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N60 Billion-Worth NGX Group Declares 25kobo Interim Dividend Payment



N60 Billion-Worth NGX Group Declares 25kobo Interim Dividend Payment
Chairman, NGX Group, Alhaji Umaru Kwairanga

Following the emergency meeting of the Board of Directors on Tuesday, 25 July 2023, Nigerian Exchange Group Plc (NGX Group) has announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023.

As at the close of market on Tuesday, the company’s market capitalisation is worth N59.995 billion based on its 1,964,115,918 shares outstanding at N28 per share at the close of the session.

Based on the total shares outstanding, the total interim dividend payout amounts to N491.03 million to be shared of shareholders of the group.

This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange (NSE) will be paid to shareholders whose names appear in the Shareholders’ Register as of close of business Monday, 31 July 2023.

Payment will be remitted electronically to qualified shareholders on Thursday, 31 August 2023.

The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting on 14 July 2023.

Commenting on the dividend announcement, the Chairman, NGX Group, Alhaji Umaru Kwairanga said, “The announcement of the dividend will send a signal to our shareholders that the Company has a listening and responsive Board following the request at the last annual general meeting.

“We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.”

The Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, stated, “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investible for a wider class of investors in the capital market.”

He added that the Group will continue to focus on maximising value for shareholders just as it champions the development of Africa’s financial markets.

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