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The Securities and Exchange Commission (SEC) has announced that publicly listed companies in Nigeria declared a combined N1.1 trillion in dividends to shareholders in 2024, with N1 trillion already disbursed, marking a notable milestone in investor returns and market resilience.
Speaking at the first quarter Capital Market Committee (CMC) meeting held in Lagos, SEC Director General, Dr. Emomotimi Agama, attributed the impressive payout to strengthened market confidence and enhanced corporate performance.
“These dividend declarations reflect the growing confidence of investors in the Nigerian capital market and affirm the value creation capabilities of our listed companies,” Agama stated.
The Commission also approved N3.68 trillion in new capital market issues between January and December 2024, comprising N59.82 billion in fixed income and N3.62 trillion in equity issuances. According to Agama, this indicates sustained issuer confidence and robust investor appetite—especially within the equity segment.
For the first four months of 2025, the SEC approved additional new issues valued at approximately N446.38 billion, with N265.90 billion raised through fixed income instruments and N180.48 billion via equities.
Strategic M&A and Corporate Restructuring Activities
The SEC also confirmed its approval of 11 mergers and acquisition transactions in 2024, totaling N320.36 billion in value. Among the standout deals was the acquisition of a 58.02% equity stake in Guinness Nigeria Plc by N Seven Nigeria Ltd., valued at over N103.7 billion.
Other significant restructuring activities included:
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A scheme of arrangement involving Flour Mills of Nigeria Plc, valued at over N105 billion;
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A one-for-four share consolidation by Transnational Corporation Plc, totaling N5.08 billion;
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Two share capital reconstructions, one takeover, and four securities registrations.
As of early 2025, the Commission has approved three additional transactions—comprising two takeovers and one restructuring—amounting to N38.53 billion. While no new mergers were recorded in the current period, Agama noted that strategic consolidations and reorganisations remain a priority across key sectors.
“These corporate actions demonstrate the capital market’s evolving role as a hub for strategic realignments and long-term value creation,” he remarked.
Growth in Asset Management and Collective Investment Schemes
The capital market’s collective investment segment continues to expand, with registered mutual funds reaching 184 as of Q4 2024. These funds represent a combined net asset value (NAV) of N3.84 trillion, serving over 800,000 unit holders.
In the private asset management space, 444 investment vehicles now manage N4.69 trillion in assets. Overall, 82 active asset management firms are overseeing a total of N8.53 trillion in managed assets.
“These figures signal a maturing investment ecosystem, where professional fund management is becoming central to capital formation, wealth creation, and economic resilience,” Agama noted.
The Director General reaffirmed the SEC’s commitment to supporting efficient capital mobilisation by ensuring that issuers can access both debt and equity markets to fund innovation, expansion, and infrastructure development.
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