Economy
These Nigerian Companies Grew Dividends by Over 100% in 2017
By Quantitative Financial Analytics Ltd
Fixed income investors must be feeling unease as yields continue to plunge and may be thinking of where else to run to for improved investment income.
One area to look at is the equity market and one variable that could help in that search is dividend yield.
However, in looking for good investment outlets in the equity market, investors often times look not only dividend yields but also payout ratio as well as dividend growth.
Of the three variables (dividend yield, payout ratio and dividend growth), the most important is dividend growth.
Dividend growth does not only tell an investor about the consistency of dividends but also if the dividends being paid year after year are the same rate or in incremental rates.
Dividend growth is usually a sign that management of a company has confidence in the company’s continued earnings power.
It is important to point out here that the fact that a company has a strong dividend growth rate doesn’t imply or guarantee a profitable investment, but it gives the investor a feeling of the company’s track record in terms of dividend payment.
In most cases though, the higher the dividend growth rate the better especially where the dividend rate exceeds inflation rate.
So which companies grew their dividend in 2017 in Nigeria?
Okomu Oil Palm
Okomu Oil Palm Plc paid a dividend of N1.50k in 2017 as against its 2016 dividend of N0.1 resulting in a 1400 percent dividend growth. This growth rate is exceptional and it does look like investors should expect such growth to continue in 2018 as the company has already declared a N3 dividend for 2018
Axa Mansard Insurance Plc
Axa Mansard Insurance Plc grew its dividend by 150 percent having paid N0.05 dividend in 2017 against the N0.02 per share dividend paid the previous year. The company which has been relatively consistent with its dividend history has already declared a dividend of N.06 in 2018.
Beta Glass Company (Nig) Plc
Beta Glass Company Nigeria Plc recorded a dividend growth rate of 145 percent in 2017 after paying a dividend of N0.98 per share compared with the N0.4 dividend paid in 2016. The growth in dividend continues for this company into 2018 with a dividend of N1.07 payable in June 2018.
Dangote Sugar Refinery Plc
Dangote Sugar Refinery Plc achieved a dividend growth of 120 percent in 2017 by paying a dividend per share of N1.1 in 2017 against the N0.5 paid in 2016. 2018 has also seen an increase in dividend growth with the payment of N1.25 in April 2018, representing a dividend growth of 13.6 percent
In all, about 26 companies in Nigeria recorded positive dividend growth in 2017 and may be worth looking at by dividend investors in 2018.
By Aduragbemi Omiyale
One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.
Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.
Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.
The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.
At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.
“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.
“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.
By Adedapo Adesanya
The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.
In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.
Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.
The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.
The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.
FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.
Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).
On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.
Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.
On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
By Dipo Olowookere
A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.
Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.
Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.
Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.
During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.
Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.
Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.
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