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.
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.
