The Nigerian Exchange Group (NGX Group) has approved a dividend distribution of N4.4 billion to its shareholders for the 2024 financial year, marking the highest payout in the organization’s history. The announcement was made during the group’s 64th Annual General Meeting (AGM) held in Lagos.
Chairman of NGX Group, Dr. Umaru Kwairanga, described the development as a milestone in the group’s post-demutualization phase, reinforcing investor confidence in its strategic direction.
“The approval of a record N4.4 billion dividend, translating to N2 per share, underscores our firm commitment to shareholder value and long-term sustainability,” Kwairanga stated. He highlighted the company’s ongoing efforts to strengthen market infrastructure, diversify service offerings, and foster innovation as key enablers of sustained performance.
According to him, the group’s profit after tax rose by 47.07%, from N5.25 billion in 2023 to N7.72 billion in 2024, while profit before tax saw a significant increase, jumping from N5.29 billion to N13.61 billion within the same period.
Kwairanga also disclosed that revenue grew by 51%, moving from N11.8 billion in 2023 to N23.99 billion in 2024. Total assets rose by 12.05%, increasing from N59.84 billion to N67.04 billion. He acknowledged that total expenses rose by 28% year-on-year, from N11.37 billion in 2023 to N14.5 billion in 2024.
The group’s gross earnings doubled, climbing from N16.66 billion to N33.32 billion in 2024, with revenue rising from N8.299 billion to N16.89 billion. Kwairanga emphasized NGX Group’s commitment to elevating Nigeria’s economy while expanding its influence across Africa’s financial landscape.
“Our strategic investment in the Ethiopian Securities Exchange is a tangible reflection of this ambition. We are resolute in redefining financial market benchmarks and creating a resilient, inclusive ecosystem that meets the evolving needs of all stakeholders,” he added.
Group Managing Director Mr. Temi Popoola echoed similar sentiments, noting that the group’s focused execution and strategic discipline had produced record-breaking outcomes in 2024.
According to Popoola, profit before tax surged by 157.3%, signaling both significant revenue growth and effective cost management. Gross earnings rose by 103.2% to reach N24 billion, driven by notable increases across multiple revenue lines.
Listing fees grew by 397.1%, reflecting heightened market participation. Transaction fees expanded by 64%, while income from technology services doubled, reinforcing the group’s digital leadership. Treasury income rose by 45.6%, and market data revenue climbed by 100.5%. Other fees and income increased by 174.8% and 102.6%, respectively, underscoring a diversified income portfolio.
“These achievements are not just financial milestones; they represent the resilience and innovation embedded in our operating model,” Popoola said.
The AGM also saw the re-election of Mr. Nonso Okpala, Mrs. Fatima Wali-Abdurrahman, and Mrs. Mosun Belo-Olusoga as non-executive directors. Meanwhile, shareholders raised key concerns regarding issues such as delisting, dividend policies, and director remuneration. Mr. Sam Ayinninuola, Mr. Oluwadare Adejumo, and Mr. Peter Eyanuku were appointed as members of the Statutory Audit Committee.
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