Board Approves Record N4.4bn Dividend as Exchange Strengthens its Position as Africa’s Financial Hub
In a landmark performance that underscores its growing influence in Africa’s capital markets, Nigerian Exchange Group Plc (NGX Group) has reported an unprecedented 157.3% surge in profit before tax (PBT) to N13.6 billion for the 2024 financial year. This milestone reflects the Group’s strategic resilience, market expansion, and financial strength, setting a new benchmark in Nigeria’s capital market history.
At the core of this extraordinary success lies a 103.2% surge in gross earnings, reaching N24.0 billion, propelled by robust transaction and listing fees, accelerated technology adoption, and diversified revenue streams.
Key Growth Drivers: The Numbers Behind the Success
- Transaction fees grew 64.0%, reflecting heightened investor confidence and market participation.
- Listing fees soared by 397.1%, showcasing a surge in capital raising activities.
- Technology-related income surged 105%, validating NGX Group’s aggressive digital transformation strategy.
- Market data revenue doubled by 100.5%, reinforcing NGX Group’s leadership in financial intelligence.
- Treasury investment income grew 45.6%, demonstrating effective asset management.
A Record-Setting Reward for Shareholders
Recognizing this stellar performance, NGX Group’s Board of Directors has approved a record N4.4 billion dividend payout, translating to N2.00 per share—the highest in the Group’s history. This decision reflects the Group’s strong capital position and unwavering commitment to shareholder value.
Alhaji Dr. Umaru Kwairanga, Chairman of NGX Group, hailed the results as a defining moment:
“This performance is a testament to NGX Group’s strategic resilience and its role as a catalyst for capital market development. The record dividend affirms our dedication to creating sustainable wealth for our investors while strengthening Nigeria’s financial markets.”
Strategic Milestones: NGX’s Evolution into a Continental Powerhouse
The Group’s stellar performance in 2024 is tied to its aggressive expansion and innovation agenda, which includes:
- NGX Invest Platform, which facilitated N1.845 trillion in capital raises, deepening liquidity.
- Expansion into Ethiopia, with a strategic investment in the Ethiopian Securities Exchange (ESX), strengthening NGX’s regional presence.
- Operational efficiency measures, optimizing workforce productivity and cost management.
Temi Popoola, Group Managing Director/CEO of NGX Group, emphasized that these results validate NGX’s long-term growth strategy:
“Our 157.3% profit surge underscores our commitment to execution, innovation, and financial market leadership. As we expand digital solutions, strengthen partnerships, and enhance market data offerings, we are positioning NGX as Africa’s premier capital market hub.”
A Defining Era for NGX Group
The journey to this historic financial feat began with NGX Group’s demutualization in 2021, transitioning from a member-owned exchange into a profit-driven entity. Over the years, the Group has diversified its revenue base, invested in cutting-edge technology, and strengthened its corporate governance—steps that have now culminated in this outstanding performance.
The capital market boom of 2024, driven by renewed investor confidence, increased listings, and heightened trading volumes, provided the perfect backdrop for NGX’s record earnings. This reflects Nigeria’s economic resilience despite macroeconomic headwinds, with NGX playing a pivotal role in attracting both local and foreign investments.
Looking Ahead: Sustaining the Growth Trajectory
With a robust financial base, strong technological infrastructure, and an aggressive expansion drive, NGX Group is poised to lead Africa’s capital markets into a new era. The focus remains on broadening investment opportunities, deepening market participation, and fostering financial inclusion across the continent.
“As we look to the future, NGX Group is committed to innovation, market efficiency, and positioning Nigeria as a global investment destination,” Popoola concluded.
This remarkable financial feat not only solidifies NGX Group’s dominance but also signals the dawn of a more vibrant and globally competitive Nigerian capital market.
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