MTN Nigeria Plc, Okomu Oil Palm Plc, Seplat Energy Plc, BUA Cement, and Zenith Bank Plc are top among 19 NGX-listed companies that are paying dividends in May 2026.

This is according to the corporate disclosures filed by the companies with the Nigerian Exchange (NGX) and compiled by Nairalytics, the research analysis unit of Nairametrics.

MTN and Okomu Oil propose to pay a final dividend of N15 per share each company, Seplat Plc is paying about N12.60 per share for first quarter (Q1) 2026.

BUA Cement Plc has proposed a N10 per share dividend, slightly higher than N8.75 per share final dividend by Zenith Bank.

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Spanning banking, telecoms, industrial goods, oil and gas, and financial services, the dividend-paying firms highlight a broad-based distribution of profits despite prevailing macroeconomic challenges.

Here’s a breakdown of the companies and their dividend payouts: 

MTN Nigeria Communications Plc (N15.00) 

MTN Nigeria leads the list with a N15 per share dividend payable on May 5, 2026, underscoring its strong cash flow generation and dominant position in Nigeria’s telecoms sector. The company remains one of the most attractive income stocks on the NGX.

Following a strong rebound to profit in full year 2025, MTNN board of directors proposed a final dividend of N15 per share, bringing the total dividend for the 2025 financial year to N20 per share.

The dividends will be paid electronically to shareholders whose names appear on the Register of Members as of April 8, 2026, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

In its audited 2025 financial results for the period ended December 2025 filed on NGX, the telecom giant reported a record N1.70 trillion in 2025, compared to a pre-tax loss of N550.3 billion in 2024.

Total revenue stood at N5.20 trillion, up +54.9% year-on-year while profit after tax settled at N1.11 trillion compared to N400.4 billion loss in prior year. Earnings per share jumped to N53.07, up from a negative -N19.05.

Okomu Oil Palm Plc (N15.00) 

Okomu Oil matches MTN with a N15 per share dividend, scheduled to be paid on May 26, 2026, to shareholders whose names appeared on the company’s register as of the April 27, 2026, qualification date.

The company declared a final dividend of N15 per 50 kobo share following a strong profit growth in its audited financial results for 2025.

The agro-allied company reported a pretax profit of N90.6 billion, up from N53.5 billion in 2024.

This performance was driven by solid top-line earnings, with revenue rising 52.18% year-on-year to N198.1 billion, compared with N130.2 billion in the previous year.

Following an income tax expense of N32.6 billion, post-tax profit settled at N57.9 billion, up 45.03% year-on-year.

Seplat Energy Plc (US$0.09) for Q1, 2026 

Seplat Energy will pay Q1, 2026 $0.09 per share on May 29, 2026, continuing its policy of dollar-denominated dividends, which offers a hedge against currency volatility.

The first quarter (Q1) USD 9.0 cents per share dividend consists of USD 5.0 c/share core and USD 4.0 c/share special dividend, translating to a total cost of approximately $54 million.

The declared dividend which is contained in Q1, 2026 financial results filed with the NGX indicates an increase by 8% quarter-on-quarter (Q-o-Q) and up 96% year-on-year (YoY).

At the exchange rate of N1,400 per Dollar, USD 0.9 cents translates to about N12.60 per share dividend for Q1, 2026. However, the 5 cents core dividend is for ordinary shareholders which will be paid by May 29.

In its Q1, 2026 financial statement, Seplat reported profit after tax (PAT) of $37.9m, up from $23.3m Year-on-Year with cash generated hitting $243.4m in the first three months period on increased production averaging 129,841 barrels of oil equivalent per day (boepd) up 9% since 4Q 2025 (119,200 boepd).

Gross profit for the period stood at $370.5m. Adjusted EBITDA of $371.3 million (44% margin), down 7% vs prior year (1Q 2025: $400.6 million) implying that it earned slightly less than it did last year, even though margins remain solid

EBITDA measures how much profit a company makes from its core business, before removing taxes, interest, and one-off costs. It gives a clearer picture of day-to-day performance.

Seplat made $371.3 million from its core operations, and the 44% margin means that for every $1 it earned in revenue, it kept about 44 cents operating profit. However, this is 7% lower than last year, when it made $400.6 million.

Despite the slight dip in performance, the margins remain solid, which is why the company declared an improved dividend for Q1, 2026.

In its audited results for the twelve months ended 31 December 2025, Seplat declared total dividend of USD0. 25 cents per share, translating to $150 million and a 52% increase in 2024, reflecting the strength of balance sheet, strong underlying free cash flow generation and continued confidence in our outlook.

