You’re asking the right question—and this confusion is very common. The key thing you need to understand is this:
👉 Dividend payment date ≠ Bonus share credit date
Let’s break down your exact case with Nigerian Exchange Group.
🧠 1. What NGX Group actually announced
For 2025 results:
Dividend payment date → 29 April 2026
Bonus issue → 1 new share for every 3 shares held
Qualification date → 10 April 2026
But here is the critical line most people miss:
👉 “Bonus allotment date will be communicated after approvals.”
⚠️ 2. Why you haven’t received your bonus shares yet
Unlike dividends (cash), bonus shares go through extra processes:
Before bonus shares are credited, they must pass:
Shareholders’ approval at AGM (which just happened around April 29)
Regulatory approval (NGX + SEC)
Registrar processing (DataMax Registrars)
👉 Until these are completed, shares cannot be credited
⏳ 3. When will the bonus shares be released?
There is no fixed date yet.
Official position: 👉 “To be communicated” after approvals
Realistic timeline (based on market practice):
Usually 2 to 4 weeks after AGM
Sometimes slightly longer if approvals delay
So expect: 👉 Mid–May to early June (typical window)
🔄 4. How the bonus shares will appear
You don’t need to do anything.
Once processed:
Shares will be credited to your CSCS account
Then reflect on your broker/app (e.g. InvestNaija)
Example:
If you had:
300 shares
You will receive:
+100 shares (1 for 3)
👉 Total = 400 shares
📉 5. Important: Price adjustment
When bonus is issued:
Share price will drop proportionally
Your total value stays roughly the same
👉 Same principle as dividends (just structured differently)
🧾 6. Summary (clear answer to your question)
✔ Dividend paid on April 29 = correct
❌ Bonus shares are NOT paid same day
✔ Bonus shares come after approvals
⏳ Timeline = usually a few weeks after AGM
✔ You will receive it automatically if you qualified
🔍 Final insight (important for you)
Dividend = cash payout (fast)
Bonus = capital restructuring (slower process)
That’s why you’ve received one and not the other yet.