Nigeria’s equities market dividend season is entering its busiest period, with some of the Nigerian Exchange’s (NGX) biggest listed companies set to convene shareholders between May 14 and the end of the month for Annual General Meetings (AGMs).

This is according to the NGX Group official filings of 16 companies with Seplat Energy Plc, BUA Cement, Okomu Oil Palm, Nigerian Aviation Handling Company Plc, and Stanbic IBTC Holdings  leading the list of upcoming AGMs this month.

Shareholders of these blue-chip companies are expected to approve multi-billion-naira dividend payouts, bonus share issues, board changes and other strategic corporate resolutions as investors position for some of the largest shareholder rewards declared this earnings season.

Compiled from NGX corporate disclosures, company filings, and registrar notices, the AGM calendar shows that dividend-paying companies are not only rewarding shareholders with cash payouts but also deploying bonus share issues and special dividends to reinforce investor confidence.

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Here is a list of the meetings, spanning banking, oil and gas, industrial goods, aviation, agribusiness and financial services, amid improving corporate earnings.

NAHCO Plc — May 15 AGM with bonus issue

Nigerian Aviation Handling Company Plc will hold its AGM on May 15, 2026, in Lagos, where shareholders are expected to approve both a N6.25 cash dividend and a bonus issue of one new share for every seven (1-for7) shares already held.

The aviation handling company is one of the few major NGX firms proposing bonus shares this AGM season.

The combined cash-and-stock reward are subject to formal shareholder approval at the May 15, 2026 AGM.

A 1-for-7 bonus issue means that for every seven shares an investor holds, they receive one additional free share — effectively a capitalisation of retained earnings into new share capital.

For existing shareholders, it increases their total holding without additional cost, while simultaneously signalling management’s confidence in NAHCO’s growth trajectory as Nigeria’s aviation sector continues to recover and expand.

NAHCO’s performance in 2025 was driven by increased aviation traffic volumes, higher cargo handling throughput at Nigeria’s major international airports, and improved ground handling contract revenues.

The combination of a healthy N6.25 cash return and a free share allocation makes NAHCO’s AGM one of the most shareholder-generous events of the entire month.

Seplat Energy Plc — May 20 AGM

Seplat Energy Plc leads the list of upcoming AGMs by dividend value and strategic significance.

The dual-listed energy company will hold its AGM in Lagos in hybrid format on May 20, 2026, where shareholders are expected to approve a Q1 2026 dividend of US$0.09 per share, consisting of a US$0.05 core dividend and a US$0.04 special dividend.

At an exchange rate of about N1,400/$, the payout translates to roughly N12.60 per share, placing Seplat among the highest-paying NGX companies this season.

The company’s dollar-denominated dividend policy continues to distinguish it on the NGX, providing investors with a hedge against naira volatility.

The proposed dividend follows strong Q1 2026 earnings performance, with Seplat reporting profit after tax of $37.9 million, up from $23.3 million year-on-year, while cash generated from operations rose to $243.4 million on higher production volumes averaging 129,841 barrels of oil equivalent per day.

BUA Cement Plc — May 21 AGM

BUA Cement Plc will hold its AGM on Thursday, May 21, 2026, at Congress Hall, Transcorp Hilton Hotel, Abuja, where shareholders will vote on a final dividend of N10.00 per share for the 2025 financial year.

The cement giant enters the AGM on the back of one of the strongest earnings performances in the industrial goods sector.

BUA Cement reported pre-tax profit of N465.28 billion in FY 2025, representing a 367% increase from N99.63 billion recorded in 2024, while revenue rose 34.56% to N1.18 trillion.

Profit after tax climbed 381.73% to N356.04 billion, while earnings per share surged to N10.51, effectively matching the proposed dividend payout.

The company’s AGM is expected to attract strong shareholder participation given the scale of the dividend and the company’s expanding footprint in Nigeria’s infrastructure and construction ecosystem.

Stanbic IBTC Holdings Plc — May 25 AGM

Stanbic IBTC Holdings Plc will hold its AGM on Monday, May 25, 2026, at Jasmine Hall, Eko Hotel & Suites, Victoria Island, Lagos.

The financial services group is proposing a final dividend of N4.00 per share, bringing total FY 2025 shareholder returns to N6.50 per share, including the interim dividend already paid.

