Cash dividends surged on the Nigerian Exchange in the first half of 2025, with listed companies returning ₦927.63 billion to shareholders, about 30% higher than H1 2024. 

A handful of mega-payers dominated the leaderboard, led by Dangote Cement, which alone accounted for more than half of all cash disbursed.

Here are the Top 10 Stocks With the Highest Cash Dividends in H1 2025:

Below is a clear rundown of who paid what—and what the pattern says about profits, sectors, and portfolio strategy.

Dangote Cement (₦502.5bn, No.1)

Nigeria’s dominant cement producer continues to convert scale into cash, with robust domestic pricing and export optionality supporting operating cash flow. Its multi-plant footprint helps mitigate logistics bottlenecks, while efficiency projects and alternative fuels can cushion input-cost swings. 

For income investors, the sheer size of distributable cash is the story; for risk control, watch energy costs, FX for imported spares, and competitive responses from other majors.

Seplat Energy (₦104.8bn, No.2)

An upstream oil and gas player with gas monetisation as a strategic pillar, Seplat benefits when hydrocarbon prices and uptime cooperate. 

Gas offtake contracts and midstream investments can add resilience versus oil-only peers, which supports a consistent dividend stance. 

Key variables to monitor are production uptime, receivables cycles, and any updates on asset transactions or regulatory milestones.

Aradel Holdings (₦95.7bn, No.3)

With interests spanning upstream and modular refining, Aradel’s integrated profile can translate into strong cash generation when operations run smoothly. Dividend capacity reflects both realised margins and capital discipline. 

Keep an eye on turnaround schedules, feedstock availability, and any expansions that could temporarily pull cash toward capex before normalising.

Lafarge Africa (₦83.7bn, No.4)

Cement cash yields depend on volumes, pricing, and energy. Lafarge’s portfolio and brand strength help it participate in infrastructure and private construction cycles, while efficiency gains support margins. 

Dividend sustainability hinges on maintaining clinker availability, managing energy transitions, and balancing capex for debottlenecking against payout expectations.

Transcorp Power (₦26.25bn, No.5)

As a generation company, cash flows are tied to plant availability, dispatch, and the reliability of market payments. Stronger operational performance and prudent maintenance can underpin distributable cash. 

Watch settlement timelines from market counterparties, planned capacity upgrades, and any policy moves that affect tariffs or grid stability.

FBN Holdings (₦25.12bn, No.6)

A diversified financial group where dividend capacity reflects earnings quality across banking and non-bank subsidiaries, capital buffers, and risk costs. 

A steadier net-interest profile and fee income can support payouts, but asset quality and regulatory capital requirements will frame the board’s distribution choices. Investors should follow credit trends, cost discipline, and digital efficiency gains.

Okomu Oil (₦24.8bn, No.7)

An agricultural play exposed to palm oil pricing and yields, Okomu’s cash generation swings with both global prices and local operational execution. 

When plantations deliver and costs are contained, free cash flow tends to be robust, enabling attractive distributions. 

Weather patterns, biosecurity, and replanting cycles are the core watch items for dividend durability.

FCMB Group (₦21.8bn, No.8)

A multi-line bank holding company where growth in low-cost deposits, transactional banking, and risk-adjusted lending all influence earnings available for dividends. 

Efficiency initiatives and fintech/SME ecosystems can deepen non-interest income over time. Keep tabs on cost of risk, capital adequacy, and how management balances growth investments with shareholder returns.

Wema Bank (₦21.43bn, No.9)

A digital-leaning bank whose income mix increasingly includes fee-based services and retail payments. Dividend headroom improves when cost of funds is managed and operating efficiency rises. 

Loan book composition, asset quality, and capital plans are the reference points for the sustainability of cash returns.

Geregu Power (₦21.25bn, No.10)

A listed generation asset where distributions reflect availability, dispatch profile, and cash collection from the market. 

Operational reliability and prudent maintenance scheduling support free cash flow, while any regulatory clarity around tariffs and settlement cycles helps planning. Investors should track outage management and receivables.