How to Claim Unclaimed Dividends in Nigeria: Step by Step

If you own Nigerian shares, some of your dividends may be sitting unclaimed. Here is how to check, find the registrar that holds the money, and set up an e-dividend mandate so it does not happen again.

By Olalekan. Last checked 22 October 2026. General information, not legal advice.

Why dividends go unclaimed

Most unclaimed dividends were never paid because the registrar had no bank details for the shareholder. Others were missed after a move, a change of phone number or a company name change. The SEC puts the total at about ₦270 billion. The full picture is in our guide to unclaimed dividends and NGX registrars.

Step by step

Check whether you have unclaimed dividends

Ask your stockbroker, or search for your name on the SEC’s list of non-mandated accounts. Its web address has changed over the years, so find the current page through the SEC website.

Find the registrar for each company

Registrars handle dividends for the companies that appoint them, and it can be a different registrar for every share you hold.

Get the e-dividend mandate form

Download it from the registrar’s website, or ask your stockbroker. The form asks for your name, BVN, bank account number and email.

Have your bank sign the form

Use one bank account for all your dividends. It makes payments easier to track.

Return it and ask about the unpaid dividend

Send the signed form to the registrar or through your stockbroker. Then ask for the status of any dividend already declared. Future dividends should be paid into your account automatically.

Stockbroker or registrar: which should you use?

A stockbroker will process the claim for a fee, usually a percentage of the dividend. Contacting the registrar yourself costs nothing but can be slower. If the amount is small, the direct route is usually worth the wait.

How far back can you claim?

Older guides say dividends from the last 12 years can be claimed. More recent reporting says that, under the Finance Act 2020 and the Investments and Securities Act 2025, dividends left unclaimed for six years are meant to move to the Unclaimed Funds Trust Fund. You keep ownership, and you can claim after verification. A 2025 SEC circular asks companies and registrars to keep honouring requests until that fund is running. Rules are changing, so confirm the position with the registrar.

If the shareholder has passed on

Heirs go through the transmission process, which involves probate. The registrar will list the documents it needs. Knowing the registrar and the companies involved speeds this up.

Common questions

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

Ask your stockbroker, or look for your name on the SEC’s list of non-mandated accounts, as BusinessDay’s shareholder guide describes. You can also ask the registrar of each company you hold shares in. Have your full name, BVN and the company name ready.

What is an e-dividend mandate?

It is an instruction to a company’s registrar to pay your dividends straight into your bank account. You fill in your name, BVN, account number and email, have the bank confirm it, and send it back. It is a one-time process per registrar.

Does it cost anything to claim?

If a stockbroker handles it, BusinessDay reports the fee is usually a percentage of the dividend. Going to the registrar yourself avoids that fee but can take longer.

How far back can I claim?

Older guides mention dividends from the last 12 years. Newer reporting on the Finance Act 2020 and the Investments and Securities Act 2025 says dividends unclaimed for six years are meant to move to the Unclaimed Funds Trust Fund, and that shareholders keep ownership and can claim after verification. Ask the registrar and check the SEC’s current position.

How do I find my registrar?

Each company appoints its own registrar, so you may have several. Your stockbroker, the company’s investor relations page or its annual report will say which one it uses.

Figures and rules change. Check the current SEC and registrar position before you act. This is general information, not legal or financial advice.