How Nigerians Can Recover Unclaimed Dividends

Recently, the Securities and Exchange Commission (SEC) and registrars urged shareholders to complete e-dividend mandate forms and update their records to enable the direct crediting of dividends to their bank accounts.

A dividend is the portion of a company’s profit distributed to shareholders. If you own shares in a company and it declares a dividend, you receive a payment based on the number of shares you hold.

A lot of money sits this way: the SEC counts around ₦270 billion in unclaimed dividends and other dormant investor funds, and it is seeking the owners.

An unclaimed dividend is money a company declares for shareholders but that is never collected.

This can happen for several reasons:

• The shareholder moved without updating the records.

• Bank account details changed.

• No e-dividend registration.

• Shares were inherited, but the family didn’t know.

• Share certificates were lost.

• The shareholder passed away.

Step 1: Check for Unclaimed Dividends

Go to the SEC Nigeria Search Page or the CSCS Unclaimed Dividend List.

Type your full name or a family member’s name to search.

Note the specific company name and the assigned Registrar.

Step 2: Use the Self-Service Portal

Access the virtual interface via the NIBSS Self Service Portal.

Complete the electronic mandate form (e-DMMS) without visiting a bank.

Provide your Bank Verification Number (BVN) and active bank account details.

Step 3: Provide Required Verification Documents

Prepare digital copies of a valid ID (National ID, International Passport, or Voter’s Card).

Include your Clearing House Number (CHN) if available.

Submit passport photographs and a scanned signature as requested by the registrar.

For deceased relatives: Prepare the death certificate and Letter of Administration to claim on their behalf.