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Learn how to Validate and Claim your expired Dividend Warrants

Here is all you need to know on how you can verify, validate and claim your expired or unclaimed dividends from your registrar.



Learn how to Validate and Claim your expired Dividend Warrants

This articles explains how you can verify, validate and claim your expired or unclaimed dividends from your registrar.

What are dividends? 

Dividends are returns paid to shareholders of a company out of the profits by the company. They are paid periodically upon recommendation by the board of directors and subsequent approval by shareholders of the company at the Annual General Meeting.


How are dividends paid

How is it paid?

Dividend are issued via dividend warrants or bonus issues and are mailed to shareholders or credited directly to your bank accounts if you filled an e-dividend or e-bonus accounts with the company’s registrar.


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How many types of dividend do we have?

We have cash dividends or script dividends. Cash dividends are paid periodically out of the profits of a company. Cash dividends can also be paid when a company has been liquidated and there is still some money to share after creditors have been paid off.

Bonus issues are also dividends, except that they are not cash payments. They are dividends issued in the form of shares to shareholders which they can now decide to sell in the stock market in exchange for cash.

[ALSO READ: Learn how to Make Money from Nigerian Treasury Bills [A-Z Guide]

Payment of dividend

I am a shareholder but wasn’t paid dividends.

If you purchased shares of a company after the register is closed (ex-div date) you will not receive dividends. The ex-div date is the cut-off date for payment of dividend and also the date upon which the share price trades less the amount of dividend per share that will be paid.

As such, when a company declares dividends it usually accompanies such announcement with a date for closure of register. Therefore, the shareholders that will get dividends are those whose names appear on the register on or before the date of closure of register. If you purchase shares after the register is closed (ex-div) you will not be paid dividends for that period.


Can you use an example? 

For example, a company can announce proposed dividend on the Feb 13 2014, closure of register for March 14 2014 and pay dividends April 4th 2014. Those who bought or own shares in the company on or before March 14th 2014 will qualify for dividends. Therefore if you buy shares in the company after March 14, you will not qualify for that dividends.


The period between March 14th and April 4th is the ex-div period as such March 14th is when the share price will be “marked down”.


Dividends after ex-div

What if I sell after the Ex-div period?

You will still receive dividends as your name is in the register before the Ex-div period kicked in. However, you will not receive subsequent dividends for the shares sold.

 I bought shares before the ex-div and did not get dividend

This may be as a result of the dividend warrants being lost in transit or delivered to the wrong address. You should visit your registrars if your dividend warrant is not delivered to you or your account is not credited at least one month after the payment date. Your registrars will confirm to you what the problem is and will regularize it as soon as possible.


[ALSO READ: Learn how to Make Money from Nigerian Treasury Bills [A-Z Guide]

validate dividend

I have expired dividend warrants 

Dividend warrants are like cheques and expire after 6 months. However, dividends can be revalidated if it is taken to the registrars. Once the warrants have been verified they revalidate the dividend warrant and you can now go ahead and pay it into your bank account. It is always good to cash in on your dividend warrant no matter how small because it is the returns on your investment.

I do not have a current account 

Dividend as mentioned are like cheques and will ordinarily be accepted only in current accounts of banks. Therefore, a shareholder without a current account may not be able to pay the dividend warrant into a savings account. Though, some banks have quasi current account products that can accept dividend warrants.

If you only have a savings accounts, I suggest you try opening a current accounts or go for accounts that can accept dividend warrants to be able to receive your payments. Better still an e-dividend option is recommended.


What is an e-dividends

What is an E-dividend?

E-dividend is an electronic transfer of dividends into shareholder’s account without relying on the physical dividend warrant. To however, enjoy e-dividend you will have to fill an e-dividend authorization form and submit it with your bank. That way, you will receive dividends in a savings or current account.

I have dividend warrants but not in my name

Dividend warrants that are not in your name obviously does not belong to you directly. However, if they are shares that have been transferred to you before the ex-div date you can go to your registrar to regularize the discrepancy. If they were however transferred to you in error, you should return it to the registrars of the company.

The name of registrars of the company is always written on a dividend warrant. You can also return it to the corporate affairs department of the company that is paying the dividend.

[ALSO READ: Learn how to Make Money from Nigerian Treasury Bills [A-Z Guide]

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.



  1. kenneth A

    July 2, 2014 at 4:41 pm

    Mr. Ugo, Good day sir, kindly brief me on how i can go about “Dividend Re-investment in a company.

    • Ugodre

      July 2, 2014 at 6:58 pm

      Hi Kenneth, I will write a blogpost on that very soon. Stay in touch and tnx for the comments

  2. Esther

    July 11, 2014 at 3:59 pm

    This is a brilliant and informative post, very practical and easy to understand. Keep on the good work.

