Dangote, Rabiu Pocket Over ₦2trn as Dividends

Nigeria’s top business leaders are set for an unprecedented surge in dividend income as stronger corporate earnings and higher payout ratios lift returns to shareholders, with Aliko Dangote and Abdul Samad Rabiu dominating the rankings by a wide margin.

A review of audited financial statements across major listed companies shows that Dangote and Rabiu alone are positioned to receive a combined dividend windfall of more than ₦2 trillion when the proposed 2025 payouts are approved, marking a sharp increase from the dividends they earned in 2024.

They are followed by Jim Ovia, Femi Otedola and Tony Elumelu, whose earnings, though substantial, reflect a different scale compared to the top two.

The surge in dividend income highlights not just improved company performance but also a growing trend among Nigerian corporates to reward shareholders more aggressively amid inflationary pressures and currency volatility.

Aliko Dangote

Aliko Dangote stands out as the single largest beneficiary of dividend payouts in Nigeria, driven by his controlling stake in Dangote Cement Plc.

During the 2025 calendar year, the company paid out dividends declared for the 2024 financial year, amounting to ₦502.6 billion. Based on his 86.82 per cent stake, Dangote earned approximately ₦436.36 billion from that payout alone.

For the 2025 financial year, Dangote Cement has proposed a significantly higher dividend of ₦45.00 per share, compared to ₦30.00 per share declared in the 2024 financial year. This brings the total proposed payout to ₦753.8 billion.

At his current shareholding level, Dangote is expected to receive about ₦654.45 billion from the proposed dividend, subject to shareholder approval at the Annual General Meeting.

When combined, his dividend earnings from the 2024 payout received in 2025 and the proposed 2025 dividend amount to roughly ₦1.09 trillion.

This represents a substantial increase year-on-year, underpinned by both higher dividend per share and sustained dominance in the cement market.

It indicates that the scale of Dangote’s earnings underscores the outsized influence of majority ownership in Nigeria’s biggest industrial companies, where dividend policy decisions directly translate into massive personal income.

Dangote holds his stake in Dangote Cement mostly through indirect ownership.

He owns just 0.17 per cent of the company directly in his personal name, but controls a much larger 86.65 per cent indirectly through Dangote Industries Limited, which he owns.

This brings his total shareholding to about 86.82 per cent, making him the dominant shareholder.

Abdul Samad Rabiu

Abdul Samad Rabiu, chairman of BUA Group, is on track to rival Dangote in dividend earnings, supported by strong payouts from both BUA Cement Plc and BUA Foods Plc.

At BUA Cement, the company paid ₦69.42 billion as a dividend for the 2024 financial year, which was disbursed in 2025 at ₦2.05 per share. From this, Rabiu earned approximately ₦67.82 billion, reflecting his 97.69 per cent controlling stake.

For the 2025 financial year, the company has proposed a significantly higher dividend of ₦10.00 per share, translating to a total payout of about ₦338.64 billion. Based on his shareholding, Rabiu is expected to receive ₦330.83 billion.

At BUA Foods, the scale is even larger as the company paid ₦234 billion as dividends for the 2024 financial year, distributed in 2025 at ₦13.00 per share. Rabiu earned about ₦216.77 billion from this payout.

For 2025, BUA Foods has proposed a dividend of ₦28.00 per share, amounting to a total payout of ₦504 billion. With a 92.64 per cent stake, Rabiu is expected to receive approximately ₦466.89 billion.

Combined across both companies, Rabiu earned about ₦284.59 billion in dividends during 2025 and is set to receive an additional ₦797.72 billion from proposed 2025 dividends.

This brings his total dividend earnings to approximately ₦1.08 trillion, reflecting a dramatic increase compared to the prior year and placing him firmly among the biggest beneficiaries of Nigeria’s rising corporate payouts.

Rabiu has very large holdings in both BUA Cement and BUA Foods.

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In BUA Cement, he directly owns 56.03 per cent of the shares, while 41.66 per cent is held indirectly through companies like Damnaz Cement Company Limited and BUA Industries Limited, giving him a total of 97.69 per cent control.

