Ratecaptain analysis reveals that 45 of the 146 companies listed on the Nigerian Exchange (NGX) have not paid dividends for at least five years, leaving one in three firms withholding cash rewards from shareholders. These “silent stocks” span sectors like consumer goods, insurance, healthcare, ICT, and industrial goods, locking investors in investments with no income stream, often deemed “dead money.”
Notable non-payers include DN Tyre & Rubber, Golden Guinea Breweries, and International Breweries in consumer goods; Royal Exchange and Staco Insurance in insurance; Ekocorp and Pharma-Deko in healthcare; and Omatek Ventures and NCR Nigeria in ICT. Thomas Wyatt Nigeria has skipped dividends since 2007, and Secure Electronics since 2008. John Udoh, a broker at Arthur Steven Asset Management, told Nairametrics, “Investors should scrutinize these firms’ financials, as non-payment often signals persistent losses.”
Many of these companies struggle with profitability. FTN Cocoa reported losses of N10.65 billion in 2023 and N9.53 billion in 2024, though H1 2025 losses narrowed to N1.1 billion. International Breweries, with a N113 billion loss in 2023, posted a N29.4 billion profit in H1 2025, raising hopes for future payouts. SCOA, despite a 167% year-to-date stock gain and N342 million profit in H1 2025, has not paid dividends. Ellah Lakes and others with triple-digit stock gains also remain unprofitable, highlighting a disconnect between price rallies and shareholder rewards.
Analysts warn that price appreciation without dividends or sustained profits offers hollow returns. Amid Nigeria’s economic gains, with capital importation up 67.12% to $5.64 billion in Q1 2025, persistent naira volatility (N1,560/$1 in the parallel market) and 21.88% inflation in July underscore the need for firms to prioritize consistent profitability to restore investor confidence.
