CWG Plc has announced a dividend payout of 39 kobo per share to shareholders following a landmark financial performance in 2024.
The payout, declared at the company’s 20th Annual General Meeting (AGM) held on Thursday in Lagos, represents more than double the 16 kobo paid in the previous financial year.
Shareholders commended the technology firm for its consistent growth and expressed optimism for even better returns in subsequent years.
The company’s revenue surged by 97 percent, rising from N23.53 billion in 2023 to N46.35 billion in 2024. Profit after tax saw a dramatic increase of 428 percent, climbing from N576.08 million to N3.04 billion. The remarkable performance was attributed to strategic investments, operational efficiency, and increased revenue from regional subsidiaries.
CWG Ghana and CWG Uganda played a crucial role in the group’s performance. CWG Ghana generated N8.44 billion in revenue, marking a 104.37 percent increase, while CWG Uganda posted a 106.79 percent growth with revenue of N7.34 billion in 2024.
Chairman of the Board, Mazi Philip Obioha, who addressed shareholders at the AGM, acknowledged the tough macroeconomic environment in Nigeria and globally, but credited the company’s resilience and innovation for its exceptional growth.
“Despite challenges such as inflation and currency fluctuations, CWG demonstrated resilience, driven by our flexible business model, strategic investments, and the dedication of our staff,” Obioha said. He also noted that CWG’s recognition across the tech ecosystem, including awards from Infosys and the Nigeria Technology Awards, underscored the company’s industry leadership.
The chairman provided a comprehensive review of the global and Nigerian economies in 2024, describing it as a year marked by inflationary pressures, exchange rate volatility, and fiscal constraints. However, he expressed optimism for 2025, citing anticipated growth and stability in both local and international markets.
CWG’s Group Managing Director and CEO, Mr. Adewale Adeyipo, also addressed shareholders and the press, attributing the company’s stellar performance to its fintech subsidiary, Fifthlab, and expansion efforts in East Africa and the Middle East.
“It has been a remarkable year for CWG, not just in numbers but in the foundation we’ve laid. We’re building a platform that will propel us to become the kind of organization we envision over the next two years,” Adeyipo said.
He noted that CWG’s positioning in the tech space enabled it to thrive despite global and national economic challenges. “Even in tough economies, technology and food remain resilient sectors. We’ve leveraged tech to deliver innovative solutions, and the results speak for themselves,” he said.
Looking ahead, Adeyipo said CWG is projecting another bullish year in 2025, with expectations to more than double its already impressive 2024 figures. “In Q1 2025 alone, our performance has pointed to the fact that we’re on track to achieve our targets,” he added.
On expansion, Adeyipo revealed that the company has made substantial inroads into East Africa and is now fully operational in the Middle East, with plans to grow through strategic partnerships. “Our fintech arm, Fifthlab, will be a major focus in 2025. We’re also investing in the energy space to further diversify our portfolio,” he said.
During the AGM, shareholders approved the dividend proposal and praised the Board for steering the company towards consistent growth. The event was attended physically by key executives including Mr. Adewale Adeyipo, GMD and CEO; Mr. Afolabi Sobande, Group COO; Mazi Philip Obioha, Chairman; Mrs. Taba Peterside, Independent Non-Executive Director; and Mr. Ireti Yusuf, Executive Director.
Other Board members, including Mr. Austin Okere, Mr. Olusegun Oso, and Mr. Babawale Agbeyangi, joined virtually.
CWG closed the financial year 2024 with total assets of N29.9 billion, a 68 percent increase from the previous year. Shareholders’ funds rose by 195 percent to N6.6 billion, while cash from operations climbed 426 percent to N5.8 billion.
