BUA Foods Plc emerged as the highest-yielding stock among the seven companies that paid dividends to shareholders last week, with a dividend yield of 2.98%, according to a Nairametrics analysis of the price adjustment data published by the Nigerian Exchange (NGX).
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Seven companies listed on the Nigerian Exchange (NGX) had their share prices adjusted last week ended June 5, 2026, following payment of dividends declared for the 2025 financial year.
The NGX price adjustment schedule shows that Julius Berger Nigeria Plc, Jaiz Bank Plc, Skyway Aviation Handling Company Plc, Beta Glass Plc, Chemical and Allied Products Plc, BUA Foods Plc, and Industrial and Medical Gases Nigeria Plc all went ex-dividend between June 1 and June 5, 2026.
As expected, the ex-dividend prices of all seven stocks moderated to reflect the dividend amounts deducted from their last closing prices.
Using the standard dividend yield formula — Annual Dividend Per Share divided by Current Share Price, multiplied by 100 — the week’s payouts offer investors a clear picture of which stocks delivered the most attractive income returns relative to prevailing market valuations.
What the data is saying:
A review of the seven stocks that went ex-dividend in the week ended June 5, 2026, ranked by current dividend yield, reveals the following:
7. Skyway Aviation Handling Company Plc — Dividend Yield: 0.77%
- Ex-dividend date: June 3, 2026
- Last close price: N155.75
- Dividend per share: N1.20
- Ex-dividend price: N155.75
- Yield: 0.77%
Skyway Aviation Handling Company (SAHCO) delivered the lowest yield of the week at 0.77%, paying N1.20 per share against a last closing price of N155.75. The ex-dividend price adjusted to N155.75.
While the yield is modest, SAHCO’s aviation sector positioning makes it a growth-income hybrid rather than a pure yield play.
6. Jaiz Bank Plc — Dividend Yield: 1.22%
- Ex-dividend date: June 3, 2026
- Last close price: N9.00
- Dividend per share: N0.11
- Ex-dividend price: N8.50
- Yield: 1.22%
Jaiz Bank’s N0.11 per share dividend against a N9.00 last closing price produced a yield of 1.22%, consistent with the bank’s non-interest banking model.
Jaiz Bank was the sixth best-performing banking stock in 2025, rising 51.67% — a performance driven partly by growing acceptance of its Islamic banking proposition among Nigeria’s Muslim population and speculative momentum in the second half of the year.
The stock gained N0.50 last Friday, June 5, to close at N9.00 up from ex-dividend price of N8.50 per share.
5. Beta Glass Plc — Dividend Yield: 1.28%
- Ex-dividend date: June 4, 2026
- Last close price: N562.80
- Dividend per share: N7.20
- Ex-dividend price: N562.80
- Yield: 1.28%
Beta Glass paid N7.20 per share against a last closing price of N562.80, delivering a yield of 1.28%. The industrial glass manufacturer’s payout reflects a year of strong revenue generation, even as Q1 2026 showed modest revenue softness of 8.81% year-on-year.
At N570.00 before adjustment, Beta Glass is one of the more premium-priced industrial goods stocks on the exchange. The stock price has jumped 141.91% in the last one year, from N232.65 on June 5, 2025, to N562.80 on June 5, 2026.
4. Industrial and Medical Gases Nigeria Plc — Dividend Yield: 1.33%
- Ex-dividend date: June 5, 2026
- Last close price: N37.60
- Dividend per share: N0.50
- Ex-dividend price: N37.60
- Yield: 1.33%
Industrial and Medical Gases Nigeria delivered a yield of 1.33% on its N0.50 per share final dividend, with the ex-dividend price adjusted to N37.60 on June 5.
3. Julius Berger Nigeria Plc — Dividend Yield: 1.37%
- Ex-dividend date: June 1, 2026
- Last close price: N310.80
- Dividend per share: N4.25
- Ex-dividend price: N310.80
- Yield: 1.37%
Julius Berger’s N4.25 per share dividend — paid against a last closing price of N310.80 — delivered the third-highest yield of the week at 1.37%.
The construction giant’s payout was backed by a 94.5% year-on-year surge in profit after tax to N30.17 billion in 2025, with earnings per share of N18.69. The ex-dividend price adjusted to N310.80 on June 1.