  3. Enahoro Mabel

    January 8, 2015 at 10:11 pm

    Gude sir i bought transcorp shares and even since them i have not be paid my dividend, before now they use to send me text messages for AGM meetings. since four years now i ve not received any text. pls how will i go about it and i want them to pay my dividend directly to my bank account. I ll be very greatful if my request is granted thanks.

    • Nairametrics

      January 9, 2015 at 12:45 am

      You will have to visit their Registrars. Their Registrar I believe is Africa Prudential Plc

  4. alin oladapo

    March 2, 2015 at 8:27 pm

    Very helpful blog. Got a stack of expired dividend warrants from various companies for a deceased parent. What do i need to do ?

  5. Obi

    May 10, 2015 at 7:54 pm

    What of shares bought through a stockbroker. Do I have to fill the e-dividend form for all the shares in my CSCS account or is the dividend credited directly to my stockbroking account? And if I have to fill the e-dividend form what will be the account no for the shares? Is it my account no with my stockbroker? Since there is no physical certificates.

    • Nairametrics

      May 10, 2015 at 9:05 pm

      You have to fill an e-Dividend form

  6. Geo-Meridian

    May 28, 2015 at 4:14 am

    I have a bunch of unclaimed dividends from way back 2009. I live overseas.
    I contacted a Registrar (Union Registrars)
    and they said that the dividends are now closed and cannot be paid anymore!
    Is this right?

  7. Geo-Meridian

    May 28, 2015 at 4:23 am

    I have a bunch of expired dividend warrants from way back 1997-1999. That was just before I relocated to overseas. Now I tried to see if I can revalidate them and I am told by a Registrar that the warrants or dividends are closed and cannot be revalidated. Is that right?

    • Nairametrics

      May 28, 2015 at 4:52 am

      That isnot right. You should be able to validate them

  8. Zinga

    June 4, 2016 at 5:26 am

    if a shares is divided between two brothers before the dividend is shared in that particular year,will the dividend be shared in a divided form that same year or will start running separately from the next year.

  9. Uzoh

    August 31, 2016 at 1:25 pm

    That depends on how the shares were allocated to them.

  10. ikebudu

    September 14, 2017 at 8:21 am

    My father is late,and for a number of years before and after his death ,dividend from his share must have accumulated, how will I have both the dividend and share transfer to me

  11. Anonymous

    November 26, 2017 at 10:23 pm

    Cheque up to 2 million naira can be lodged into a savings account.

  12. tunde

    December 21, 2017 at 5:13 pm

    Pls I bought some bagco shares since 2007 and I have been getting dividend in cheques but I never collected/validated them. 1)How do I revalidate them
    2)if I want to add to the units of shares, how do I go about it.

  13. Eugene Emeka Okeke

    January 10, 2018 at 3:43 pm

    Good day sir,i have not received dividends from First bank plc since 2009 pls how do i go about the process of validating and claiming them.Thanks

    • Nairametrics

      January 11, 2018 at 8:30 am

      You will have to visit their registrars

  14. Dele

    January 24, 2018 at 8:28 pm

    I have registered all my shares brought through my broker for e-Dividend and onward do I have to register for e-Dividend every time I buy new shares through my broker that are not yet registered for e-Dividend?

  15. Igiri kalu peter

    April 13, 2018 at 7:48 pm

    A very wonderful evening please my names are Igiri Kalu I need your advice l have been away for years and am back only to hear of shares been paid to shareholders and I have the last payment recipet made through first bank PLC and I now heard that they e-divided which I am yet fill please advice me

  16. Anonymous

    August 23, 2018 at 9:10 am

    I am an Accountant, how can i re-validate expired Dividend Warrant for my boss and his son,and also get them paid.

  17. Chinwe

    April 15, 2019 at 3:51 am

    How can I get unclaimed dividend payments for Skye Bank

    • Alfred Akuki

      April 15, 2019 at 11:52 am

      Hi Chinwe, try searching on SEC website. If your name comes up, follow the process to register for e-dividend.

  18. Segun Adeoye.

    July 10, 2019 at 11:21 am

    Good morning. Pls enlighten me on this- I bought a union bank share since 2005and I’ve not heard anything from them till now. How do I go about getting my dividends accrued???

    • Alfred Akuki

      July 10, 2019 at 12:36 pm

      Hi Segun, follow the process in the article.

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Dollar supply: What Nigerians expect from the CBN

CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 that has reduced the country’s foreign earnings. 



Having so much naira wealth does not guarantee you getting dollars

It is important for the Central Bank of Nigeria to ensure it keeps to its promise of boosting the nation’s Forex supply, manufacturers and experts have demanded.

