Investors in Nigeria’s capital market received a total of N1.1 trillion in cash dividends from listed companies in 2024, marking a significant boost in investor returns and market confidence.
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), disclosed this during a recent market update. He revealed that quoted companies had already paid out N1.0 trillion, with the remaining amount expected to be disbursed shortly.
“This level of dividend distribution underscores improved corporate performance and renewed investor confidence in the Nigerian capital market,” Agama said.
In addition to the dividend payouts, Agama noted that the SEC approved N3.68 trillion in new issues between January and December 2024. This included N59.82 billion in fixed income instruments and a substantial N3.62 trillion in equities, reflecting strong issuer and investor confidence in the equity segment.
The momentum has continued into 2025. From January to April 2025, the Commission approved N446.38 billion in new capital raises—comprising N265.90 billion through fixed income and N180.48 billion through equity offerings.
Mergers and acquisitions remained a key trend in 2024, with 11 approved transactions valued at N320.36 billion, Agama said. Among the highlights was the acquisition of a 58.02% stake in Guinness Nigeria Plc by N Seven Nigeria Ltd., worth over N103.7 billion.
Other major moves included:
- A scheme of arrangement involving Flour Mills of Nigeria Plc, valued at over N105 billion
- A share capital consolidation by Transnational Corporation Plc, involving a one-for-four share restructure valued at N5.08 billion
In 2025 so far, SEC has approved three major transactions worth N38.53 billion, including two takeovers and one corporate restructuring. While no mergers have occurred in the review period, Agama said market activity remains steady, reflecting continued strategic consolidation across key sectors.
Agama also reported significant growth in the collective investment schemes (CIS) space. As of Q4 2024, registered mutual funds stood at 184, with a combined net asset value of N3.84 trillion and over 800,000 unitholders.
In addition:
- Privately managed portfolios grew to 444 vehicles, with assets under management (AUM) totaling N4.69 trillion
- Combined, 82 active asset management firms now oversee over N8.53 trillion in investments
“These numbers point to a maturing capital market where professional fund management is gaining traction as a reliable channel for capital formation and wealth creation,” the SEC boss stated.
Agama emphasized that both retail and institutional investors are increasingly turning to the capital market to grow and preserve wealth, adding that issuers continue to tap into both debt and equity markets to finance expansion and innovation.
