The Securities and Exchange Commission (SEC) has disclosed that companies listed on the Nigerian Exchange paid a total of ₦1.1 trillion in dividends to shareholders in 2024, with ₦1.0 trillion already disbursed. This signals a significant boost in investor confidence, as shareholders reap returns despite economic headwinds.
Speaking on the state of Nigeria’s capital market, the Director-General of the SEC, Dr. Emomotimi Agama, shared that the commission approved ₦3.68 trillion worth of new issues between January and December 2024. These approvals included ₦3.62 trillion in equities and ₦59.82 billion in fixed-income instruments, reflecting strong demand from investors and a growing level of confidence among corporate issuers.
For the first four months of 2025, the commission has already greenlit new issues valued at ₦446.38 billion. Fixed-income instruments made up ₦265.90 billion, while equity issuances accounted for ₦180.48 billion. These figures show that capital raising activities have remained active into the new year, despite ongoing macroeconomic uncertainties.
Dr. Agama described the trend as a positive sign of resilience in the capital market, stating that both issuers and investors are showing commitment to long-term growth. He added that the growth in dividends and equity issuances reflect broader market health, especially following recent reforms and recovery efforts across sectors.
In terms of mergers and acquisitions (M&A), the SEC approved 11 major transactions in 2024 valued at ₦320.36 billion. These deals span various industries and are part of wider consolidation and strategic expansion efforts by companies seeking competitive advantage and operational efficiency.
A standout deal during the period was the scheme of arrangement by Flour Mills of Nigeria Plc, which was valued at over ₦105 billion. Another key transaction was Transnational Corporation Plc’s share capital consolidation worth ₦5.08 billion, a move aimed at streamlining capital structure and improving investor returns.
So far in 2025, the SEC has approved three major transactions valued at ₦38.53 billion. These include two takeovers and one corporate restructuring. While no new mergers were recorded in this period, Dr. Agama emphasised that strategic consolidations and internal reorganisations remain a key part of corporate strategies in the Nigerian business environment.
He noted that these activities underscore a vibrant and evolving capital market, with companies continually seeking ways to optimise growth, manage risk, and adapt to regulatory reforms.
Analysts say the capital market’s performance reflects a mix of cautious optimism and practical innovation. While macroeconomic challenges persist—ranging from inflation, FX volatility, and high interest rates—companies are still leveraging capital market tools for financing, expansion, and investor engagement.
Dr. Agama assured that the SEC remains focused on market integrity, investor protection, and enhancing regulatory efficiency. He reiterated the commission’s commitment to reforms that support transparency, innovation, and market growth, especially in critical sectors like fintech, oil and gas, manufacturing, and agriculture.
As Nigeria seeks to deepen its domestic capital market and attract long-term investments, dividend growth, capital raising, and corporate restructuring activities are expected to continue playing a central role in driving economic recovery and sustainable development.
