|
|
|
The Weekly Signal
It's Raining
Dividends.
Q1 2026 was about the price. Q2 is about the cash. GTCO declared ₦12.76. MTN qualifies Tuesday. Dangote is paying ₦45. Seplat is paying in dollars. April just became the most important month in the NGX calendar.
📅 Saturday, 04 April 2026 · ⏱ 5-min read · 📊 Powered by NGX Pulse
|
|
Market Scorecard
Quiet Week. Historic Quarter.
The ASI closed at 201,700 — up a modest +0.39% on the week. But zoom out and the picture is extraordinary: the market delivered +29.3% in Q1 2026, adding ₦29.83 trillion in investor wealth — the biggest single-quarter gain in Nigeria's stock market history. The ASI is now consolidating above 200,000 as the market shifts its attention from price appreciation to dividend income.
|
ASI Close
201,700
▲ +0.39% wk
|
|
|
Market Cap
₦129.81T
▲ Holding above 200K
|
|
|
Q1 2026 Gain
₦29.83T
▲ Biggest in history
|
|
|
Volume (Thu)
559.8M shares
|
|
|
|
Sector Performance — Week Ended Apr 3
| Sector |
Weekly Change |
| Industrial Goods 🏆 |
▲ +4.39% |
| Financial Services |
▲ +1.05% |
| Consumer Goods |
▲ +0.49% |
| Oil & Gas |
▲ +0.06% |
| ICT |
— Mixed |
|
|
The Big Story
Dividend Season Is Here. And It's the Biggest Ever.
|
Why This April Is Different
Nigerian listed companies had a remarkable 2025. Revenue recovered, profits expanded, and balance sheets strengthened after the naira devaluation shock of 2023. Now those earnings are flowing back to shareholders. The dividends being declared this season are not just larger than last year — in many cases they are the largest in company history. GTCO's ₦12.76 is +59% above its 2024 payout. MTN's ₦20 total is its first full-year dividend after two years of suspension. Dangote Cement's ₦45 is a statement of confidence from Nigeria's richest company.
|
For income investors, the next six weeks are the most important window of 2026. Here is every confirmed dividend declaration with verified dates — no speculation, no estimates. All figures sourced from official NGX filings and multiple news sources.
|
⚡ This Week — Act Now
MTN Nigeria qualifying date is Tuesday April 8. If you want the ₦15 final dividend (total FY2025 payout: ₦20/share), you must be on the register by close of business Tuesday. The window closes in 3 days. Payment date: May 5, 2026.
|
Confirmed Dividend Calendar — April to July 2026
| Company |
Dividend |
Qualify |
Pay |
| ✅ Already Qualified |
| NASCON Allied |
₦6.00 |
Apr 1 |
Apr 28 |
| Lafarge Africa |
₦6.00 |
Apr 3 |
Apr 30 |
| United Capital |
₦0.70 |
Apr 7 |
Apr 24 |
| ⚡ This Week — Last Chance |
| MTN Nigeria |
₦15.00 final |
Apr 8 ⚡ |
May 5 |
| NGXGROUP |
₦2.00 + 1-for-3 bonus |
Apr 10 ⚡ |
Apr 29 |
| Unilever Nigeria |
₦3.25 |
Apr 10 ⚡ |
May 8 |
| GTCO |
₦12.76 total |
Apr 14 ⚡ |
Apr 28 |
| Transcorp Power |
₦4.00 |
Apr 13 ⚡ |
Apr 28 |
| Geregu Power |
₦9.00 |
Apr 13 ⚡ |
Apr 30 |
| 📅 Coming in May |
| BUA Cement |
₦10.00 |
May 8 |
May 21 |
| Seplat Energy |
US8.3¢ total |
May 15 |
May 29 |
| Transcorp Plc |
₦1.60 |
May 1 |
May 19 |
| 📅 Coming in June / July |
| Dangote Cement |
₦45.00 |
Jun 17 |
Jul 2 |
| BUA Foods |
₦28.00 |
Jun 4 |
Jul 15 |
| CAP Plc |
₦4.00 |
Jun 3 |
Jun 25 |
|
|
Dividend Spotlight
GTCO — ₦12.76. The Dividend King Raises the Bar.
