NGX Bank Dividends 2026: Which Banks Paid, And Which Didn’t

The NGX banking sector has had an extraordinary 2026. Recapitalisation has largely been handled, foreign investors have been warming back up, and banking names have helped power the broader market higher.

But not all banks rewarded shareholders equally. The FY2025 dividend season drew a sharp line between the banks that paid and the banks that did not. For income investors, that line matters more than the hype. You can also compare this against our live 2026 dividend tracker and the broader guide to how dividends work on the NGX.

GTCO, Nigeria’s dividend king

GTCO declared a total FY2025 dividend of N12.76 per share, made up of N1.00 interim and N11.76 final. That is its highest ever total payout and a major step up from FY2024.

The headline yield around May 2026 was roughly 9.2%, which is serious blue-chip income on the NGX. The underlying case is not just yield either. GTCO continues to combine strong earnings, a diversified holding company structure, and one of the cleanest dividend track records in Nigerian banking.

Zenith Bank, raw profit power

Zenith paid N10.00 per share in total for FY2025, with a chunky N8.75 final dividend. The implied trailing yield sat around 7.5%, lower than GTCO’s, but backed by arguably the strongest absolute earnings base in the sector.

For investors who want income with scale, capital strength, and a more aggressive regional growth footprint, Zenith remains a very hard name to ignore. If you want another comparison-style read, our Seplat vs Aradel breakdown shows the same trade-off between income, growth, and balance sheet quality in the energy sector.

Stanbic IBTC, the quiet compounder

Stanbic IBTC declared N10.65 per share for FY2025. On yield alone it trails GTCO and Zenith, but the earnings quality is what makes the stock different. Its pension and fee-based businesses create a steadier revenue mix than pure commercial banking rivals.

This is the type of stock that tends to appeal to investors who care less about maximum headline yield and more about business quality and lower volatility.

UBA, no final dividend

UBA declared no final dividend for FY2025, which was a real disappointment after the previous year’s payout. The market treated it like one too, with yield-focused investors rotating elsewhere.

The likely logic was capital preservation in the face of post-recapitalisation oversight and the cost of maintaining a broad pan-African footprint. That may make strategic sense, but for income investors the conclusion is blunt: UBA is not currently an income stock.

Access Holdings, also no final dividend

Access Holdings likewise declared no final dividend for FY2025. Its acquisition-led expansion and more complex capital position have left it looking more like a deep-value turnaround or consolidation play than a current income idea.

The stock may still interest contrarian investors, but the dividend story is not really a 2026 story. It is a later-cycle question.

1. GTCO, highest implied yield and a strong dividend-growth record.

2. Zenith Bank, slightly lower yield but enormous profit strength and institutional credibility.

3. Stanbic IBTC, lower yield but arguably the best earnings quality of the three payers.

4. UBA, no FY2025 yield, watchlist only until payouts return.

5. Access Holdings, deep-value thesis for patient investors, not an income stock today.

If you are building a wider watchlist beyond the banks, our best Nigerian stocks guide is a good next step.