The Nigerian Exchange Group Plc (NGX Group) has announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of the financial year 2023.
According to a statement made available to Nairametrics, the resolution to declare an interim dividend was taken at an emergency meeting of the Board of Directors on Tuesday, 25 July 2023.
This dividend, which is the first since the demutualization of the Nigerian Stock Exchange will be paid to shareholders whose names appear in the Shareholders’ Register as of the close of business Monday, 31 July 2023.
Payment will be remitted electronically to qualified shareholders on Thursday, 31 August 2023.
The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting on 14 July 2023.
Commenting on the dividend announcement, the Chairman, of NGX Group, Alhaji (Dr) Umaru Kwairanga 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 its strategy to create sustainable growth in the medium to long term”.
The Group Chief Executive Officer, of NGX Group, Mr Oscar Onyema 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 maximizing value for shareholders just as we champion the development of Africa’s financial markets.”
Kaziranga had while addressing shareholders at the recent AGM noted that the Board and Management of Nigerian Exchange Group Plc (NGX Group) are open to working with the Federal government, as well as stakeholders towards improving the country’s credit profile and creating a favourable environment for both domestic and foreign.
- “The capital market community is excited by the new government and the steps it has so far taken concerning the economy as reflected in the tremendous growth in our market indicators.
- As a group, we are committed to working with the government to stimulate further growth in the economy, and address higher capital costs, as this will go a long way to enhance Nigeria’s credit profile and create a favourable environment for both domestic and foreign investors”, he said.
Kwairanga further noted that the Federal government needs to eke out more friendly market policies that will engender growth as consistent and faithful implementation of market policies will help businesses to thrive.
Speaking on the performance of the group, Kwairanga noted that NGX Group demonstrated resilience in 2022, achieving a 10.3% increase in gross earnings to N7.5 billion, despite a challenging economic environment.
- “The Group’s total revenue grew primarily due to a 6.8% increase in revenue to N6.2 billion, and a 30.1% increase in other income to N1.3 billion.
- The growth in its revenue was further bolstered by a 51.2% increase in treasury investment income and a 9.0% increase in transaction fees.
- However, its total expenses rose by 35.5% to N8.8 billion, primarily due to interest costs on borrowed funds used for strategic acquisitions.
- “Achieving an efficient capital mix and broadening our access to capital remain fundamental to our mission. The Board will continue to assist the Management team in addressing long-term risks, strengthening the global NGX brand, and assessing progress toward our goal of being Africa’s preferred exchange hub”, Kwairanga said.
CSCS special.dividends bring deployed as interim dividend by NGX. Oscar Onyema exits next year. Surely he knows the 2023 Financial statements will not allow any dividend. He wants to hold the record of being the first to pay dividend by NGX under any guise. He has many firsts in his record that turned out to be mere ticking the box for show off. The junior staff who are on contract are still languishing while senior staff are surviving by chance
CSCS special dividend in action. Oscar is chasing clout and record
Are you aware that NGX secretly delisted Ardova petroleum without any public notification? The company is no longer on the Daily official list. This regulatory failings are what destroys investors confidence. There is no confirmation that minority shareholders were paid off. Why would we not end this selective regulatory preferences. We do not know the number of companies that have been delisted without investors knowledge. Why would regulators wittingly allow minority shareholders to be ripped off. What documents did Ardova submitted to confirm that minority shareholders have been settled. Perhaps if not for public scrutiny, oando would have been delisted clindestinely. This is shameful and below international standards. The same way NGX purchased CSCS overpriced