LAGOS — At least 60 of about 136 companies listed on the Nigerian Exchange paid no dividend in at least three of the years from 2021 to 2025, a review by Premium Times found. Many, including Nestlé, Nigerian Breweries, Guinness, PZ Cussons and Cadbury, suffered losses after the foreign exchange reforms, while some banks were restricted by central bank rules. A few companies remained profitable but chose to reinvest. Access Holdings Chairman Aigboje Aig-Imoukhuede told the newspaper the group can pay dividends.