Nigerian Exchange Group Plc closed out its 65th Annual General Meeting with a declaration that will please income investors and long-term holders in equal measure: a final dividend of ₦2 per share, bringing the total payout for the 2025 financial year to ₦3.
That is a 50 percent increase on what shareholders received the previous year, alongside a one-for-three bonus share issue that will expand the group's equity base and deepen retail participation in the exchange operator's own stock.
For the year ended Dec. 31, 2025, NGX Group recorded core revenue growth of 36 percent to ₦22.9 billion, up from ₦16.9 billion in 2024, while operating profit increased by 44.4 percent to ₦11.8 billion and profit before tax climbed to ₦15.6 billion, from ₦13.6 billion the prior year.
The NGX said the revenue expansion was driven by sustained growth across core business segments, improved customer penetration on the back of increased investor activity, and rising investor confidence, with finance costs falling 67 percent.
The balance sheet tells an equally confident story. Total assets grew to ₦71 billion from ₦68 billion in 2024, and shareholders' equity strengthened to ₦55.2 billion.
The group's shareholder base itself expanded by more than 135 percent to 7,415, a sign, management says, of growing confidence in its vision and governance since demutualisation.
It is within that context that the ₦3 total dividend, comprising the previously paid ₦1 interim payout and Tuesday's approved final dividend of ₦2, carries its fullest meaning.
For years, the Nigerian Exchange was a mutual institution that existed to serve its members rather than reward shareholders.
The successive dividend increases since demutualisation signal that the transition to a fully commercial, investor-facing enterprise is gaining traction.
Shareholders at the AGM were receptive. Patrick Ajudua, the president of the New Dimension Shareholders Association, commended management for what he described as a strong financial outcome.
"The numbers speak to a business that is gaining strength and direction," he said.
Boniface Okezie, the chairman of the Progressive Shareholders Association of Nigeria, pointed to the group's infrastructure investments as evidence of a more forward-looking exchange.
"The market is becoming more forward-looking, supported by strong leadership at the Group level," he said.
"Initiatives around market infrastructure and participation are yielding results, and this is positive for investors."
The AGM also reaffirmed continuity at the governance level, with shareholders voting to re-elect Group Chairman Umaru Kwairanga, Independent Non-Executive Director Okechukwu Itanyi, and Independent Non-Executive Director Ojinika Olaghere.
Kwairanga set the tone for what he described as the group's next chapter.
"Our 2025 performance demonstrates the resilience of our business model and the effectiveness of disciplined strategic execution," he said.
"The increased dividend and bonus issue reflect the Board's confidence in the sustainability of our earnings and the robustness of our capital position as we continue to deepen Nigeria's capital markets."
Group Managing Director and Chief Executive Officer Temi Popoola framed the results as a launching pad rather than a destination.
"We delivered strong top-line growth and enhanced profitability in 2025 despite macroeconomic headwinds," he said.
"As regulatory standards evolve, including the recent upward review of minimum capital requirements by the Securities and Exchange Commission, our robust balance sheet positions us to meet new thresholds seamlessly while continuing to invest in liquidity expansion, product innovation, and market infrastructure to build a resilient, globally competitive exchange group."
