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By Tracy Moses
The Securities and Exchange Commission (SEC) has revealed that companies listed on the Nigerian stock market declared dividends amounting to N1.1 trillion in 2024.
This was disclosed by the Director-General of the Commission, Dr. Emomotimi Agama, during the first quarter Capital Market Committee (CMC) meeting held on Sunday, May 25, 2025, in Lagos.
Agama noted that of the total dividend declared, N1 trillion has already been disbursed to shareholders, a development he said, underscores increasing investor confidence and improved returns in the capital market.
“This is a strong testament to the resilience of the Nigerian capital market and the commitment of our listed entities to delivering value to investors.
“The rising payout ratio signals a shift in the market where companies are now more accountable and investors are reaping the rewards of their trust, ” he said.
He further stated that between January and December 2024, the Commission approved new capital issues totalling N3.68 trillion.
“These approvals include N59.82 billion in fixed income instruments and a substantial N3.62 trillion in equities, indicating robust demand from investors and growing confidence among issuers in the equity market,” Agama said.
Speaking on market outlook, Agama noted, “The numbers are encouraging. We are witnessing a vibrant market where issuers are increasingly relying on the capital market to fund strategic expansion. This aligns with our objective of making the market a major driver of economic development.”
For 2025 so far, Agama said the commission approved additional new issues worth N446.38 billion from January to April. Of this amount, N265.90 billion was raised through fixed income offerings, while equities accounted for N180.48 billion.
On mergers and acquisitions, the SEC boss reported that the commission approved 11 transactions in 2024 valued at N320.36 billion.
“The most prominent among them was the acquisition of a 58.02 percent stake in Guinness Nigeria Plc by N Seven Nigeria Ltd., which was valued at over N103.7 billion,” he revealed. “This transaction is a landmark deal that reflects both local and international investor appetite for Nigerian assets.”
He also cited other key corporate actions, including three restructuring transactions, two share capital reconstructions, one takeover, and four securities registrations. Notably, the Flour Mills of Nigeria Plc’s restructuring was valued at over N105 billion, while Transnational Corporation Plc undertook a one-for-four share consolidation worth N5.08 billion.
“These strategic transactions show that Nigerian corporates are not just surviving but evolving through innovation, mergers, and restructuring to remain competitive,” Agama said.
So far in 2025, the commission has greenlit three major deals with a total value of N38.53 billion, comprising two takeovers and one restructuring. Although no mergers have been recorded in the current review period, Agama noted that consolidation efforts remain vibrant across various sectors.
“These activities point to ongoing strategic realignments in the market,” he said. “We expect more sectoral consolidations in the coming quarters, especially in fintech, manufacturing, and consumer goods.”
Turning to the collective investment space, Agama highlighted the sector’s steady growth, with the number of registered mutual funds reaching 184 by the end of 2024. These funds had a combined net asset value of N3.84 trillion and served over 800,000 unitholders.
Additionally, privately managed portfolios grew to 444 vehicles with total assets under management standing at N4.69 trillion. In total, 82 active asset management firms were responsible for N8.53 trillion in investments.
“These numbers reflect a deepening market where professional asset management plays a pivotal role in driving capital formation and wealth creation,” Agama concluded. “As regulators, we will continue to promote transparency, investor protection, and innovation within the capital market.”
He added that the continued activity in both debt and equity markets shows that Nigerian issuers are increasingly turning to capital markets as reliable sources of funding for growth and expansion.
“We are committed to strengthening market infrastructure, enhancing governance, and promoting policies that sustain this growth trajectory,” he said.