Interestingly, just five of the 51 non dividend-paying Nigerian quoted companies have been posting profits since at least 2016, meaning a vast majority of organisations in this category have been shelving dividend payment plans on the ground of loss-making.
Underwriter Sovereign Trust Insurance has not declared dividends since 2011 but has been making profits since 2012, rather choosing to retain the earnings in its operations. So also does Studio Press , Union Diagnostic , Afromedia and Arbico . John Holt last shared dividend in 2005, Royal Exchange Insurance 2006, Staco 2008, Standard Alliance 2009, Morrisons 2009, FTN Cocoa 2010 and Guinea Insurance 2010.Abbey Building Society, Ekocorp, International Energy Insurance and Omatek have not paid dividends since 2011, and Chellarams, Ellah Lakes, NCR, RT Briscoe, Tantalisers as well as Vanleer since 2012.
For years, Austin Laz, IEI, UPDC and African Alliance insurance have been heaping up losses, while Guinea Insurance, between 2011 and now, has been making intermittent losses.Since 2015, International Breweries and SCOA have not been distributing dividends. International Breweries has been reporting losses for years while SCOA has only reported profit once since 2015.