NGX Group declares first interim dividend payment since demutualization

Rising from an emergency meeting of the Board of Directors on Tuesday July 25, Nigerian Exchange Group Plc (NGX Group) announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half (H1) of financial year 2023.

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

Payment will be remitted electronically to qualified shareholders on Thursday 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.

Commenting on the dividend announcement, Umaru Kwairanga, chairman, NGX Group, said, “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 on its strategy to create sustainable growth in the medium to long term.’

Oscar Onyema, Group Chief Executive Officer, NGX Group stated, “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investible for a wider class of investors in the capital market. We will continue to focus on maximising value for shareholders just as we champion the development of Africa’s financial markets.”