Dangote Cement Dividend History and What It Means for Investors
Last checked: 11 October 2026. This article uses the dividend table published on Dangote Cement’s website. Each amount is the cash dividend per share paid in the year shown. Educational information only, not investment advice. Share prices change every trading day and you can lose money. Figures come from public reports and company filings as of early October 2026, so check current data before you act.
A dividend history is more than a list of numbers. It shows whether a company keeps its promises to shareholders, how its payments have grown and how safe the current payout may be. Dangote Cement has paid a cash dividend every year since listing in 2010, and the amount has risen from ₦2 per share to ₦45. This article sets out the full record and explains what the pattern can and cannot tell an investor.
The record, year by year
| Paid | Dividend per share | Note |
|---|---|---|
| 2026 (2 July) | ₦45.00 | For the 2025 financial year |
| 2025 (June) | ₦30.00 | For 2024 |
| 2024 (May) | ₦30.00 | For 2023 |
| 2023 (April) | ₦20.00 | |
| 2022 (June) | ₦20.00 | |
| 2021 (May) | ₦16.00 | |
| 2020 (June) | ₦16.00 | |
| 2019 (June) | ₦16.00 | |
| 2018 (June) | ₦10.50 | |
| 2017 (May) | ₦8.50 | |
| 2016 (April) | ₦8.00 | |
| 2015 (April) | ₦6.00 | Down from ₦7.00 the year before |
| 2014 (May) | ₦7.00 | |
| 2013 (June) | ₦3.00 | |
| 2012 (June) | ₦1.25 | Down from ₦2.25, but with a 1-for-10 bonus share issue |
| 2011 (June) | ₦2.25 | |
| 2010 (October) | ₦2.00 | Paid in the month of listing |
What the pattern shows
- Consistency. A payment in each of the 17 entries listed. There is no gap year in the company’s table.
- Growth. From ₦3 in 2013 to ₦45 in 2026 is an average rise of roughly 23 percent a year, and from ₦16 in 2019 to ₦45 in 2026 is about 16 percent a year. Growth came in steps: ₦16 for three years, ₦20 for two, ₦30 for two, then ₦45.
- Two dips. The cash payment fell from ₦2.25 to ₦1.25 in 2012, when bonus shares were also issued, and from ₦7 in 2014 to ₦6 in 2015. Dividends have not risen every year.
- A bonus issue in 2012. Shareholders received extra shares in a 1-for-10 bonus, which affects historical per-share comparisons.
Is the dividend affordable?
Compare the dividend with earnings per share (EPS). For 2025, EPS was ₦59.86 and the dividend was ₦45, a payout of about 75 percent, with earnings covering the dividend about 1.3 times. For 2024, EPS was ₦29.74 and the dividend was ₦30, so the company paid slightly more than it earned per share. A payout over 100 percent can only be sustained when cash reserves are strong, so watch for repeats. In the first half of 2026, EPS was ₦38.22, which supports expectations of another increase, but the board decides.
What the yield tells you
Dividend yield is the dividend divided by the price. ₦30 at a price near ₦480 in March 2025 would have been a yield of about 6.25 percent. ₦45 at ₦1,066.70 in October 2026 is about 4.2 percent. The yield fell because the price rose faster than the dividend. A rising dividend and a falling yield can happen together, and a high yield is not always good news: it can reflect a falling price.
How to use the history sensibly
- Treat it as evidence, not a promise. Past payments do not oblige the company to pay in future.
- Check the payout and cash. Read the annual report for cash flow, debt and capital spending plans.
- Compare with other options. Compare the yield with what bonds or treasury bills offer, remembering that shares carry price risk.
- Remember the tax. A 10 percent withholding tax applies to dividends.
Pitfalls
- Buying only because last year’s dividend rose sharply.
- Assuming a fixed yield. The yield on your cost price differs from the current yield.
- Ignoring the share price. A 10 percent fall wipes out more than two years of a 4 percent yield.
What we could not confirm
- Whether the table includes any special or interim dividends not listed. I relied on the company’s published table.
