Dividends Declared in 2026: Nigeria NGX Companies — Amounts & Payment Dates

Last updated: July 18, 2026 | Reading time: ~8 minutes

No African exchange pays more companies' worth of dividends than Lagos. Our Nigeria dividend calendar has tracked 75 dividend events from more than 65 NGX-listed companies in 2026 so far — from Seplat Energy's quarterly dollar-linked distributions of over ₦110 per share to kobo-denominated payouts from insurers and microfinance banks. The season's headline acts: GTCO's ₦11.76 total payout, Zenith Bank's ₦8.75 final, Dangote Cement's ₦45, MTN Nigeria's ₦15, and BUA Foods' ₦28.

This tracker covers NGX-listed companies with declared 2026 dividend events. Amounts are in naira per share (Seplat and Airtel Africa declare in US dollars; we show the naira equivalent), gross before Nigeria's 10% withholding tax.

Quick summary:

• 65 dividends already paid in 2026, with about 10 more declared and pending payment as of mid-July.
• The banks lead on yield: GTCO's ₦11.76 works out near a 9% yield even at its current re-rated price; Zenith's ₦8.75 close to 8%.
• The giants cluster in April–July: MTN went ex in April, BUA Cement in May, Dangote Cement and Airtel Africa in June, Aradel in July.
• Nigeria withholds 10% on dividends at source — final tax for individuals.

> Track live prices on the NGX market desk, or compare payouts across the continent in the 2026 African dividends tracker.

## The Big Payouts of 2026

Amounts are gross. Seplat and Airtel Africa declare in US dollars; naira figures reflect conversion at payment-period rates.

## Highest Yields of the Season

Measured against current share prices on our NGX desk, the standout income names among 2026 payers:

• GTCO — ~9%. ₦11.76 per share across its FY2025 final and interim payouts. Nigeria's most consistent big-bank dividend, still yielding near double digits after a 2026 rally.
• Zenith Bank — ~8%. ₦8.75 final on top of Zenith's long record of leading absolute bank payouts.
• Union Homes REIT — ~8%. ₦5.55 distribution — Nigeria's listed REITs remain a quiet income corner, with SFS REIT (₦28.30, ~7%) alongside.
• NEM Insurance — ~5%. ₦1.50 per share from one of the sector's best underwriters.
• Dangote Cement — ~4%. ₦45 per share — the largest naira payout among the industrials.

## What Stood Out This Season

The April–May bunching. More than half of 2026's payments landed in a six-week window between mid-April and end-May, as FY2025 finals cleared AGMs. For income investors, Q2 is Nigeria's harvest: MTN, GTCO, Geregu, Zenith, BUA Cement, Stanbic and NASCON all paid inside it.

Seplat's quarterly rhythm. Seplat Energy remains the NGX's only true quarterly payer, with USD-declared distributions landing roughly every three months (₦113.74 in May, ₦122.50 in June on our records). For dollar-income seekers it is the closest thing the NGX has to a hard-currency bond.

The banks paid through the recapitalisation. Despite the CBN's ongoing bank-recapitalisation programme absorbing capital, GTCO, Zenith, FCMB, Wema, Stanbic IBTC and Jaiz all paid — GTCO and Zenith at near-record absolute levels.

A rename to know: Lafarge Africa is now HBM Nigeria. The cement maker paid ₦6.00 (ex 7 April, paid 30 April) under its old WAPCO ticker just before shareholders approved the name change to HBM Nigeria (HBMNG) in May 2026, following Huaxin Cement's takeover of Holcim's stake. Same company, same listing — new name on the board.

Still to come. Aradel pays on 30 July, Airtel Africa on 24 July, Fidson on 31 July, and Honeywell Flour goes ex on 31 August — with interim declarations from the banks expected as H1 results land from August onward.

## How Nigeria's Dividend Tax Works

Nigeria applies a 10% withholding tax on dividends, deducted at source. For individual investors the withholding is a final tax — nothing further to file on that income. Non-resident investors may access reduced treaty rates where a double-taxation agreement applies. A GTCO yield of ~9% gross therefore nets an individual roughly 8.1%.

## How to Track NGX Dividends

Our Nigeria dividend calendar carries every declared NGX dividend with ex-dates, record dates, payment dates and amounts, updated as company declarations are verified. For the continental picture, see the 2026 African dividends tracker, or screen the whole continent by payout in the dividend yield screener.

A note on coverage: this page reflects dividends verified in our calendar as of the update date. NGX declaration season continues through the year — interim dividends from the banks typically arrive from August–October — and this tracker updates as new corporate actions are confirmed.

## FAQ

Which Nigerian companies have paid the biggest dividends in 2026? By naira per share: Seplat Energy (two quarterlies over ₦110 each), Airtel Africa (₦58.59), Dangote Cement (₦45), BUA Foods (₦28) and Aradel Holdings (₦23). By yield, GTCO (~9%) and Zenith Bank (~8%) lead the large caps.

What is the dividend withholding tax in Nigeria? 10%, deducted at source; it is a final tax for individual investors.

When do NGX companies pay dividends? Most FY finals cluster between April and July after AGM approval; bank interim dividends typically follow from August to October with half-year results.

What happened to WAPCO / Lafarge Africa? Lafarge Africa was renamed HBM Nigeria (ticker HBMNG) in May 2026 after Huaxin Cement's takeover. It paid its ₦6.00 FY2025 final in April 2026 and remains listed on the NGX.

## Sources

• Mansa Markets Nigeria dividend calendar — compiled from NGX corporate-action notices and company declarations
• NGX Group — X-Compliance corporate disclosures and dividend announcements
• Federal Inland Revenue Service — withholding tax on dividends
• Company FY2025 results and AGM notices (GTCO, Zenith Bank, Dangote Cement, MTN Nigeria, Seplat Energy)

This tracker is for informational purposes only and does not constitute investment advice. Declared amounts and dates can change if companies amend payment schedules after publication.