Unclaimed Dividends in Nigeria: What NGX Registrars Can Do Before Shareholders Go Silent

The size of the problem

The SEC estimates unclaimed dividends at about ₦270 billion. It opened a nationwide investor campaign in July 2026, through the National Investor Protection Fund, to tell people the money exists and how to claim it. The first town hall was in Lagos, and the SEC says the campaign will reach all six geopolitical zones and Abuja.

The number has climbed for years. Reporting from 2022 put unclaimed dividends at about ₦158 billion at the end of 2019, ₦168 billion a year later and ₦177 billion at the end of 2021. Each of those figures represents shareholders the register could no longer reach.

Why dividends go unclaimed

• No bank details on file. Dividends are paid electronically. A shareholder who never gave account details to the registrar does not receive the payment. The SEC’s Director General called this the main reason the figure keeps rising.
• Company name changes. Holders with documents under an old name may not know where to claim.
• A fragmented update process. Investors have had to send the same details to each registrar separately.
• Holders who have died or moved. Heirs often do not know the shares exist, and the register has no one to call.

What the rules say now

• Six years. Under the Finance Act 2020 and the Investments and Securities Act 2025, dividends unclaimed for six years are meant to move to the Unclaimed Funds Trust Fund. This replaced the old 12-year forfeiture rule. Shareholders keep ownership.
• Until the fund runs. A 2025 SEC circular tells companies and registrars to keep honouring shareholders’ requests for unclaimed dividends until the fund is set up and operating. Confirm the current position with the SEC.
• Digital operations. Registrars, depositories and clearing houses are expected to digitise their operations as a regulatory requirement.
• E-dividend mandates. The SEC, the CBN and NIBSS launched the Electronic Dividend Mandate Management System to push investors to mandate their accounts.

A practical playbook for registrars

Where Entrustt fits

Steps 2 to 5 are where a registrar usually has no system. Entrustt’s product has four modules: a next-of-kin register, inactivity checks, human-reviewed disclosure and exportable audit reports. You send the activity you already hold, Entrustt starts the quiet-period clock, and signed webhooks tell your systems what is due. Developers can start with the developer page, and security teams with the security page. Pricing starts with a paid pilot, set per partner, on the pricing page.

Entrustt does not pay dividends, change the register of members or decide who is entitled. It handles information, and a person reviews each disclosure. To talk to the team, use the contact page.

Checklist for your next register review

• How many holders have no mandate on file?
• How many have a beneficiary contact with a consent record?
• What counts as “quiet” in your system, and who is told when a holder gets there?
• Is there a written process for heirs, and does it name the documents you ask for?
• Can you show, per holder, what you tried and when?

Related reading: CBN dormancy rules for banks and fintechs and PenCom next of kin for pension administrators. Entrustt also has a plain guide to dormant accounts and one on deceased customer management.