audit Committee, comprising three shareholder representatives and two independent non-executive directors. This move is expected to bolster governance oversight and financial transparency.

Investor Outlook: Sustained Confidence Backed by Fundamentals

The approval of the N2 dividend affirms NGX Group’s commitment to rewarding shareholders amid a significantly improved earnings profile. With enhanced market participation and a diversified revenue base, the Group is well-positioned to maintain growth and resilience in the face of macroeconomic volatility.

The results not only highlight the vibrancy of Nigeria’s capital markets but also position NGX Group as a bellwether stock for institutional investors seeking exposure to Africa’s frontier financial hubs. Analysts expect that the group’s sustained investment in digital infrastructure and strategic partnerships will continue to unlock value for stakeholders in 2025 and beyond.