What is the record date for a Nigerian dividend?

The record date is the cut-off date on which you must be a registered shareholder to be entitled to receive a declared dividend. If you hold shares on the record date, you will receive the dividend regardless of what happens to your shareholding after that date.

Is withholding tax deducted from Nigerian dividends?

Yes. Dividend payments in Nigeria are subject to 10% withholding tax (WHT), which is deducted at source before you receive the payment. Shares Saver does not provide tax advice — consult a qualified adviser for your specific tax situation.

What happens if I haven't registered for e-dividend?

If your bank account is not registered with the company's registrar via the e-dividend system, your dividend may be held in an unclaimed dividend account. You should ensure your bank details are registered with each company's registrar to avoid dividend uncollected situations.

The strongest protection is ownership

How dividends are paid in Nigeria

When a listed company declares a dividend, registered shareholders are paid on the shares they hold on the record date. The complete journey, from board decision to your bank account.

How it works

Registered in your name

The registrar records you as the holder — not a Shares Saver nominee account and not a pooled fund.

Trades executed by licensed brokers

We are not a stockbroker. Every purchase is placed on the NGX by an SEC-licensed broker partner.

Money held separately

Contributions sit in a client account until they buy shares. They are never working capital.

The dividend journey, step by step

Board declaration. The company's board of directors reviews the financial results and proposes a dividend per share (e.g., ₦0.50 per share). This proposal is announced to the market via the NGX.
Shareholder approval at AGM. For final dividends, shareholders vote to approve (or modify) the board's proposal at the Annual General Meeting. Interim dividends may not require shareholder approval.
Closure of register & record date. The company announces a record date — the closing date of the shareholder register. Only shareholders whose names appear in the register on this date are entitled to the dividend.
Registrar compiles shareholder list. The company's registrar generates a list of all shareholders as of the record date, including the number of shares each holds. This determines who receives what amount.
Withholding tax deducted. The 10% withholding tax on dividend income in Nigeria is deducted from the gross dividend. The net amount is what shareholders actually receive.
E-dividend payment. The registrar distributes the net dividend directly to shareholders' bank accounts registered in the e-dividend system. Payments are typically made within a few weeks of the record date.

What is the e-dividend system?

The SEC and NGX initiative that pays all Nigerian dividends directly to shareholders’ bank accounts, replacing paper warrants. Your bank details must be registered with each company’s registrar. Unclaimed dividends are held by the registrar and can be claimed at any time with a bank mandate form.

Educational only — Shares Saver does not give tax or investment advice, and dividends are never guaranteed.

What Shares Saver doesCollects contributions, instructs brokers, tracks your holdings, produces your documents

What the regulated broker doesPlaces the order on the NGX, settles the trade, files the transfer with the registrar

What nobody doesTell you which shares to buy. We are not investment advisers and we don’t take a view

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Questions

Questions answered

Dividends from NGX-listed companies are paid directly to your registered bank account via the e-dividend system, managed by the company's registrar. You must ensure your bank account is registered with the registrar to receive e-dividend payments.

Educational information only — not investment, legal or tax advice. Share values can fall as well as rise. All securities transactions are carried out through SEC-regulated stockbrokers.

The dividend journey, step by step

Board declaration. The company's board of directors reviews the financial results and proposes a dividend per share (e.g., ₦0.50 per share). This proposal is announced to the market via the NGX.

Shareholder approval at AGM. For final dividends, shareholders vote to approve (or modify) the board's proposal at the Annual General Meeting. Interim dividends may not require shareholder approval.

Closure of register & record date. The company announces a record date — the closing date of the shareholder register. Only shareholders whose names appear in the register on this date are entitled to the dividend.

Registrar compiles shareholder list. The company's registrar generates a list of all shareholders as of the record date, including the number of shares each holds. This determines who receives what amount.

Withholding tax deducted. The 10% withholding tax on dividend income in Nigeria is deducted from the gross dividend. The net amount is what shareholders actually receive.

E-dividend payment. The registrar distributes the net dividend directly to shareholders' bank accounts registered in the e-dividend system. Payments are typically made within a few weeks of the record date.

What is the e-dividend system?

Educational only — Shares Saver does not give tax or investment advice, and dividends are never guaranteed.

How dividends are paid in Nigeria

Registered in your name

Trades executed by licensed brokers

Money held separately

The dividend journey, step by step

What is the e-dividend system?

Questions answered

Ready to own your first Nigerian share?

How dividends are paid in Nigeria

Registered in your name

Trades executed by licensed brokers

Money held separately

The dividend journey, step by step

What is the e-dividend system?

Questions answered