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Eight companies listed on the Nigerian Exchange (NGX) are scheduled to reward shareholders with cash distributions in September 2026, with MTN Nigeria leading the group by payout value as companies across telecommunications, financial services, consumer goods, logistics, hospitality and publishing return cash to investors.
The dividend calendar, compiled from corporate disclosures and financial statements, shows that the companies have fixed payment dates throughout September, with the first distributions scheduled for September 4 and the final payments due later in the month.
MTN Nigeria stands out with a proposed N26 per share interim dividend, backed by significant growth in revenue and profit during the first half of 2026.
Ikeja Hotel Leads September Payments
Ikeja Hotel Plc will be the first company among the eight to pay shareholders, with an interim dividend of N0.03 per share scheduled for September 4.
The hospitality company reported N13.25 billion in H1 2026 revenue, representing a 9.25% increase from N12.13 billion recorded a year earlier.
Profit after tax climbed 30.50% to N4.06 billion, while earnings per share increased to N0.89 from N0.67.
The company’s qualification date was August 7.
Also scheduled to distribute funds on September 4 is UPDC Real Estate Investment Trust, although its payment is a distribution rather than a conventional dividend. The REIT proposed N0.40 per unit for the period.
UPDC REIT’s H1 revenue increased 42.96% to N2.20 billion, while net assets attributable to unit holders rose 56.46% to N1.72 billion.
MTN Offers N26 Per Share
MTN Nigeria Communications Plc is scheduled to pay its interim dividend on September 7, making it the largest payout in the September calendar by value.
The telecommunications company proposed N26 per share for the 2026 financial year, with August 20 set as the qualification date.
MTN reported N2.99 trillion in H1 2026 revenue, up 25.88% from N2.38 trillion in H1 2025.
Profit after tax increased 70.55% to N707.54 billion, compared with N414.86 billion in the previous year.
Retained earnings also almost doubled to N793.07 billion, while earnings per share increased to N33.76 from N19.80.
The strong earnings performance provides the financial backing for the telecom giant’s latest shareholder distribution.
Custodian to Pay N0.25 Interim Dividend
Custodian Investment Plc will follow on September 8 with an interim dividend of N0.25 per share.
The financial services group recorded H1 2026 revenue of N76.39 billion, down 14.53% from N89.37 billion in H1 2025.
Despite the decline in revenue, profit after tax rose 38.94% to N36.67 billion, compared with N26.39 billion a year earlier.
Its retained earnings increased to N159.35 billion, while earnings per share rose to N5.32.
Honeywell, Red Star Set for Mid-Month Payments
Honeywell Flour Mills Plc is scheduled to pay N0.20 per share on September 17, following a qualification date of August 28.
The company reported revenue of N360.85 billion for the financial year ended March 2026, down 3.39% year-on-year.
However, profit after tax increased 13.01% to N16.49 billion, while retained earnings more than tripled to N24.12 billion.
A day later, Red Star Express Plc will pay shareholders a final dividend of N0.45 per share.
The logistics and courier company recorded revenue growth of 8.47% to N23.49 billion, while profit after tax increased 7.09% to N585 million.
Education Publishers Round Off the Calendar
Two education and publishing companies will make their shareholder payments on September 24 and 25.
University Press Plc is scheduled to pay a final dividend of N0.18 per share on September 24.
The company reported revenue growth of 14.47% to N3.90 billion for the year ended March 2026. However, profit after tax declined 52.58% to N214 million.
On September 25, Academy Press Plc and Learn Africa Plc will both make their respective payments.
Academy Press proposed a final dividend of N0.10 per share after recording revenue of N4.41 billion and profit after tax of N253 million for the year ended March 2026.
Learn Africa, meanwhile, proposed N0.35 per share. Its revenue increased 18.74% to N6.15 billion, while profit after tax rose 58.56% to N753 million.
Dividend Season Comes Amid NGX Rally
The September dividend calendar arrives as the Nigerian equities market enters the month on a stronger footing.
The NGX All-Share Index gained 1.20% on August 31 to close at 244,199.39 points, lifting total market capitalisation by approximately N1.91 trillion to N157.74 trillion.
The market’s year-to-date return consequently rose to 56.93%.
Market breadth was also positive, with 43 stocks advancing against 16 decliners. Ikeja Hotel, one of the companies on the September dividend list, gained 9.95% during the session to close at N42.55.
The banking sector led the sectoral advance, rising 3.11%, followed by consumer goods at 1.72% and oil and gas at 1.35%.
Trading activity also strengthened, with turnover rising 29.56% to N38.70 billion, while the number of deals jumped 39.17% to 53,471.
Investors Watch Cash Returns
The September dividend calendar provides shareholders with another potential source of returns following a strong run in Nigerian equities.
MTN Nigeria’s N26 per share proposal is particularly notable because of the size of the payout and the company’s sharp improvement in earnings during the first half of the year.
However, dividend payments remain dependent on investors meeting the respective qualification requirements set by each company.
With payments spread across the month, investors will be watching not only the cash distributions but also whether the companies can sustain earnings and dividend capacity as market conditions evolve.
