Here’s when to expect dividend payments in 2026 

In 2025, about 60 listed companies distributed dividends to shareholders. This includes both interim and final payouts. From blue-chip stocks to penny stocks, the figure marks a clear improvement from 2024, when only 39 companies paid dividends.

Using available disclosures and historical patterns, BusinessDay has tracked the likely months when dividend payments are expected across the Nigerian Exchange (NGX).

May

May stands out as the busiest dividend month of the year. In 2025, about one-third of all dividend-paying companies distributed their payouts in May. All the dividends paid during the month were final dividends for the previous financial year.

Several tier-1 banks consistently pay dividends in May. These include First Holdco, GTCO Holdings, UBA, Zenith Bank, and Access Holdings. Wema Bank also typically pays its dividends in May.

The month is widely regarded as a distribution window on the NGX. Audited full-year financials are usually released towards the end of the first quarter. Annual general meetings follow soon after. Dividend payments then come shortly after.

Read also: Five sure stocks to invest in now for dividend income

Seplat Energy is another notable May payer. The company often distributes both a final dividend and a special dividend in the month. Other companies that have paid dividends in May include NEM Insurance, AIICO Insurance, Abbey Mortgage Bank, Champion Breweries, Meyer Paints, Okomu Oil, NAHCO, Stanbic IBTC Holdings, Infinity Trust Mortgage Bank, and UPDC REIT.

June

Dividend payments also extend into June. BusinessDay tracked 12 companies that typically pay dividends during the month. Seplat, after paying in May, usually follows up with an interim dividend for the first quarter in June.

Dangote Cement is another major June payer. In both 2024 and 2025, the company distributed about N506 billion in dividends in June alone.

Other companies projected to pay in June include Chemical and Allied Products, Skyway Aviation, Industrial and Medical Gases, UACN, Julius Berger, and May & Baker.

April

April completes the second-quarter dividend cycle. About 10 companies are expected to distribute dividends during the month. Geregu Power has already confirmed April 30 as its payment date.

Based on historical trends, MTN Nigeria is also expected to pay dividends in April. After skipping final dividends for 2023 and 2024, the company’s 9M 2025 interim dividend suggests a return to final dividend payments for 2025.

Other companies expected to pay in April include Custodian Investment, FCMB Group, Transcorp, Transcorp Hotels, United Capital, Lafarge Africa, Africa Prudential, and The Initiates. These expectations are based on prior payment behaviour.

Read also: United Capital, Zenith, GTCO lead NGX ‘Dividend Kings’

August

August is dominated by interim dividends for the half-year period. Data tracked by BusinessDay shows that Transcorp, Transcorp Power, and Transcorp Hotels are projected to pay interim dividends in August.

MTN Nigeria also pays an interim dividend in August. Africa Prudential and United Capital are expected to do the same. Seplat typically distributes its second-quarter interim dividend in August as well.

Some companies, however, pay final dividends in August. Jaiz Bank is expected to distribute its final dividend during the month. Presco also pays a final dividend in August, before going on to pay a nine-month interim dividend in November. Unilever similarly pays its final dividend in August and is likely to repeat this pattern in August 2026.

September

September also attracts dividend activity, particularly from smaller market players. In September 2025, five companies paid final dividends. These are University Press, Academy Press, Red Star Express, BUA Foods, and C&I Leasing.

Zenith Bank and UPDC REIT are also projected to distribute half-year interim dividends in September.

July

July features fewer dividend payments but still attracts notable names. BUA Cement is projected to pay its final dividend in July. Airtel Africa is also expected to distribute an interim dividend during the month.

Fidson Healthcare, Mecure, and AXA Mansard have also paid dividends in July.

March

For income-focused investors, March typically marks the start of the dividend calendar. Vitafoam Nigeria is usually the first company to pay dividends each year. In 2025, Vitafoam is scheduled to pay on March 5 for its financial year ended September 30, 2024.

Transcorp Power is also projected to pay dividends in March. However, the timing is not fixed. The company may align its payment with other Transcorp entities, including Transcorp Hotels and Transcorp Plc. United Capital also has a consistent pattern of paying dividends in March.

November

Most dividends paid in November are interim or nine-month payouts. Seplat, for example, distributes interim dividends across multiple months, including May, June, August, and November.

Okomu Oil also pays dividends three times a year, in May, August, and November. Presco pays an interim dividend in November as well. Berger Paints similarly distributes interim dividends during the month.

Who will pay the most dividends? 

Over time, Dangote Cement has remained Nigeria’s largest dividend payer. The company distributed about N1.16 trillion in dividends over the past two years. Its dividend payout ratio exceeded 100 percent over the same period, raising questions about sustainability beyond 2025.

However, with free cash flow of about N829 billion as of 9M 2025, Dangote Cement may still maintain its N30 per share dividend.

Seplat is another major dividend payer. The company’s dividend policy saw it distribute about 16.7 US cents per share for the 2025 financial year.