BUA Cement Plc (N10.00) 

On May 21, 2026, BUA Cement Plc will be paying a final dividend of N10.00 per share to shareholders whose names appear in the Register of Members as at the close of business on 8 May 2026.

The company’s board approved a final dividend of N10.00 per ordinary share of 50 kobo each for the financial year ended 31 December 2025, reflecting its strong earnings growth and continued expansion in Nigeria’s cement market.

In its audited 2025 full year results ended December 31, 2025, BUA Cement reported pre-tax profit of N465.28 billion, representing a 367% increase from N99.630 billion recorded in 2024.

Revenue for the year rose to N1.18 trillion, up 34.56% from N876.47 billion recorded in the previous year, reflecting strong top-line growth during the period.

Other key financial metrics surged strongly. Profit after tax more than tripled, rising by 381.73% to N356.04 billion year-on-year.

Similarly, operating profit rose by 249.65% to N504.55 billion year-on-year just as gross profit surged by 101.15% to N604.18 billion.

With impressive earnings per share rising by 382.11% to N10.51, the board has approved a final dividend of N10.00 per ordinary share of 50 kobo each for the financial year ended 31 December 2025.

Zenith Bank Plc (N8.75) 

Zenith Bank Plc, Nigeria’s top Tier 1 lender will pay N8.75 per share on May 5, 2026, maintaining its reputation as one of Nigeria’s most consistent dividend-paying banks, backed by solid profitability and capital strength.

Zenith proposed a final dividend of N8.75 per share, up from N4.00, bringing the total dividend for the full year 2025 to N10.00 per share, including the N1.25 interim payout.

In its audited 2025 results, the Group reported a pre-tax profit of N1.26 trillion, representing a 4.78% decline compared to the previous year.

Despite the slight dip, performance was supported by strong top-line growth, with interest income rising to N3.6 trillion from N2.7 trillion recorded in the 2024 financial year.

Loans and advances to customers contributed the most at N1.8 trillion, up 20.15%, while treasury bills generated N1.1 trillion in income.

After accounting for an impairment on financial instruments of N742.1 billion, net interest income settled at N1.89 trillion.

Post-tax profit settled at N1.04 trillion, after income tax of N222.8 billion.

Despite a moderation in earnings per share to N25.32 from N32.87, the group proposed a significant increase in final dividend of N8.75 per share, up from N4.00, bringing the total FY2025 dividend to N10.00 per share, including the N1.25 interim payout.

Abbey Mortgage Bank Plc (12 kobo) 

Abbey Mortgage Bank Plc will pay a dividend of 12 kobo per share on May 25, 2026 following a strong earnings performance in 2025 that saw the mortgage lender more than double its profit after tax and significantly improve earnings per share.

The proposed dividend of 12 kobo per 50 kobo ordinary share is 100% increase over 6kobo in 2024, sustaining its resumed history of dividend payment since 2023.

However, the payout is subject to shareholders’ approval at its 34th Annual General Meeting scheduled for May 25, 2026.

In its audited 2025 financial results, Abbey Mortgage Bank reported a pre-tax profit of N3.12 billion, representing a 154.32% increase compared to N1.22 billion recorded in the previous year.

The strong performance was driven by growth in interest income, which rose to N18.97 billion from N11.95 billion in 2024 with the net interest income at N5.08 billion, up 49.81% YoY from N3.40 billion.

Cash and short-term funds contributed the largest share of interest income at N14.2 billion, while investment securities generated N2.5 billion and loans contributed N2.1 billion.

Despite a sharp rise in interest expenses to N13.8 billion from N8.5 billion, net interest income climbed to N5.08 billion, up 49.81% year-on-year.

On the non-interest income side, fees and commissions contributed N766.8 million, while other operating income stood at N297.5 million, bringing total operating income to N6.16 billion.

After accounting for an impairment charge of N15.2 million, net operating income remained strong at N6.1 billion, representing a 62.66% increase from the previous year.

Operating expenses rose moderately to N3.04 billion from N2.56 billion, largely due to personnel expenses and depreciation costs, leaving the bank with a pre-tax profit of N3.1 billion.

Post-tax profit settled at N2.16 billion after income tax expenses of N960.5 million, compared to N1.06 billion recorded in the prior year.

Earnings per share increased to 21 kobo from 11 kobo in 2024.

On the balance sheet, total assets expanded significantly to N165.8 billion from N84.2 billion, supported largely by growth in financial investments, which accounted for 64.8% of total assets.

Customer deposits helped drive total liabilities higher to N155 billion from N75 billion, while shareholders’ equity rose to N10.78 billion with retained earnings of N2.4 billion.

