Top 10 Stocks that paid the most cash dividends in H1 2025

One of the strongest forces shaping investor sentiment in the Nigerian stock market is dividend payment.

Beyond just being a financial reward, dividends often serve as a powerful signal that can swing a stock’s outlook positively.

In the first half of 2025, Nigeria’s leading dividend-paying companies returned a total of N927.63 billion in cash to shareholders, comprising both final and annual dividend payments declared within the period.

This marks a 30% jump from the N715.47 billion disbursed in the same period of 2024, reflecting a surge in shareholder rewards.

Higher dividend payouts not only highlight strong profitability but also help draw more investors into the market.

This increased participation often translates into higher trading volumes and greater liquidity.

Analysts note that Nigerian investors are motivated by more than just the potential appreciation of share prices; they are also drawn to the steady income dividends provide.

Strong payouts tend to boost investor confidence, attract income-focused buyers, and in some cases, propel a company into the premium ranks of the exchange.

With that in mind, here are the top 10 Nigerian stocks that disbursed the most cash to shareholders in H1 2025, with the ranking based solely on what was received—whether as final or annual dividends.

Geregu Power (N21.25 billion)

Geregu Power Plc takes the 10th spot, rewarding shareholders with a dividend payout of N21.25 billion in H1 2025.

This represents a 6.25% rise from the N20 billion disbursed in the same period last year.

• Shareholders whose names appeared on the register as of March 13, 2025, received N8.50 per ordinary share.

During the half-year, Geregu retained N50.2 billion in earnings, slightly lower than the N51.3 billion held in December 2024, still reflecting a healthy reserve.

Revenue climbed to N87.6 billion from N80.6 billion, while pretax profit slipped 12.7% to N26.3 billion, pressured by higher costs.

Wema Bank (N21.43 billion)

Wema Bank Plc followed closely at 9th place, paying out N21.43 billion in H1 2025.

This marked a remarkable 233.3% jump from the N6.42 billion dividend declared in H1 2024.

To deliver this payout, the bank approved a dividend of N1.00 per share, which was distributed on May 22, 2025, to shareholders on record as of May 1, 2025.

• Wema’s retained earnings leapt to N169.3 billion in H1 2025, a 64% increase from N103.2 billion in December 2024.
• Interest income soared to N240.6 billion from N146 billion, while fee and commission income nearly doubled to N45.3 billion.

With these gains, pretax profit tripled to N100.5 billion from N30.5 billion in H1 2024.

FCMB Group (N21.8 billion)

At number 8 is FCMB Group Plc, with a dividend payout of N21.8 billion in H1 2025.

This represented a 121% increase compared to the N9.9 billion distributed in the same period last year, with shareholders on the register as of April 16, 2025, receiving N0.55 per ordinary share.

• FCMB’s retained earnings jumped to N239.9 billion, up from N188.4 billion in December 2024.
• Interest income expanded to N458.4 billion from N269.1 billion, while fee and commission income rose to N47.3 billion from N36.1 billion.
• Pretax profit also improved, growing 23.2% year-on-year to N79.1 billion.

Okomu Oil Palm Company (N24.8 billion)

Okomu Oil Palm Company Plc secured the 7th spot with a dividend payout of N24.8 billion in H1 2025.

This marks an 85.7% jump compared to the N13.3 billion paid in H1 2024, with shareholders qualified as of April 24, 2025, receiving N26.00 per share on May 22, 2025.

• The company’s revenue reserves rose to N76.6 billion from N53.9 billion in December 2024.
• Turnover for the half-year hit N129.8 billion, up from N75 billion, driven by stronger sales.
• Pretax profit more than doubled to N68.3 billion, compared with N30.4 billion in H1 2024.

FBN Holdings  (N25.12 billion)

At number 6 is FBN Holdings Plc (FirstHoldco), which returned N25.12 billion to shareholders in H1 2025.

This was a dramatic shift from last year, when no dividend was paid, effectively a 100% increase.

The group went on to declare a N0.60 per share dividend, which was approved during its 13th Annual General Meeting in May.

• On the balance sheet, retained earnings rose to N1.37 trillion in H1 2025, compared with N1.11 trillion in December 2024.
• Interest income jumped 51.7% to N1.4 trillion, while fee and commission income expanded to N168.5 billion from N129.9 billion. Pretax profit stood at N356.1 billion in H1 2025.

Transcorp Power (N26.25 billion)

Transcorp Power Plc ranks 5th, with a dividend payout of N26.25 billion in H1 2025.

This was an 11.9% increase from the N23.4 billion paid in the first half of 2024, with shareholders receiving N3.50 per share disbursed in February 2025.

• Retained earnings rose to N96.2 billion, from N78.4 billion in December 2024.
• On the income statement, revenue expanded to N205.8 billion, up from N135.4 billion last year, while pretax profit grew 15.2% year-on-year.

Lafarge Africa (N83.7 billion)

Lafarge Africa Plc comes in 4th, rewarding shareholders with a hefty N83.7 billion in H1 2025.

This represented a 173.7% increase from the N30.6 billion paid in H1 2024.

The company declared a final dividend of N1.20 per share for the year ended December 2024, and an interim dividend of N4.00 per share, paid in May 2025.

• Retained earnings stood at N364.4 billion, up from N315.5 billion in December 2024.
• Driven by stronger cement sales, revenue surged 74.9% to N516.9 billion, while pretax profit more than tripled to N199.7 billion from N46.6 billion a year earlier.

Aradel Holdings (N95.7 billion)

Aradel Holdings Plc secured 3rd place with a total dividend payout of N95.7 billion in H1 2025.

This reflected a 159.1% increase from the N36.93 billion disbursed in H1 2024.

To achieve this, Aradel declared a final dividend of N22 per share for the year ended December 2024, paid to qualifying shareholders as of May 6, 2025.

• The company’s retained earnings rose to N444.1 billion, compared with N395.2 billion in December 2024.
• Revenue climbed to N368 billion from N268.3 billion, while pretax profit advanced 17.9% to N191.3 billion.

Seplat Energy (N104.8 billion)

Seplat Energy Plc takes 2nd place, with a dividend payout of N104.8 billion in H1 2025.

This was a 45.2% rise from the N72.2 billion distributed in H1 2024.

• The dividend, declared in dollars, amounted to the equivalent of N110.9 per share as a final dividend and N72.9 per share as an interim dividend, both paid in May 2025.

However, retained earnings dropped to N250.7 billion from N319 billion in December 2024.

More favorably, revenue surged to N2.1 trillion in H1 2025, compared with N575 billion last year, while pretax profit jumped 86% year-on-year to N454.1 billion, despite cost pressures in Q2.

Dangote Cement (N502.5 billion)

Topping the list is Dangote Cement Plc, with a massive dividend payout of N502.5 billion in H1 2025.

This matched the previous year’s payout with no change, as the company declared a final dividend of N30 per share for 2024, paid to shareholders in June 2025.

• On the balance sheet, retained earnings inched up to N1.04 trillion from N1.02 trillion in December 2024.
• Revenue rose to N2.07 trillion from N1.76 trillion, while pretax profit surged to N730 billion, compared with N292.9 billion in H1 2024.