Guaranty Trust Holding Company PlcGTCO
One of the most researched banking names on the NGX for investors interested in dividend income. Historical pay-out ratios have attracted attention from income-focused investors.
Research GTCO →Not investment advice. This page is for general research and educational purposes only. It is not a recommendation to buy, sell, or hold any shares. Past dividend payments are not a guarantee of future dividends. The value of investments can go up as well as down. Always do your own research and consult a qualified financial adviser before investing.
Income Research · Collection
A research overview of NGX-listed companies that investors have historically associated with dividend income. This is not a recommendation to invest — it is a starting point for your own research.
A dividend is a share of a company's distributable profit paid out to shareholders. Nigerian-listed companies may pay dividends twice per year (interim and final) or once per year (final only). Dividends are declared by the company's board and approved by shareholders at the AGM — they are never guaranteed.
Under current Nigerian tax rules, a 10% withholding tax (WHT) is deducted from dividends before you receive your net payment. The gross dividend declared by the company is not the amount you receive.
A company's historical dividend record is not a predictor of future dividends. Companies can reduce, suspend, or cancel dividends at any time based on business performance, regulatory requirements, or capital allocation decisions. Read the company's most recent financial results before forming any expectations.
Not recommendations. Research each company carefully before making any investment decision.
One of the most researched banking names on the NGX for investors interested in dividend income. Historical pay-out ratios have attracted attention from income-focused investors.
Research GTCO →A widely followed large-cap Nigerian bank. Investors researching dividend income in the banking sector commonly look at Zenith Bank alongside GTCO and UBA.
Research Zenith Bank →UBA has a pan-African operations footprint and has historically paid both interim and final dividends. Frequently researched by investors considering exposure to African banking growth alongside dividend income.
Research UBA →The holding company of First Bank of Nigeria, one of the country's oldest banks. Some investors research FBN Holdings in the context of a Nigerian banking income portfolio.
Research FBN Holdings →A diversified financial services group with banking, insurance, and asset management operations. Stanbic IBTC has a track record of dividend declarations and is often researched for its broader financial services profile.
Research Stanbic IBTC →MTN Nigeria is in the telecoms sector but has historically been researched for dividend income alongside banking names. It has paid both interim and final dividends in prior years, though this can vary with operating conditions.
Research MTN Nigeria →Listing a company in this collection does not mean Shares Saver endorses it or recommends buying its shares. This is an educational resource only.
Dividend history on the NGX
Review the last 3–5 years of dividend announcements for a company on the official NGX website. Look at whether dividends were consistent, growing, or variable.
Dividend payout ratio
The payout ratio tells you what proportion of earnings the company is paying as dividends. A very high payout ratio can be unsustainable if earnings fall.
Company earnings trend
Dividends are paid from profit. If a company's earnings are declining, its ability to maintain or grow dividends may be constrained. Read the annual report.
Withholding tax impact
10% WHT is deducted from Nigerian dividends at source. Factor this into any income calculations you make.
Currency risk (diaspora investors)
If you are receiving dividends into a non-Naira account or converting to another currency, exchange rate movements will affect your actual income received.
Seek financial advice
Building an income strategy around dividends involves decisions about risk, diversification, and tax efficiency that a qualified financial adviser is best placed to help with.
No. This page is for general research and educational purposes only. Shares Saver does not provide investment advice and does not recommend any specific shares. The companies listed here are examples that investors have historically researched for dividend income potential — this is not an endorsement. Please consult a qualified financial adviser before making any investment decision.
No. Dividends are never guaranteed. They are declared by a company's board of directors based on available distributable profit, regulatory requirements, and capital allocation decisions. A company's historical dividend record does not guarantee future dividends. Always read the company's most recent results and announcements before forming any expectations.
Many Nigerian-listed companies pay dividends in two tranches: an interim dividend (paid partway through the financial year based on first-half results) and a final dividend (paid after the full-year results are approved at the AGM). Not all companies pay an interim dividend — some only pay a final dividend. Details are always disclosed in official NGX announcements.
Under current Nigerian tax rules, a withholding tax (WHT) of 10% is typically deducted from dividend payments to shareholders before the net dividend is paid. Shares Saver and the underlying broker handle WHT deductions in accordance with applicable regulations. For personalised tax guidance, please speak to a qualified tax adviser.
Shares Saver lets you hold Nigerian shares directly in your legal name through a regulated NGX broker — no nominee accounts.