Yemisi Izuora
The Nigerian Exchange Group Plc (NGX Group) has released its audited results for the year ended 31 December 2025.
The report showed the Group posted double-digit revenue growth, improved operating margins, stronger liquidity and a reinforced balance sheet, underscoring earnings resilience amid a challenging macroeconomic environment.
The Board of Directors approved the 2025 Audited Financial Statements at its meeting of 24 February 2026, following consideration of the report of the Board Risk and Audit Committee. Reflecting improved profitability and capital strength, the Board declared a 50% year-on-year increase in total dividend and approved a 1-for-3 bonus share issue.
Financial Performance Highlights
For the year ended 31 December 2025, NGX Group recorded:
• Core revenue growth of 36.0% to ₦22.9 billion (FY 2024: ₦16.9 billion)
• Operating profit increased by 44.4% to ₦11.8 billion
• Profit Before Tax of ₦15.6 billion, up from N13.6billion in 2024
• Earnings per share of ₦4.75
• Year on year reduction in total expenses
Revenue expansion was driven by sustained growth across core business segments, improved customer penetration on the back of increased investor activity and rising investor confidence. Finance costs reduced by 67% following significant deleveraging of the Group’s balance sheet.
Balance Sheet Strengthens
As at 31 December 2025, NGX Group maintained a strong financial position:
• Total assets increased to ₦71.0 billion (FY 2024: ₦68.0 billion)
• Shareholders’ equity strengthened to ₦55.2 billion
The improved debt-to-equity position reflects a conservative capital structure, enhanced solvency profile, and strong retained earnings growth.
Enhanced Shareholder Returns
The Board approved a final cash dividend of ₦2.00 per ordinary share, bringing total dividend for FY 2025 to ₦3.00 per share, a 50% increase year-on-year. In addition, shareholders will receive one (1) new ordinary share for every three (3) shares held, with a qualification date of 10 April 2026. The combined dividend increase and bonus issue reflect balanced capital allocation, rewarding shareholders while maintaining financial flexibility to support strategic growth initiatives.
Leadership Commentary
Commenting on the results, Alhaji (Dr.) Umaru Kwairanga, Group Chairman, stated, “Our 2025 performance demonstrates the resilience of our business model and the effectiveness of disciplined strategic execution. Strong revenue growth, improved operating margins and a strengthened balance sheet reinforce our commitment to delivering sustainable long-term shareholder value. The increased dividend and bonus issue reflect the Board’s confidence in the sustainability of our earnings and the robustness of our capital position as we continue to deepen Nigeria’s capital markets. We are confident that the momentum that we have built in 2025 will be sustained given investor confidence in the Nigerian capital market and a pipeline of exciting new listings that will broaden and deepen the market.”
The Group Managing Director/Chief Executive Officer, Mr. Temi Popoola, added, “We delivered strong top-line growth and enhanced profitability in 2025 despite macroeconomic headwinds. Our 36% core revenue growth, improved operating efficiency and successful deleveraging have strengthened our capital base and financial flexibility, supporting the increased dividend and bonus issuance. As regulatory standards evolve, including the recent upward review of minimum capital requirements by the Securities and Exchange Commission (SEC), our robust balance sheet positions us to meet new thresholds seamlessly while continuing to invest in liquidity expansion, product innovation and market infrastructure to build a resilient, globally competitive exchange group.”
With improved liquidity, a strengthened capital base, and diversified revenue streams, NGX Group remains well positioned to sustain its growth trajectory and deliver long-term value to shareholders and stakeholders alike.