The bank also disclosed plans to strengthen its capital base through multiple fundraising initiatives, including a proposed private placement of up to N64.5 billion and a broader N100 billion capital raise programme involving debt and equity instruments.

Zichis Agro Allied Industries Plc (20kobo dividend and 1-for-1 bonus shares) 

Zichis Agro Allied Industries Plc is outstanding for rewarding shareholders with remarkable 20 kobo dividend per 50 kobo share and a one-for-one bonus share issue, barely five months after listing on the NGX, underscoring the company’s strong confidence in its earnings outlook.

The agro-allied company paid the dividend and distributed the bonus shares on May 7, 2026, following shareholder approval at its 3rd Annual General Meeting held on April 30, 2026.

Zichis confirmed in a filing with NGX May 8 that all shareholders whose names appeared in the Register of Members as at the close of business on 16th March 2026 being the qualification date, were duly credited.

Beyond the dividend payout, Zichis has unveiled ambitious expansion plans aimed at scaling operations and strengthening its market position.

  • Shareholders approved the acquisition of 2,000 acres of farmland in Ogbere and Ajebo, Ogun State, valued at N5.5 billion, to support palm production expansion.
  • The acquisition will be financed through the issuance of 400 million ordinary shares under a special placement arrangement.
  • The company also secured shareholder approval to raise up to N50 billion through equity or debt instruments, providing financial flexibility to fund future growth initiatives and strategic investments.
  • In addition, Zichis plans to increase its share capital by 2 billion ordinary shares and has obtained approval to issue up to N5 billion in commercial papers in tranches, further strengthening its funding options.
  • The board was also authorised to pursue broader business expansion opportunities, including acquiring majority stakes or assets in companies operating within the same agro-allied value chain, signaling an aggressive growth strategy beyond organic expansion.

With strong profitability, immediate shareholder rewards, and bold expansion and capital-raising plans, Zichis Agro Allied Industries appears to be positioning itself as one of the emerging growth stories in Nigeria’s agro-processing sector.

In its audited 2025 financial results, Zichis reported a pre-tax profit of N364.21 million, representing a 420.8% increase from N69.93 million recorded in the previous year.

Post-tax profit settled at N208.06 million after accounting for tax expenses and dividend provisions while total equity increased to N1.17 billion, driven by revenue reserves of N395.4 million.

The strong earnings performance was driven by significant revenue growth, with total revenue rising to N675.6 million from N288.9 million in 2024, while earnings per share surged to 55 kobo from 9.45 kobo.

Other companies and dividends payouts: 

  • Stanbic IBTC Plc will pay N4.00 per share on May 26, 2026.
  • Unilever Nigeria Plc will pay N3.25 per share on May 8, 2026, maintaining consistent shareholder returns despite pressures in the consumer goods segment.
  • Custodian Investment Plc is set to pay N2.50 per share on May 8, 2026, reflecting solid performance in insurance and asset management operations.
  • Transnational Corporation Plc will pay N1.60 per share dividend on May 8, 2026.
  • Wema Bank Plc will pay N1.25 dividend on May 20, first in decades reflecting improving profitability and digital banking growth.
  • Berger Paints Nigeria Plc — N1.25 (May 21): Backed by stable demand in coatings and paints.
  • NEM Insurance Plc — N1.50 (May 14): Signals strong underwriting performance.
  • Eterna Plc — N0.50 (May 12): Reflects recovery in downstream operations.
  • Meyer Plc — N0.45 (May 25): Indicates steady performance in decorative paints.
  • UPDC Real Estate Investment Trust — N0.33 (May 6): Provides income-focused returns to investors.
  • VFD Group Plc — N0.25 (May 25): Reflects diversified investment income.
  • UPDC Plc — N0.01 (May 7): Signals cautious payout amid real estate recovery.
What you should know: 

Dividend qualification dates also fall within May for several of these companies. This determines eligibility for payouts. In other words, if an investor buys the shares of the companies within the qualification date, he will be paid the specified dividend for that period.

Key dates include: 

  • Seplat Energy Plc — May 15
  • BUA Cement Plc — May 8
  • Julius Berger Nigeria Plc — May 29
  • AIICO Insurance Plc — May 27
  • ABC Transport Plc — May 22

Investors are advised to track both qualification and payment dates to effectively position dividend income opportunities, as these timelines determine entitlement and trading strategies around dividend-paying stocks.

Want expert insights on dividends, payment dates, and specific Buy, Hold, or Sell stock recommendations? Visit Investorate here: investorates.com