One of the strongest forces shaping investor sentiment in the Nigerian stock market is dividend payment. Beyond being a simple cash reward, dividends serve as a powerful signal of earnings quality, balance-sheet strength, and management confidence and can swing a stock’s outlook positively.
As of the end of the third quarter (Q3) of the 2025 financial year (FY2025), about 21 listed companies had declared interim and/or final dividends totaling about N581 billion from a combined profit after tax (PAT) of N3.7 trillion, according to data from Nairametrics Research.
This represents an aggregate payout ratio of roughly 15.7% signaling strong shareholder return momentum across key sectors.
It is important to note that not all companies declare interim dividends.
- Companies such as Dangote Cement, BUA Foods, and BUA Cement have a consistent record of paying only final dividends.
This coverage strictly focuses on dividends declared and/or paid for the current 2025 financial year, that is, payouts funded from companies’ 2025 profits as captured in their Q1–Q3 financial statements, or from those whose financial year ends in 2025.
It does not include dividends paid in 2025 that were declared for the 2024 financial year, which typically followed audited FY2024 results earlier in the year.
The objective is to highlight companies that have rewarded shareholders from their 2025 earnings so far, providing a clear picture of dividend performance and payout trends within the ongoing financial cycle.
Seplat Energy Plc tops the list with a N255.32 billion dividend payout for the first three quarters of 2025.
The company paid US$0.167 per share, representing a 70.1% from US$0.096 (N152 billion) in the same period of 2024.
This translates to a payout ratio of over 105%, drawn from a nine-month PAT of N146.64 billion, even as retained earnings declined slightly to N314 billion from N319 billion in December 2024.
Seplat’s share price has gained 3.81% year-to-date, offering a dividend yield of 4.38%, reaffirming its position as one of the most attractive income stocks on the Nigerian Exchange.
Other top 10 payers for the 2025 financial year
- Stanbic IBTC Holdings Plc – N2.50 per share (N39.75 billion)
- Okomu Oil Palm Plc – N40 per share (N38.16 billion)
- Guaranty Trust Holding Company Plc (GTCO) – N1 per share (N36.43 billion)
- Presco Plc – N30 per share (N30 billion)
- United Bank for Africa (UBA) Plc – N0.25 per share (N10.26 billion)
Overall dividend trend
Across sectors, energy and financial institutions continue to dominate Nigeria’s dividend landscape, reflecting their strong profitability, cash flow generation, and established payout policies.
The energy sector, led by Seplat Energy and Aradel Holdings, has benefited from higher oil prices and improved operational performance, while banks such as Zenith and UBA remain dependable for dividend payers despite macroeconomic headwinds and specific sectoral challenges
Manufacturing and consumer goods firms like Lafarge Africa are also sustaining steady payouts, supported by cost discipline and margin recovery.
As the year closes, investors will be watching for final dividend declarations from companies yet to be announced, which could reshape the rankings heading into the 2026 financial cycle.
