News
H1 2026 dividend roundup: who paid what on NGX
Over 25 NGX-listed companies distributed dividends in the first half of 2026. We break down the notable payers by sector — from Dangote Cement's record ₦753.8bn payout to the banking sector's GTCO and Zenith distributions.
The first half of 2026 saw over 25 NGX-listed companies distribute dividends to shareholders, driven by strong FY 2025 earnings across banking, industrial, energy, and consumer goods sectors. Dangote Cement’s record distribution anchored the season, but significant payouts also came from GTCO, Zenith Bank, BUA Foods, Seplat Energy, and others.
The headline payout: Dangote Cement
DANGCEM’s ₦45 per share final dividend — a 50% year-on-year increase — resulted in a total payout of ₦753.8 billion, the largest single dividend in the company’s history. The increase was supported by FY 2025 revenue of ₦4.48 trillion and continued volume growth across Pan-African operations.
For the full timeline and analysis of the payout, see our dedicated post: DANGCEM pays ₦753.8bn dividend — 50% year-on-year increase.
Banking sector
The banking sector was the most active dividend-paying group in H1 2026, with most tier-1 and tier-2 lenders distributing parts of their FY 2025 earnings.
| Company | Per Share | Type | Payment Date |
|---|---|---|---|
| GTCO | ₦11.76 final (₦12.76 total) | Final | Apr 28 |
| Zenith Bank | ₦8.75 final (₦10.00 total) | Final | May 5 |
| Wema Bank | ₦1.25 | Final | May 20 |
| ETI (Ecobank) | $0.0016 | Final | Jun 30 |
GTCO retained its position as the highest dividend-paying banking stock, distributing a total of ₦12.76 per share for FY 2025. The bank’s ₦302.9 billion profit before tax in Q1 2026 supports continued strong distributions going forward.
Zenith Bank paid ₦8.75 per share as a final dividend, bringing the total FY 2025 payout to ₦10.00 per share. Shareholders approved the ₦410.69 billion distribution at the bank’s AGM on May 5.
Industrial and manufacturing
Beyond DANGCEM, several industrial and manufacturing companies delivered notable payouts.
| Company | Per Share | Payment Date |
|---|---|---|
| BUA Foods | ₦28.00 | Jul 15 (due) |
| Beta Glass | ₦7.20 | Jun 25 |
| CAP Plc | ₦4.00 | Jun 25 |
| Julius Berger | ₦4.25 | Jun 19 |
| BUA Cement | TBA | Projected July |
BUA Foods’ ₦28 per share dividend stands out as the second-largest individual payout by value this season, reflecting the company’s strong performance in the consumer staples space throughout 2025.
Energy sector
Seplat Energy was the sole notable energy-sector payer, distributing a combined $0.09 per share — comprising $0.05 interim and $0.04 special dividend — with payment on June 19. The special dividend reflects the company’s improved cash position following the completion of the Mobil Producing Nigeria acquisition.
Consumer goods and services
| Company | Per Share | Payment Date |
|---|---|---|
| UACN | ₦1.00 | Jun 26 |
| SAHCO | ₦1.20 | Jun 25 |
| AIICO Insurance | ₦0.12 | Jun 5 |
| NPF Microfinance | ₦0.20 | Jun 11 |
| Chams Holding | ₦0.03 | Jul 9 (due) |
| E-Tranzact | ₦0.125 | Jul 23 (due) |
| Ikeja Hotel | ₦0.30 | Jul 30 (due) |
Smaller but consistent payers in this group include May & Baker, Haldane McCall, McNichols, Fidson Healthcare, and AXA Mansard, all of which maintained their dividend streaks.
Themes from the season
Record total distributions. The combined value of dividends paid in H1 2026 exceeded the same period in 2025, driven primarily by DANGCEM’s 50% increase and the banking sector’s sustained payout ratios.
Banking remains the most reliable income sector. Despite the CBN recapitalisation programme requiring significant capital allocation, tier-1 banks maintained strong dividends. GTCO and Zenith together distributed several hundred billion naira to shareholders.
Dividend growth signalling confidence. Companies that raised payouts — DANGCEM (+50%), Beta Glass, Julius Berger — are signalling confidence in their earnings trajectories. For DANGCEM specifically, the increase comes alongside strong Pan-African volume growth and an improving free cash flow profile.
CBN clearance delays. The two notable holdouts — Access Holdings and UBA — have declared dividends awaiting regulatory clearance. Their inclusion in the H2 picture will depend on CBN’s timeline.
What to watch in H2 2026
- Interim dividends — some companies, including GTCO and Seplat, typically pay interim dividends in the second half
- Access and UBA approvals — will add significant distribution volume to the H2 total
- BUA Cement final dividend — projected for July, amount yet to be confirmed
- Q2 earnings — the quality of mid-year results will determine whether FY 2026 dividends maintain or exceed current levels
For context on the banking sector’s broader performance this year, read our H1 2026 banking stocks review and the recapitalisation tracker.
