In 2025, about 60 listed corporations distributed dividends to shareholders. This contains each interim and remaining payouts. From blue-chip shares to penny shares, the determine marks a transparent enchancment from 2024, when solely 39 corporations paid dividends.
Utilizing obtainable disclosures and historic patterns, BusinessDay has tracked the probably months when dividend funds are anticipated throughout the Nigerian Alternate (NGX).
Might
Might stands out because the busiest dividend month of the 12 months. In 2025, about one-third of all dividend-paying corporations distributed their payouts in Might. All of the dividends paid in the course of the month have been remaining dividends for the earlier monetary 12 months.
A number of tier-1 banks persistently pay dividends in Might. These embrace First Holdco, GTCO Holdings, UBA, Zenith Financial institution, and Entry Holdings. Wema Financial institution additionally sometimes pays its dividends in Might.
The month is extensively considered a distribution window on the NGX. Audited full-year financials are normally launched in direction of the tip of the primary quarter. Annual common conferences comply with quickly after. Dividend funds then come shortly after.
Learn additionally: Five sure stocks to invest in now for dividend income
Seplat Power is one other notable Might payer. The corporate typically distributes each a remaining dividend and a particular dividend within the month. Different corporations which have paid dividends in Might embrace NEM Insurance coverage, AIICO Insurance coverage, Abbey Mortgage Financial institution, Champion Breweries, Meyer Paints, Okomu Oil, NAHCO, Stanbic IBTC Holdings, Infinity Belief Mortgage Financial institution, and UPDC REIT.
June
Dividend funds additionally lengthen into June. BusinessDay tracked 12 corporations that sometimes pay dividends in the course of the month. Seplat, after paying in Might, normally follows up with an interim dividend for the primary quarter in June.
Dangote Cement is one other main June payer. In each 2024 and 2025, the corporate distributed about N506 billion in dividends in June alone.
Different corporations projected to pay in June embrace Chemical and Allied Merchandise, Skyway Aviation, Industrial and Medical Gases, UACN, Julius Berger, and Might & Baker.
April
April completes the second-quarter dividend cycle. About 10 corporations are anticipated to distribute dividends in the course of the month. Geregu Energy has already confirmed April 30 as its fee date.
Based mostly on historic tendencies, MTN Nigeria can also be anticipated to pay dividends in April. After skipping remaining dividends for 2023 and 2024, the corporate’s 9M 2025 interim dividend suggests a return to remaining dividend funds for 2025.
Different corporations anticipated to pay in April embrace Custodian Funding, FCMB Group, Transcorp, Transcorp Resorts, United Capital, Lafarge Africa, Africa Prudential, and The Initiates. These expectations are based mostly on prior fee behaviour.
Learn additionally: United Capital, Zenith, GTCO lead NGX ‘Dividend Kings’
August
August is dominated by interim dividends for the half-year interval. Knowledge tracked by BusinessDay exhibits that Transcorp, Transcorp Energy, and Transcorp Resorts are projected to pay interim dividends in August.
MTN Nigeria additionally pays an interim dividend in August. Africa Prudential and United Capital are anticipated to do the identical. Seplat sometimes distributes its second-quarter interim dividend in August as properly.
Some corporations, nevertheless, pay remaining dividends in August. Jaiz Financial institution is anticipated to distribute its remaining dividend in the course of the month. Presco additionally pays a remaining dividend in August, earlier than happening to pay a nine-month interim dividend in November. Unilever equally pays its remaining dividend in August and is prone to repeat this sample in August 2026.
September
September additionally attracts dividend exercise, significantly from smaller market gamers. In September 2025, 5 corporations paid remaining dividends. These are College Press, Academy Press, Crimson Star Categorical, BUA Meals, and C&I Leasing.
Zenith Financial institution and UPDC REIT are additionally projected to distribute half-year interim dividends in September.
July
July options fewer dividend funds however nonetheless attracts notable names. BUA Cement is projected to pay its remaining dividend in July. Airtel Africa can also be anticipated to distribute an interim dividend in the course of the month.
Fidson Healthcare, Mecure, and AXA Mansard have additionally paid dividends in July.
March
For income-focused traders, March sometimes marks the beginning of the dividend calendar. Vitafoam Nigeria is normally the primary firm to pay dividends every year. In 2025, Vitafoam is scheduled to pay on March 5 for its monetary 12 months ended September 30, 2024.
Transcorp Energy can also be projected to pay dividends in March. Nevertheless, the timing will not be fastened. The corporate could align its fee with different Transcorp entities, together with Transcorp Resorts and Transcorp Plc. United Capital additionally has a constant sample of paying dividends in March.
November
Most dividends paid in November are interim or nine-month payouts. Seplat, for instance, distributes interim dividends throughout a number of months, together with Might, June, August, and November.
Okomu Oil additionally pays dividends thrice a 12 months, in Might, August, and November. Presco pays an interim dividend in November as properly. Berger Paints equally distributes interim dividends in the course of the month.
Who pays probably the most dividends?
Over time, Dangote Cement has remained Nigeria’s largest dividend payer. The corporate distributed about N1.16 trillion in dividends over the previous two years. Its dividend payout ratio exceeded one hundred pc over the identical interval, elevating questions on sustainability past 2025.
Nevertheless, with free money move of about N829 billion as of 9M 2025, Dangote Cement should still preserve its N30 per share dividend.
Seplat is one other main dividend payer. The corporate’s dividend coverage noticed it distribute about 16.7 US cents per share for the 2025 monetary 12 months.
