How to Claim Unclaimed Dividends in Nigeria

To claim unclaimed dividends in Nigeria, identify the company and registrar, complete an e-dividend mandate and the registrar's claim form, submit your ID, BVN and bank details, and follow up until payment. For very old dividends, the registrar can tell you whether the payment is still held for you or has been transferred elsewhere.

The first check is free. The SEC's Non-Mandated Dividends Search at eportal.sec.gov.ng/non-mandated lists, by name, shareholder accounts that have no e-dividend mandate, with the company and the registrar for each. No login or fee is needed. Not appearing on it does not mean nothing is owed: it shows only accounts without a mandate. Our guide to the SEC non-mandated dividends search explains how to use it.

What Are Unclaimed Dividends in Nigeria?

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 The most common reasons dividends go unclaimed are missing or outdated bank mandate information, old postal addresses, dormant accounts, and name discrepancies between registrar records and bank records.

• You never completed an e-dividend mandate linking your shares to a bank account
• Your bank account details on record are outdated or the account has been closed
• Dividend warrants were sent to an old address and never cashed
• Your name is spelled differently across registrar and bank records
• You were unaware the company declared a dividend

Step 1: Identify Which Companies Owe You Dividends

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.

Step 2: Complete Your E-Dividend Mandate

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.

• Download the e-dividend mandate form from the registrar's website or your bank
• Complete the form with your shareholder reference number or CSCS account number
• Provide your BVN and current bank account details
• Submit the completed form with copies of your valid government-issued ID
• Confirm activation with the registrar once processed

Step 3: Complete the Registrar's Unclaimed Dividend Claim Form

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. Registrars that keep the registers of many listed companies include Meristem Registrars, First Registrars, Africa Prudential, Coronation Registrars (formerly United Securities Limited), CardinalStone Registrars and DataMax Registrars. The company's annual report names its registrar.

• Your shareholder reference number or CSCS account number
• Valid government-issued ID (national ID, international passport, or driver's licence)
• BVN-linked bank account details
• Completed dividend reclaim form signed and witnessed where required

Step 4: Submit Supporting Documents

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.

Step 5: Follow Up and Confirm Receipt

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.

What Happens After Six Years: The Unclaimed Funds Trust Fund

Under section 60 of the Finance Act 2020, which came into effect on 31 December 2020, dividends declared by a public company quoted on the Nigerian Exchange that stay unclaimed for six years or more are meant to be transferred to the Unclaimed Funds Trust Fund, overseen by the Debt Management Office. The Act treats the money as a debt the Federal Government owes the shareholder, claimable at any time.

In a circular of 5 June 2025, the SEC said that shareholders can continue to claim dividends that were not statute-barred, meaning not more than twelve years old, before 31 December 2020, and that until the fund is operational, companies and their registrars must continue to honour all such claims. A dividend that was already more than twelve years old by the end of 2020 may be treated as statute-barred. Our guide to the Unclaimed Funds Trust Fund covers this in more detail.

Frequently Asked Questions

How do I know if I have unclaimed dividends in Nigeria?

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.

What is an e-dividend mandate and why do I need one?

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.

How far back can I claim unclaimed dividends in Nigeria?

The SEC has said shareholders can continue to claim dividends that were not more than twelve years old before 31 December 2020, when the Finance Act 2020 took effect. Dividends unclaimed for six years or more may have moved to the Unclaimed Funds Trust Fund, where they remain claimable. Start with the registrar, which holds the dividend history for your account.

Can I claim unclaimed dividends on behalf of a deceased parent?

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.

What if I have shares in multiple companies with unclaimed dividends?

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.

Can I claim unclaimed dividends online in Nigeria?

Some registrars accept e-dividend mandates and claim documents through their websites or by email, while others require a bank or office submission. Check the relevant registrar's instructions, submit the required identity and bank records, and keep confirmation for follow-up.