Qualifying date: April 14 · Payment: April 28 · AGM: April 28
Guaranty Trust Holding Company declared a total FY2025 dividend of ₦12.76 per share — made up of the ₦1.00 interim already paid in 2025 plus a ₦11.76 final dividend. That's a 59% increase over the 2024 total payout of ₦8.03. On a profit before tax of ₦1.23 trillion and profit after tax of ₦865.75 billion, GTCO is demonstrating that Nigerian banking earnings have structurally repriced — not just recovered.
|
Total Dividend
₦12.76/share
▲ +59% vs 2024
|
|
|
Profit Before Tax
₦1.23T
FY2025
|
|
|
Dividend Yield
~10.9%
At current price
|
|
|
The signal: GTCO's payout ratio is ~41.9% — conservative and sustainable. This is not a company stretching to pay dividends. It's a company confident enough in its earnings quality to raise the payout 59% in a single year. That's the definition of a Dividend King.
|
|
|
Top Movers
Thursday April 3 — Daily Close
All figures reflect Thursday's single-day closing movement
▲ Top Gainers
|
UNILEVER Consumer Goods
Unilever Nigeria Plc · Qualifying Apr 10 for ₦3.25 dividend
|
₦103.40
▲ +10.00%
|
|
|
FTGINSURE Insurance
Fortis Global Insurance
|
₦1.23
▲ +9.82%
|
|
|
MULTIVERSE Natural Resources
Multiverse Mining & Exploration
|
₦20.15
▲ +9.81%
|
|
|
LEGENDINT ICT
Legend Internet Plc
|
₦6.30
▲ +9.38%
|
|
|
ZICHIS Agriculture
Zichis Agro-Allied · Still among top YTD performers
|
₦14.14
▲ +9.02%
|
|
▼ Notable Losers
|
JOHNHOLT Conglomerate
John Holt Plc · Recurring in both gainers and losers this month
|
₦15.45
▼ -9.91%
|
|
|
ABBEYBDS Financial
Abbey Mortgage Bank Plc
|
₦8.95
▼ -9.60%
|
|
|
INTENEGINS Energy
Integrated Energy Insurance Nigeria
|
₦3.32
▼ -6.48%
|
|
|
CHAMS ICT
Chams Plc
|
₦3.75
▼ -5.30%
|
|
|
TANTALIZER Consumer Goods
Tantalizers Plc
|
₦4.03
▼ -5.18%
|
|
|
|
Editor's Take
What I'm Watching
|
💡 The Surprise
UNILEVER Nigeria led Thursday's gainers at +10% — the same week it qualified for a ₦3.25 dividend on April 10. That's not a coincidence. Investors are front-running qualification dates. This pattern will repeat across every stock on the dividend calendar above. Watch the gainers list over the next two weeks — the stocks moving hardest are likely those with upcoming qualification dates.
|
|
📈 Stocks I'm Watching
GTCO — ₦12.76 dividend qualifying April 14. At ~10.9% yield, this is one of the most attractive income plays on the NGX right now. The window to accumulate before the register closes is this week. Dangote Cement — ₦45/share qualifying June 17 is the largest dividend in naira terms on the entire calendar. Long runway but worth positioning early. Seplat Energy — paying in US dollars. In a naira market, a USD-denominated dividend is a rare hedge.
|
|
🧭 Sentiment
Dividend-driven accumulation. The market is not making big directional moves right now — it's quietly positioning for income. Industrial Goods leads again at +4.39%, which tells you construction and manufacturing earnings remain the structural story. The flat-to-positive ASI on low volume is classic pre-dividend behaviour. Expect volatility to pick up post-qualification dates as ex-dividend price drops create short-term selling pressure.
|
|
|
The Week Ahead
The Busiest Dividend Week of 2026.
Four qualification dates land between Tuesday and Friday. If you're an income investor, this is the week that matters most.
| Event |
Why It Matters |
| MTN Nigeria qualifies — Apr 8 |
₦15 final dividend. Nigeria's largest stock by market cap. Register closes Tuesday. Post-qualification, expect the stock to trade ex-dividend — a short-term price dip that long-term holders should ignore. |
| NGXGROUP + Unilever qualify — Apr 10 |
NGXGROUP: ₦2.00 dividend plus a 1-for-3 bonus share. Unilever: ₦3.25. Two qualification dates on the same day — expect concentrated activity in both names early next week. |
| Transcorp Power + Geregu qualify — Apr 13 |
Two power sector names paying on the same date. ₦4.00 and ₦9.00 respectively. Nigeria's power sector generating shareholder returns is itself a statement about how far the sector has come. |
| GTCO qualifies — Apr 14 |
₦12.76/share. +59% vs 2024. One of the most-watched qualification dates of the season. AGM on April 28, same day as payment. Clean and shareholder-friendly calendar. |
| Q1 2026 earnings season |
First quarter results begin hitting the NGX. After a +29.3% Q1 price rally, earnings need to show up. Banks report first — watch for GTCO and MTN as bellwethers. |
|
Track Every Move in Real Time
Live prices, earnings calendar, stock screener, corporate disclosures — all on NGX Pulse.
Open NGX Pulse Terminal →
|
|
You're receiving this because you subscribed to NGX Pulse Alpha. This newsletter is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
© 2026 NGX Pulse · Nigeria's Stock Market Intelligence Platform
|
