Top 10 Dividend-Paying Companies in Nigeria - NGX Stocks that Reward Investors

Dividend income remains one of the most important reasons investors buy and hold shares on the Nigerian Exchange (NGX). While capital appreciation attracts considerable attention, a well-managed company that consistently returns part of its earnings to shareholders can provide investors with a second and potentially recurring source of return.

The 2025 financial year provides a particularly interesting basis for assessing Nigeria's dividend-paying companies. Several listed companies recorded strong earnings and rewarded shareholders with larger distributions, while others maintained established dividend policies despite a challenging operating environment.

For this analysis, 247market reviewed companies with financial years ended 31 December 2025 and considered the total dividend attributable to FY2025 earnings. The total dividend includes both interim dividends paid during 2025 and final dividends declared after the release of audited FY2025 results and paid in 2026.

This distinction is important. A final dividend for the 2025 financial year is generally declared and paid only after the company has completed its audit and obtained shareholder approval at its Annual General Meeting. Consequently, a dividend paid in 2026 can still be a FY2025 dividend for the purpose of this analysis.

How the top 10 were selected

The ranking focuses primarily on dividend yield, rather than simply the absolute naira value of the dividend. Dividend yield provides a better measure of the income return associated with the market price of a share.

The calculation is:

Dividend Yield = Total Dividend per Share ÷ Share Price  × 100

The share price used is the last NGX closing price before the final dividend adjustment. This provides a consistent historical measure of the dividend return available to an investor holding the shares into the final dividend qualification date.

The analysis also considers the consistency of dividend payments, growth in dividend per share and the underlying earnings performance. A high dividend yield by itself does not necessarily make a stock a good investment. A falling share price can mechanically inflate dividend yield, while a dividend funded from weak or non-recurring earnings may not be sustainable.

Top 10 dividend-paying companies in Nigeria based on FY2025

Source: Company FY2025 audited results, corporate disclosures and NGX market-price data. Calculations by 247market. Yields are historical FY2025 yields calculated using the last closing price before the final dividend went ex-dividend. Minor differences may arise from NGX price adjustments and rounding.

Important: The table ranks dividend income characteristics; it should not be interpreted as a recommendation to buy any of the stocks. Investors should also assess valuation, earnings quality, cash flow, balance-sheet strength and future dividend sustainability.

1. GTCO Plc — ₦12.76 total dividend

GTCO stands out as one of the strongest dividend stories among Nigerian banks. For FY2025, the financial services group paid a ₦1.00 interim dividend and subsequently declared an ₦11.76 final dividend, taking the total distribution to ₦12.76 per share. The final dividend was approved at the company's April 2026 AGM.

The size of the final payment demonstrates the group's capacity to return a substantial proportion of earnings to shareholders while retaining sufficient capital to support its banking and non-banking operations.

GTCO has built a reputation as one of Nigeria's more dependable dividend-paying financial institutions. Its dividend history is particularly attractive to income investors because the company has not merely paid dividends but has generally increased the distribution as profitability has expanded. Its five-year dividend growth is reported at more than 30%, underscoring the long-term upward trajectory of shareholder distributions.

For investors seeking a combination of banking-sector earnings and dividend income, GTCO remains one of the key names to watch.

2. Zenith Bank Plc — ₦10.00 total dividend

Zenith Bank paid a ₦1.25 interim dividend during 2025 and proposed a further ₦8.75 final dividend, bringing total FY2025 dividend to ₦10.00 per share.

The final dividend represented a substantial increase over the interim payment and reflected the bank's strong earnings capacity. At the final dividend qualification date, Zenith's last closing price was ₦135.90, before the NGX adjusted the reference price by the ₦8.75 dividend.

Zenith has long been regarded as one of the NGX's dividend stalwarts. Its attraction goes beyond a single year's payout: the bank has maintained a long-standing practice of distributing cash to shareholders while building capital and expanding its balance sheet.

For an income-focused investor, Zenith offers an important combination of large absolute dividend, established profitability and a long dividend-paying history.

3. NASCON Allied Industries Plc — ₦6.00 total dividend

NASCON Allied Industries emerged as another notable FY2025 income stock, declaring a ₦6.00 per-share final dividend. Unlike the banks that typically pay interim and final dividends, NASCON's shareholder reward for the year came primarily through its final distribution.

The company operates in the essential consumer-goods segment, producing refined salt and other food products. This gives its earnings a degree of resilience because demand for basic food products tends to remain relatively stable even when consumers face economic pressure.

The ₦6 dividend is particularly noteworthy because it represents a significant increase over the previous year's payout. The company therefore combines a relatively high income yield with dividend growth, an attractive combination for investors who are not merely seeking the highest current payout.

4. Dangote Cement Plc — ₦45.00 total dividend

Dangote Cement delivered the largest absolute FY2025 dividend per share among the companies in this selection, paying ₦45.00 per share. There was no interim dividend, meaning the entire distribution came through the final dividend.