2. Chemical and Allied Products Plc — Dividend Yield: 2.28%
- Ex-dividend date: June 4, 2026
- Last close price: N175.10
- Dividend per share: N4.00
- Ex-dividend price: N175.10
- Yield: 2.28%
Chemical and Allied Products placed second in yield terms, paying N4.00 per share against a last closing price of N175.10. The company, which surged 60.95% in the week ended May 8, 2026, the best-performing stock on the NGX for that week, has delivered a compelling combination of income return and capital appreciation in 2026.
The share price hit its year high of N233.70 on May 8 and held steady till May 19 before falling to N179.10 on May 29, and further dropped to N175.10 on ex-dividend.
1. BUA Foods Plc — Dividend Yield: 2.98%
- Ex-dividend date: June 5, 2026
- Last close price: N939.00
- Dividend per share: N28.00
- Ex-dividend price: N939.00
- Yield: 2.90%
BUA Foods delivered the highest dividend yield among the week’s seven ex-dividend stocks, paying out N28.00 per share against a last closing price of N939.00 as of Friday, June 5, 2026.
The N28.00 dividend — a significant step-up from prior-year payouts — reflects the company’s exceptional 2025 earnings performance, with pre-tax profit of N521.5 billion (+83% year-on-year) and a strong balance sheet supported by N394.62 billion in quarterly revenue.
At N939.00 post-adjustment, the stock remains among the highest-priced equities on the NGX, making it a primary institutional holding for pension funds and long-term income investors.
More insights:
The dividend yield rankings for the week ended June 5 reflect a broader pattern in the Nigerian equities market: absolute dividend payouts do not always translate into proportionally high or low yields when the underlying stock has already appreciated or depreciated significantly ahead of dividend date as with Beta Glass.
- BUA Foods’ N28.00 dividend is the largest absolute payout of the seven, but the stock’s N939.00 closing price means even that substantial distribution produces a yield of only 2.98%.
- Similarly, Beta Glass N7.20 dividends against N562. 80 closing price translating to only 1.28% dividend yield leaves a lot to desire.
- By contrast, a lower-priced stock like Zenith Bank at the current price of N128 paying N10 per share dividend would generate a far higher yield.
- This dynamic is particularly instructive for income-focused investors who may prioritise yield over capital appreciation.
- At the current stage of Nigeria’s market cycle — with the NGX All-Share Index having gained over 348% since May 2023 — many stocks that were modest-priced yield plays three years ago have appreciated so dramatically that their current dividend yields, while still respectable, are materially lower than the effective yields available to investors who entered at lower prices.
- For investors who purchased BUA Foods, for example, at its January 2026 opening price, the effective yield on cost — N28.00 divided by the January entry price — would be considerably higher than the 2.98% headline figure.
- This distinction between yield on cost and current yield is one of the most important analytical frameworks for assessing the true income return of a long-term equity position in the current Nigerian market environment.
The week’s results also confirm that across multiple sectors — consumer goods, industrials, construction, banking, aviation, and healthcare products — Nigerian listed companies are sustaining dividend payments from earnings generated in the 2025 financial year, rather than from reserves or special distributions.
This earnings-backed quality of payout is a key marker of the sustainability of the current dividend cycle.
What you should know:
The seven stocks that traded ex-dividend during the week are part of a broader 2025 dividend season that has delivered significant payouts to shareholders across the Nigerian market.
- Among the largest distributions, Dangote Cement declared N45.00 per share, reinforcing its position among the exchange’s leading dividend-paying companies.
- Other major corporate actions included BUA Cement and Lafarge Africa, which each paid N10.00 per share, while MTN Nigeria declared N15.00 per share.
- Zenith Bank also rewarded shareholders with total dividend of N10.00 dividend, while GTCO paid a total dividend of N12.76 per share, comprising interim and final dividends for 2025, and this reflects the strong earnings performance recorded by leading listed companies in 2025.
Dividend-paying stocks remain attractive to pension funds, insurers, and retail investors seeking steady income, particularly as investors compare dividend yields with Treasury Bills and other fixed-income securities.
