Hundreds of billions of naira in Nigerian dividends go unclaimed every year. Here is how to find out if you are owed money and claim it step by step.
Nigeria's Securities and Exchange Commission has repeatedly flagged that hundreds of billions of naira in dividends go unclaimed across the capital market. If you own shares in a Nigerian listed company but have not been receiving dividend payments — or stopped receiving them — those dividends may still be recoverable. The process involves your registrar, your bank, and in some cases the SEC itself.
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Not sure which shares you hold or whether dividends are owed to you? Run a structured search across Nigerian broker and registrar records.
Start a Find My Shares Search →Unclaimed dividends are dividend payments that were declared by a Nigerian company but never successfully delivered to the shareholder. They are not forfeited — they remain owed to you. The most common reasons dividends go unclaimed are missing or outdated bank mandate information, old postal addresses, dormant accounts, and name discrepancies between registrar records and bank records.
Unclaimed dividends do not disappear. They remain owed to you and can be recovered through the relevant registrar or, for very old payments, through the SEC's Consolidated Investment Protection Fund.
Start by confirming which companies you hold shares in. If you know your CSCS account number, your broker can provide a current portfolio statement. If you are not sure what you own, a structured Find My Shares search can identify holdings registered in your name across multiple brokers and registrars before you begin the dividend claim process.
Before claiming dividends, confirm exactly which companies you hold shares in. Shares Saver's Find My Shares service searches across Nigerian broker and registrar records.
Start a Find My Shares Search →An e-dividend mandate is an instruction that connects your shareholder record to a bank account so future dividends are paid electronically. It is the single most important step for ensuring you receive dividends going forward. Without a valid mandate, payments may fail and accumulate as unclaimed.
For dividends already overdue, you need to make a formal claim directly with the registrar. Each company's registrar maintains its own claims process, but the requirements are broadly similar: you identify yourself, confirm the holding, and request payment of outstanding amounts. Major Nigerian registrars include Coronation Registrars, GTCO Registrars, and United Securities Limited.
Registrars require identity verification before releasing unclaimed payments. Submitting complete documentation upfront avoids delays. If your name spelling differs between your ID and your registrar record, include an affidavit or supporting explanation to prevent the claim being delayed for identity mismatch reasons.
Processing times vary by registrar and the volume of claims being handled. Follow up with the registrar if you have not received confirmation within the timeframe they give you. Keep copies of all forms and correspondence. Once paid, confirm the amount received matches the dividend entitlement you expected.
Dividend payments that remain unclaimed for an extended period can be transferred to the Securities and Exchange Commission's Consolidated Investment Protection Fund (CIPF). These funds are still claimable by the rightful shareholder but require engagement with the SEC directly in addition to the registrar. Contact the SEC investor protection desk and provide the same identity and shareholding documentation you would give a registrar.
If a registrar tells you that an old dividend has been remitted to the SEC fund, it is not lost. You can still claim it — the process simply involves an additional step through the SEC.
Shares Saver registers shares directly in your name and helps you ensure your e-dividend mandate is in place from day one — so dividends never go unclaimed.
See How Shares Saver Works →Contact the registrar of each company you hold shares in and ask whether any dividends are outstanding in your name. If you are unsure which companies you own shares in, run a structured share search first using your CSCS account number or a Find My Shares service.
An e-dividend mandate is an instruction that links your shareholder records to a bank account so dividends are paid electronically. Without a valid mandate, dividends may fail to reach you and accumulate as unclaimed over time. Completing your e-dividend mandate is the most important step for any Nigerian shareholder.
In principle, unclaimed dividends remain recoverable. However, very old payments may have been transferred to the SEC's Consolidated Investment Protection Fund. Contact the relevant registrar first — they can tell you whether a payment has been moved to the SEC fund and how to proceed with a claim.
Yes. You will need letters of administration or a grant of probate, the deceased's identity documents, proof of shareholding, and your own valid ID. Submit these with a formal estate dividend claim to the relevant registrar.
Each company has its own registrar, so you will need to submit a separate claim to each registrar involved. Completing a single e-dividend mandate update does not automatically reclaim previously unpaid dividends — you must request outstanding amounts specifically for each company.
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