The payout was 50% higher than the ₦30 per share distributed for FY2024 and represented a record cash distribution of approximately ₦753.8 billion.

The company's FY2025 earnings provided strong support for the distribution. Profit before tax rose sharply, while earnings per share reached ₦59.86.

Dangote Cement therefore illustrates an important point about dividend investing: the largest dividend per share does not necessarily produce the highest dividend yield. At the ₦1,155 share price recorded before the June 2026 ex-dividend adjustment, the ₦45 dividend represented a yield of approximately 3.9%.

For investors, however, the combination of earnings growth, market leadership and a rising dividend makes Dangote Cement an important long-term income candidate.

5. Stanbic IBTC Holdings Plc — ₦6.50 total dividend

Stanbic IBTC continued its established practice of paying shareholders twice a year. It paid a ₦2.50 interim dividend in September 2025 and followed this with a ₦4.00 final dividend, producing a total FY2025 dividend of ₦6.50 per share.

The total was higher than the ₦5.00 paid for FY2024, representing another year of dividend growth.

The company's dividend record is one of the reasons it remains popular among income-oriented investors. Its regular interim and final payment structure provides shareholders with a more predictable income pattern than companies that pay only once a year.

Stanbic IBTC's FY2025 results also showed strong profitability, with profit rising to approximately ₦551.7 billion.

6. Wema Bank Plc — ₦1.25 total dividend

Wema Bank returned to the dividend spotlight with a ₦1.25 per-share final dividend for FY2025. The dividend was based on the bank's audited full-year performance and represented a significant shareholder reward relative to its share price.

At the final dividend adjustment, Wema's share price moved from ₦36.00 to an ex-dividend reference price of ₦34.75.

The bank's inclusion in this list is noteworthy because its dividend story is increasingly becoming part of its broader earnings-growth narrative. For income investors, however, the key consideration going forward will be whether the higher payout can be sustained as the bank continues to strengthen its capital base and expand its operations.

7. Okomu Oil Palm Plc — ₦55.00 total dividend

Okomu Oil Palm produced one of the most impressive absolute dividend payouts in the FY2025 review.

The company paid a combined ₦40.00 in interim dividends during the year and recommended a ₦15.00 final dividend, taking the total FY2025 distribution to an impressive ₦55.00 per share. Shareholders subsequently approved the final distribution.

The company's dividend record has strengthened considerably. Okomu paid ₦17 per share in 2022, ₦16.50 in 2023 and ₦24 in 2024 before the dramatic increase to ₦55 in FY2025.

This makes Okomu particularly interesting for dividend investors because the story is not simply one of a high payout in a single year. The company has demonstrated a willingness to return increasing amounts of cash as earnings and cash generation improve.

The major risk, however, is that agricultural earnings are exposed to commodity prices, weather conditions, production volumes and other operating variables. Investors should therefore distinguish between a strong dividend record and an absolutely guaranteed future dividend.

8. BUA Foods Plc — ₦28.00 total dividend

BUA Foods declared a ₦28.00 per-share dividend for FY2025, more than doubling the previous year's ₦13.00 distribution.

The dividend was supported by a remarkable improvement in profitability. Profit after tax rose by about 95% to ₦518.4 billion, while revenue reached ₦1.77 trillion.

The company has established itself as one of the more consistent consumer-goods dividend payers since its listing. Its FY2025 payout continues that policy and demonstrates how earnings growth can translate into rapidly rising shareholder distributions.

For dividend investors, BUA Foods offers an interesting proposition: exposure to essential food products combined with a rapidly growing dividend stream.

The important consideration is valuation. A high absolute dividend can still produce a modest yield when the underlying share price is high. BUA Foods' ₦28 dividend, for example, produced a yield of about 3% at its ₦939 closing price ahead of the June 2026 ex-dividend date.

9. MTN Nigeria Communications Plc — ₦20.00 total dividend

MTN Nigeria returned strongly to the dividend-growth conversation in FY2025. The telecommunications company paid a ₦5.00 interim dividend and proposed a ₦15.00 final dividend, bringing total FY2025 dividend to ₦20.00 per share.

The dividend is particularly significant because it followed a period in which the company faced substantial foreign-exchange and inflation-related pressures.

The FY2025 earnings recovery provided the foundation for the renewed payout. MTN Nigeria's improved profitability, stronger data business and growing digital-services operations provide investors with a potential combination of dividend income and long-term earnings growth.

For income investors, MTN is therefore different from a traditional bank or consumer stock: its dividend story is linked closely to the growth of Nigeria's telecommunications and digital economy.

10. Presco Plc — ₦44.66 total dividend

Presco's FY2025 dividend story is another example of how rapidly growing earnings can translate into shareholder returns.

The company paid ₦20.00 and ₦10.00 in interim dividends during 2025 and proposed a ₦14.66 final dividend, taking the total FY2025 dividend to ₦44.66 per share. The company's audited annual report confirms the total distribution and compares it with ₦42.00 for FY2024.

