5 Ways to Recover Lost Dividends in Nigeria

Nigerian investors are unaware that they could be sitting on unclaimed dividends, profits from shares they own but have never received. 

Despite digital advancements in the Nigerian capital market, unclaimed dividends continue to grow. As of March 2024, the Securities and Exchange Commission (SEC) revealed that the total value of unclaimed dividends had reached ₦215 billion.

Although dividends in Nigeria are valid for up to 12 years, older unclaimed funds may eventually be transferred to government coffers if not claimed. Acting early ensures you get what’s rightfully yours, without legal complications or loss.

If you’re a shareholder or an heir to one, here are 5 of the fastest and most effective ways to recover lost dividends in Nigeria.

1. Use the NIBSS E-Dividend Portal

The Nigerian Inter-Bank Settlement System (NIBSS), in collaboration with the Securities and Exchange Commission (SEC), has developed an intuitive online platform for investors. Through the E-Dividend Mandate Management Portal, shareholders can quickly check for unclaimed dividends across multiple registrars and link their bank accounts.

What You Need to Provide:

Bank Verification Number (BVN)

Your Bank Name and Account Number

Surname (as used for share registration)

Valid means of ID (e.g., NIN, driver’s license)

Passport photograph and signature

Every listed company on the Nigerian Exchange has a registrar, a firm that handles dividend payments and shareholder records. If you know which company you bought shares in, find out who the registrar is and contact them directly. Most registrars now have online portals and helplines for quick response.

Popular registrars include:

CardinalStone Registrars

First Registrars & Investor Services

Africa Prudential

3. Submit an E-Mandate Form at Your Bank

Banks in Nigeria are now required to assist investors in linking their bank accounts to their stock investments. Visit any branch of your bank and ask for the E-Dividend Mandate Form. Once filled and submitted with the right ID, it’s sent directly to the registrar for processing.

4. Use the SEC’s Online Resources

The Securities and Exchange Commission (SEC) has set up investor portals that provide step-by-step instructions on how to claim dividends. You can also find updates on companies with large pools of unclaimed dividends.

Visit: www.sec.gov.ng and explore the “e-Dividend” or “Investor Relations” section.

5. Apply Through a Professional Capital Market Consultant

If your case involves deceased relatives or old share certificates, consider hiring a licensed capital market consultant or lawyer. They can help with:

Probate or letter of administration (for inherited shares)

Identity verification

Claims involving multiple registrars

Why It Matters

Unclaimed dividends represent lost income for investors, funds that could have been reinvested, saved, or used for personal needs. Some companies reported massive figures in 2024:

UBA: ₦46 billion

Zenith Bank: ₦30.6 billion

Access Holdings: ₦17.7 billion

The SEC continues to push for transparency and digital tools to reduce unclaimed dividends. But the responsibility still lies with investors to stay updated and complete the process of linking their bank accounts to their shareholdings.