In BUA Foods, he directly holds 89.85 per cent, with an additional 2.79 per cent held indirectly through BUA Group-related entities, bringing his total stake to 92.64 per cent.

Jim Ovia

Jim Ovia, chairman of Zenith Bank Plc, ranks next, though his earnings are significantly lower than those of Dangote and Rabiu due to differences in ownership scale and sector dynamics.

During the 2025 calendar year, Zenith Bank paid a total dividend of ₦215.62 billion, comprising the final dividend for 2024 and the interim dividend for 2025.

From the ₦4.00 per share final dividend declared for 2024 and paid in 2025, Ovia earned ₦20.33 billion based on its shareholding of 5.08 billion shares at the time.

He also earned ₦7.25 billion from the ₦1.25 per share interim dividend for 2025, calculated on his increased shareholding of 5.80 billion shares.

This brings his total dividend earnings for 2025 to ₦27.58 billion, representing about 12.79 per cent of the total dividend paid by the bank.

Looking ahead, Zenith Bank has proposed a final dividend of ₦8.75 per share for the 2025 financial year. Based on his current shareholding, Ovia is expected to earn an additional ₦50.76 billion when the dividend is approved and paid.

This brings his total dividend for the 2025 financial year, combining interim and proposed final payouts, is expected to reach ₦58.01 billion, marking a strong improvement compared to previous years.

Ovia combines both direct and indirect ownership, owning 4,145,107,627 shares directly and 1,656,130,705 shares indirectly through companies Institutional Investors Ltd and Quantum Zenith Securities Ltd.

Together, this gives him a total of 5,801,238,332 shares, representing 14.13 per cent of the bank.

Femi Otedola

Femi Otedola, chairman of First HoldCo Plc, recorded a more modest but still notable dividend income, reflecting both his growing stake in the company and its steady payout profile.

During the 2025 financial year, First HoldCo paid a total dividend of ₦25.13 billion, equivalent to 70 kobo per share.

Based on his shareholding at the end of 2024, Otedola earned ₦2.96 billion from the dividend paid during the year.

However, his stake in the company increased significantly during 2025, rising to 18.12 per cent following a rights issue and private placement.

With his enlarged shareholding of over 8.05 billion shares, Otedola is expected to earn ₦5.64 billion from the final dividend if the payout remains at 70 kobo per share.

This brings his total dividend earnings to about ₦8.60 billion, highlighting the impact of increased ownership on future income even when the dividend per share remains unchanged.

Otedola holds 7.31 per cent of the company directly, amounting to over 3.25 billion shares and an additional 10.81 per cent indirectly through other entities, bringing his total shareholding to 18.12 per cent.

Tony Elumelu

Tony Elumelu, chairman of Transnational Corporation Plc, rounds out the list with a solid increase in dividend earnings driven by improved company performance.

For the 2025 financial year, Transcorp has proposed a total dividend of ₦2.00 per share, double the ₦1.00 per share paid in 2024. This brings the total payout to about ₦20.32 billion.

Based on his 30.86 per cent shareholding, Elumelu is set to earn ₦6.27 billion in total dividends.

This includes ₦1.25 billion already received from the 40 kobo interim dividend paid during the year and a projected ₦5.02 billion from the proposed final dividend of ₦1.60 per share.

The increase reflects a strong year-on-year improvement in dividend payout, mirroring the company’s earnings growth.

Elumelu has a relatively small direct stake of 68.28 million shares in the company.

However, his influence comes mainly from indirect holdings of over 3.06 billion shares through HH Capital Limited and Heirs Holdings Limited.

Altogether, his total shareholding stands at about 30.86 per cent of the company.

Rising Dividends Signal Shift in Corporate Landscape

The sharp rise in dividend earnings across these companies signals a broader shift in Nigeria’s corporate landscape, where strong profits, improved cash flows and investor expectations are driving higher returns to shareholders.

For Dangote and Rabiu, the scale of ownership continues to translate into outsized gains, while for others like Ovia, Otedola and Elumelu, rising stakes and improved payouts are steadily boosting their dividend income.

As more companies declare final dividends in the coming months, the total payout across the market is expected to climb further, reinforcing the position of Nigeria’s stock market as a key source of wealth creation for its biggest investors.