Money

Nigerian exchange group approves N2 dividend, audited statements

Joseph Chukwu
Nigerian Exchange Group Plc (NGX Group) has announced the approval of a final dividend of N2.00 per ordinary share of 50 kobo each for its registered shareholders.

The dividend declaration was ratified at the company’s 64th Annual General Meeting (AGM) and formally communicated in a regulatory disclosure signed by the Company Secretary, Izuchukwu Akpa, and published on the group’s official disclosure platform.

In addition to the dividend announcement, shareholders adopted the company’s Audited Financial Statements for the fiscal year ended December 31, 2024, along with reports from the Board of Directors, Auditors, Board Evaluation Consultants, and the Audit Committee.

NGX Group reported a profit before tax (PBT) of N13.6 billion for the year, representing a 157.3% increase from the previous financial year. The impressive performance was driven by strong revenue growth, cost optimization, and heightened market participation.

Key financial highlights (FY 2024):

  1. Gross earnings surged by 103.2% to N24.0 billion, up from N11.8 billion in FY 2023.
  2. Transaction fees rose by 64.0% due to increased trading activity.
  3. Listing fees recorded a significant 397.1% increase, reflecting greater capital market engagement.
  4. Technology income grew by 105.0%
  5. Other fees increased by 174.8%.
  6. Treasury investment income rose by 45.6% through efficient asset management.
  7. Market data revenue doubled, rising by 100.5%, contributing to a 102.6% growth in other income, which now makes up 29.6% of total gross earnings.
Governance and board decisions

During the AGM, shareholders approved the re-election of directors Nonso Okpala, Fatima Wali-Abdurrahman, and Mosun Belo-Olusoga, who retired by rotation.

See also

The Board of Directors was also authorized to determine the remuneration of the external auditors, Ernst & Young, for the financial year ending December 31, 2025. Additionally, shareholders resolved that the remuneration of the company’s management team be disclosed in accordance with corporate governance best practices.

In line with Section 404(3) of the Companies and Allied Matters Act (CAMA) 2020, a new Audit Committee was constituted to serve until the next AGM. The committee includes shareholders Samuel O. Adejumo, Peter O. Eyanuku, and Samuel Ayininuola, alongside independent non-executive directors Ojinika Olaghere and Dr. Okechukwu Itanyi.