NGX Group Declares Record N4.4bn Dividend as 2024 Profits Surge

The Nigerian Exchange Group (NGX Group) has announced a historic N4.4 billion dividend payout to shareholders, following a strong financial performance in 2024. The decision was approved during the company’s 64th Annual General Meeting (AGM) held in Lagos on Wednesday.

Speaking at the AGM, Dr. Umaru Kwairanga, Chairman of NGX Group, highlighted the company’s progress since its demutualisation and the significance of the payout.

“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.

Kwairanga also reported significant year-on-year growth across key metrics. Profit after tax rose by 47.07% to N7.72 billion in 2024, up from N5.25 billion in 2023. Profit before tax more than doubled, climbing to N13.61 billion from N5.29 billion. The Group's income jumped 51% to N23.99 billion, while total assets increased by 12.05%, reaching N67.04 billion.

Expenses grew by 28%, totaling N14.5 billion in 2024, compared to N11.37 billion the previous year. Gross earnings doubled from N16.66 billion to N33.32 billion, while revenue surged to N16.89 billion from N8.3 billion.

“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.

Group Managing Director Temi Popoola credited the Group’s performance to its strategic direction and operational discipline, noting record-breaking growth across revenue lines.

He said the Group’s profit before tax increased by 157.3%, and gross earnings rose by 103.2% to N24 billion. Listing fees skyrocketed by 397.1%, while transaction fees grew by 64%, reflecting heightened market activity.

Technology-related income doubled, and treasury income climbed 45.6%. Market data revenue also saw a 100.5% boost, while other fees and income categories posted growth of 174.8% and 102.6%, respectively.

“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,” he said.

During the AGM, shareholders engaged management on issues relating to delisting, dividend policies, and directors’ remuneration.

Meanwhile, Mr. Nonso Okpala, Mrs. Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga were re-elected as Non-Executive Directors. Mr. Sam Ayinninuola, Mr. Oluwadare Adejumo, and Mr. Peter Eyanuku were elected to serve on the statutory audit committee.