Stanbic IBTC remains one of the most diversified financial institutions on the NGX, with operations spanning pension management, asset management, trusteeship, stockbroking and commercial banking.

Its AGM comes amid sustained profitability in Nigeria’s financial services sector, driven by elevated interest rates, treasury yields, and growth in non-funded income.

Okomu Oil Palm Plc — May 26 AGM

Okomu Oil Palm Plc will convene shareholders in Benin City, Edo State, on Tuesday, May 26, 2026, where the company is expected to approve a final dividend of N15.00 per share — one of the highest naira dividend per share among major NGX companies this season.

The agribusiness firm reported pre-tax profit of N90.6 billion for FY 2025, up from N53.5 billion in the previous year, while revenue climbed 52.18 per cent to N198.1 billion.

Post-tax profit settled at N57.9 billion after tax expenses of N32.6 billion.

Okomu Oil’s consistent dividend policy has made it one of the NGX’s strongest yield stocks, particularly among long-term institutional and income-focused investors.

Other upcoming AGMs from May 14 to month end

Beyond the major headline companies, several other listed firms are also scheduled to meet shareholders before the end of May.

  • NEM Insurance Plc will hold its AGM on May 14 at Shell Hall, MUSON Centre, Onikan, Lagos, with shareholders expected to approve a final dividend of N1.50 per share.
  • Wema Bank Plc will hold its AGM on May 20 in Lagos, where investors will vote on a N1.25 dividend — widely regarded as the bank’s first meaningful dividend payout in decades following the growth of its ALAT digital banking platform.
  • Berger Paints Nigeria Plc is scheduled for May 21 AGM in Lagos with a proposed final dividend of N1.25 per share.
  • Infinity Trust Mortgage Bank Plc will also hold its AGM on May 21 in Abuja, where shareholders are expected to approve both a N0.35kobo cash dividend and a 1-for-1 bonus issue, effectively doubling shareholders’ holdings if passed.
  • VFD Group Plc will convene shareholders on May 25 in Lagos to approve a N0.25 final dividend.
  • Abbey Mortgage Bank Plc will convene shareholders meeting on May 25 to approve 12kobo dividends and a range of capital raises of over N100 billion.
AGMs already held earlier in May

Several major companies have already concluded their AGMs earlier this month.

  • Zenith Bank Plc held its 35th AGM on May 5 at Civic Centre, Victoria Island, Lagos, where shareholders approved a final dividend of N8.75 per share, bringing the total FY 2025 payout to N10.00 per share.
  • The AGM also marked the formal retirement of founder Jim Ovia as chairman, with Engr. Mustafa Bello ratified as the new chairman.
  • Transnational Corporation Plc held its AGM on May 8 at Transcorp Hilton Hotel, Abuja, approving a N1.60 per share dividend.
  • Unilever Nigeria Plc also met shareholders on May 8 in Lagos, where investors approved a N3.25 final dividend.
  • Custodian Investment Plc held its AGM the same day in Lagos and approved a N2.50 per share dividend.

Earlier, MTN Nigeria Communications Plc held its AGM on April 30, 2026, approving a final dividend of N15.00 per share and ratifying the structural separation of its fintech subsidiaries under a N152.06 billion transaction involving MTN Group Fintech B.V.

What investors should know:

About 18 listed companies are scheduled to pay dividends in May, with most of them holding their AGM this month. In addition, some companies have qualification dates within the month.

  • Under the NGX’s T+2 settlement cycle, investors must purchase shares at least two trading days before qualification dates to become eligible for dividends.
  • Unlike cash dividends, which attract 10% withholding tax at source, bonus share issues do not attract WHT.
  • NAHCO’s 1-for-7 and Infinity Trust’s 1-for-1 bonus issues are therefore additionally advantageous.
  • E-dividend registration is mandatory for all NGX dividends are paid electronically.
  • Investors must download the e-dividend mandate form from their respective company’s designated registrar, link their CSCS account number to a valid Nigerian bank account, and submit to receive payment on the declared date.

It has to be noted that dates and venues, even the proposed dividends, are subject to change, and therefore require verification of all details directly with the relevant company registrar before making investment decisions.

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