NGX Group to pay interim dividend to shareholders

Nigerian Exchange Group Plc (NGX Group) is expected to pay its shareholders an interim dividend of 25 kobo per ordinary share of 50 kobo each on Thursday August 31, 2023.

This comes subsequent to an emergency board meeting convened by the Group last month, during which it affirmed its decision to electronically distribute its inaugural dividend following the demutualization in 2021, to qualified shareholders. The decision to declare the dividend was reached as a direct response to the input and suggestions received from shareholders at the company’s Annual General Meeting held on July 14, 2023.

Commenting on the dividend announcement, Umaru Kwairanga, Chairman, NGX Group in a statement said, “The announcement of the dividend will send a signal to our shareholders that 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 on its strategy to create sustainable growth in the medium to long term.”

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Oscar Onyema, Group Chief Executive Officer, NGX Group also in a statement stated, “Consistent with our strategic objective to maximise shareholder value, the Board of Directors has consented to an interim dividend of N0.25 Kobo per ordinary share of 50 Kobo. This translates to a total payout of N495,532,893 (Four Hundred and ninety-five million, five hundred and thirty-two thousand, eight hundred and ninety-three Naira). This initiative underscores better flow through of dividend from an associate company and first-time dividend payment from our flagship subsidiary. It also emphasises our continued commitment to working collaboratively with our shareholders and other stakeholders in creating and distributing value, even in challenging market conditions”.

Additionally, shareholder groups have shared their excitement and anticipation, emphasizing that this marks the commencement of positive developments ahead. They conveyed their satisfaction with NGX Group and encouraged the company to maintain its commitment to dividends in the upcoming financial period.