Presco's dividend history has expanded dramatically in recent years. Total dividend per share rose from ₦8.80 in 2022 to ₦26.30 in 2023, ₦42.00 in 2024 and ₦44.66 in FY2025.

That progression makes Presco one of the most interesting dividend-growth stories on the NGX. The company has benefited from its integrated palm-oil operations, higher product prices, improved production and expansion into Ghana.

However, just like Okomu, Presco's earnings are exposed to agricultural and commodity-price cycles. The dividend record is impressive, but investors should continue to monitor cash generation, capital expenditure and commodity-market conditions.

Dividend income versus dividend yield

One of the most important lessons from the FY2025 dividend season is that dividend per share and dividend yield are not the same thing.

Dangote Cement's ₦45 dividend is substantially larger in naira terms than GTCO's ₦12.76. Yet GTCO's lower share price means its dividend produces a substantially higher percentage yield.

Similarly, Okomu's ₦55 dividend is larger than the ₦20 paid by MTN Nigeria, but the relative value of the income depends on how much an investor must pay for the shares.

For this reason, investors should look at at least three numbers:

Dividend per share → How much cash the company distributes.

Dividend yield → How much income the dividend represents relative to the share price.

Dividend growth → Whether the company is increasing the amount returned to shareholders over time.

The third measure is particularly important for long-term investors. A company paying a 3% yield today but growing its dividend consistently can eventually provide a much larger income stream than a company offering a high but stagnant payout.

Consistency matters more than one big dividend

A high dividend in one year should not automatically qualify a company as a good dividend investment.

For a long-term income portfolio, investors should look for companies that demonstrate:

• Consistent dividend payments
• Growing or stable earnings
• Strong operating cash flow
• A manageable payout ratio
• Adequate capital for future growth
• A sustainable balance sheet
• A history of increasing dividends
• Reasonable share-price valuation

The FY2025 results show why this broader approach matters. GTCO, Zenith Bank and Stanbic IBTC have developed long-standing dividend cultures. Presco and Okomu have demonstrated rapid dividend growth alongside strong earnings expansion. Dangote Cement has combined a large payout with market leadership and earnings growth, while BUA Foods has sharply increased its distribution as profitability has expanded.

What ₦1 million invested could mean

Dividend investing becomes easier to understand when expressed in cash terms.

Suppose an investor invests ₦1 million in a company at the price used for our historical yield calculation and the company subsequently pays the same dividend.

A stock yielding approximately 9% would generate around ₦90,000 in gross annual dividend income on ₦1 million.

A stock yielding approximately 4% would generate around ₦40,000.

A stock yielding approximately 2.5% would generate around ₦25,000.

These are gross illustrations before applicable withholding tax and do not include capital gains or losses.

The exercise also demonstrates why dividend yield alone should not determine investment decisions. If the share price subsequently appreciates, the investor earns capital gains in addition to the dividend. Conversely, a falling share price can wipe out several years of dividend income.

The dividend investor's checklist

Investors considering these companies for dividend income should therefore ask five questions before buying:

1. Is the dividend covered by earnings?
A company consistently paying more than it earns cannot maintain that policy indefinitely.

2. Is the dividend covered by cash flow?
Accounting profit does not always translate into cash available for distribution.

3. Is the dividend growing?
Dividend growth can provide protection against inflation and improve long-term income.

4. Is the share price reasonable?
A good company can still be a poor investment if purchased at an excessive valuation.

5. Is the underlying business sustainable?
Commodity prices, regulation, foreign exchange, interest rates and competition can all affect future dividends.

Conclusion

The FY2025 dividend season reinforces the depth of income opportunities available on the Nigerian Exchange.

GTCO and Zenith Bank remain among the exchange's most established banking dividend names. Stanbic IBTC continues to demonstrate a dependable twice-yearly payout pattern. Dangote Cement delivered a record ₦45 per share, while BUA Foods more than doubled its dividend. Okomu Oil and Presco stand out for their rapidly growing agricultural dividend distributions, while MTN Nigeria demonstrated a strong return to dividend growth following its earnings recovery.

For investors whose principal objective is regular dividend income, these companies deserve attention. But the objective should not simply be to identify the stock with the biggest dividend.

The stronger strategy is to build a portfolio around companies that can earn consistently, generate cash, distribute a reasonable portion of that cash and increase shareholder distributions over time.

In that respect, the FY2025 dividend season offers more than a ranking of Nigeria's highest-paying companies. It provides investors with a useful starting point for identifying businesses whose managements have demonstrated a willingness to share the fruits of corporate growth with their shareholders.

Disclosure: This article is for information and educational purposes and does not constitute investment advice. Dividend payments are subject to company performance, board recommendations, shareholder approval and applicable regulatory requirements. Historical dividend yields are not guarantees of future dividend income.