- The financial year each older payment relates to, because the table lists dates and not financial years.
- Future dividends. Past amounts do not guarantee them.
Frequently asked questions
Has Dangote Cement ever skipped a dividend? Not according to its own table, which shows a payment each year since 2010.
Why was the 2012 payment unusual? The company also issued bonus shares at the rate of one for every ten held.
Key takeaways
Dangote Cement’s table shows a dividend every year since 2010, growing to ₦45 for 2025, with small dips in 2012 and 2015. The payout was about 75 percent of earnings for 2025 and slightly above earnings in 2024. Use the history as context, check earnings and cash, and remember that the dividend is a decision, not a guarantee.
Dangote Cement Plc has a long history of paying dividends, making it a company worth examining for investors interested in Nigerian dividend stocks. However, historical payments should be considered alongside earnings, cash flow, and the company’s future financial needs.
According to the company’s official dividend history, the dividend increased from ₦30 per share for the 2024 financial year to a proposed ₦45 per share for 2025, representing a 50% increase. The 2025 dividend was recommended by the board and was subject to shareholder approval at the time of the financial statements.
The earnings figures provide important context. Dangote Cement reported group earnings per share of ₦59.86 for 2025, compared with ₦29.74 in 2024. Based on group earnings per share, the proposed ₦45 dividend represents a payout ratio of approximately 75% for 2025.
However, the company’s separate financial results tell a different story. Its earnings per share fell from ₦61.32 in 2024 to ₦42.31 in 2025. The ₦45 proposed dividend therefore exceeded the company’s separate earnings per share for 2025, highlighting why investors should distinguish between group and company figures when evaluating dividend sustainability.
Cash flow is equally important. Investors should review operating cash flow, capital expenditure, debt obligations, and expansion plans to understand whether the company can comfortably support future distributions.
Ultimately, Dangote Cement’s dividend history offers useful context, but it does not guarantee future payments. Investors should verify official announcements, study financial results, and assess the risks before making investment decisions.
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Is Dangote Cement a Reliable Dividend Stock? Understanding Its Dividend History
For investors exploring Nigerian stocks, Dangote Cement provides an interesting example of why dividend history, earnings, and cash flow must be analysed together. A company may have a long record of rewarding shareholders, but the ability to maintain those payments depends on its financial performance and business priorities.
The company’s official dividend records show a proposed payment of ₦45 per share for the 2025 financial year, up from ₦30 for 2024. This represents a substantial increase, but investors should remember that dividends are decisions made through the company’s governance process, not permanent promises.
The 2025 financial results reveal an important distinction. Group earnings per share rose to ₦59.86, making the proposed ₦45 dividend approximately 75% of group earnings per share. However, company-level earnings per share declined to ₦42.31 from ₦61.32 in 2024. On that separate-company basis, the proposed dividend exceeded earnings per share.
Neither figure should be considered in isolation. Group earnings reflect the wider corporate group, while separate-company earnings reflect the parent entity. Investors should also examine the relevant financial statements, cash generation, debt, and spending on expansion before assessing whether the dividend is sustainable.
A useful approach is to compare dividend payments with operating cash flow over several years and check whether the business can fund distributions without compromising essential investment or financial stability.
The main lesson: a strong dividend history can help investors understand a company’s past behaviour, but future income depends on future decisions and financial conditions. Research the figures carefully, distinguish group results from company results, and never assume that a previous dividend guarantees the next one.
Sources checked
- Dangote Cement, share information page (full dividend table)
- NGX corporate action notices for the 2024 and 2025 final dividends
- Investors King, ‘Dangote Cement Declares ₦45 Final Dividend After ₦1.01 Trillion Profit in 2025’
- BusinessDay, ‘Dangote Cement to pay over N506bn as final dividend’ (3 March 2025)
- Nairametrics, ‘How many Dangote Cement shares do you need for N10 million annual dividends?’
- Yield and growth figures are my own calculations from the stated amounts
Educational content only — not financial advice. Income and savings results vary and are never guaranteed. How we write
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