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.
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.