Ola Oladele, CFA, in a telephone  with Nairametrics, explained that the apex bank should keep its word, as the persistent downtrend in the currency black market persists. She said:


“The depreciation of the naira in the parallel market is because of low supply of FX from official sources and less optimistic outlook on the economy due to falling oil prices.

“The Bureau De Change operators haven’t received supply from official sources since our borders were closed and the crash in oil prices has made natural sellers of FX more cautious.

“We hope that the recent statements by the regulator will restore confidence and subsequently, supply to the market.”

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Meanwhile, manufacturers are also experiencing tough times getting dollars to fulfill their forex obligations, even when having so much naira to trade with, according to Bloomberg News.

CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 pandemic that has reduced the country’s foreign earnings.

Dollar scarcity and a weakening naira are already adding to inflation in a country that imports all major products used by pharmaceutical firms.

“Manufacturers can’t open letters of credit as dwindling oil receipts and the lack of intervention by the central bank pushed international banks to withdraw credit relationships with local lenders,” said Fidelis Ayebae, the Chief Executive Officer of Fidson Healthcare Nigeria Plc.

“You now have a situation where nobody is holding letters of credit, no manufacturer is getting anything from their suppliers abroad because even the ones that we owe, we are not able to pay,” said Ayebae, who also heads the 180-member pharmaceutical group of Nigeria’s manufacturers’ association. “Some companies may shut 45 days from now if they are not able to import.”


(READ MORE: CBN’s MPC unlikely to cut rates, as Nigeria’s foreign reserves hit $36.16 billion)


Having so much naira wealth does not guarantee you getting dollars

The administrative costs of the pharmaceutical company gained at least 22% due to the current headwinds and it may be forced to close operations from July, if the scarcity of dollar persists.

While the drug maker, according to Bloomberg news, got N2.5 billion from the central bank’s COVID-19 intervention fund, he has only secured $80,000.

“I need dollar equivalent of N2.5 billion. If I get $5 million today, I will be an incredibly happy man,” he added.

(READ MORE: Naira appreciates at the I&E window, as CBN Governor promises more liquidity)


However, recently, CBN started the weekly dollar sales of $100 million for small businesses and individuals in genuine need of foreign exchange.

Still, CBN Governor, Godwin Emefiele some days ago insisted that there were no shortage of dollars, and sales would resume to bureaux de change when the COVID-19 induced lockdown had eased sufficiently.

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Brent crude up by 40% in May, strongest monthly bounce since March 1999

It saw steep monthly gains due to falling global crude oil production and expectations for demand growth around the world.



Brent crude drops to $25, oil demand drops by about 10% of world’s consumption, Brent Crude Oil hits $26, as Nigeria's Sweet Crude demand falls, Oil price pushes up before OPEC meeting, Asian equity markets mixed, NIGERIA OIL: Darker days ahead as Brent falls below production cost

Oil prices rose on Friday, with crude oil futures finishing on a bright note in the month of May. Monthly gains were recorded based on hopes that the U.S.–China trade deal wouldn’t be distorted, and the fact crude oil production was falling.

Brent crude recorded a surge of 39% for its strongest monthly gains since March 1999.


Brent crude contract ended at $37.84, gaining $1.81, or roughly 5%. It saw steep monthly gains due to falling global crude oil production and expectations for demand growth around the world.

“Oil demand has bottomed out and supplies from OPEC+ and North America is falling sharply. The market is thus no longer as oversupplied as feared,” said Commerzbank analyst Carsten Fritsch, adding that there could be a considerable supply deficit in the second half of 2020.

“The rise in demand may be painstakingly slow in the coming weeks and months, but it is expected to gradually rise over the course of the year,” said Marshall Steeves, energy markets analyst at IEG Vantage.

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However, America’s leader, Trump, said his government would begin to remove the special treatment which Hong Kong enjoyed, in response to China’s plans to impose new security laws on the territory but didn’t mention anything about distorting the trade deal between U.S and China.

“There was a lot of nervousness going into this press conference, so it looks like the worst-case scenario doesn’t appear to be emerging,” said John Kilduff, a partner at Again Capital Management in New York.

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KPMG, PwC, Accenture prepare to become Crypto auditors

Big Four firms and other leading brands are working with several crypto and blockchain firms on ways to combat interoperability, regulatory challenges and development of the technology.



KPMG, PwC, Blockchain technology expected to tackle Africa’s challenges across multiple industries

No doubt, the Blockchain technology, along with the adoption of cryptocurrencies, is getting bigger. The business end of the market is expected to reach $21 billion over the next five years.

Expectedly, professional services giants are now taking a larger role in tackling new challenges in the market, the Big Four firms and other leading brands are working with several crypto and blockchain firms on ways to combat interoperability, regulatory challenges and development of the technology.


Henri Arslanian, PwC’s global crypto leader, told Cointelegraph that the Big Four firms majorly have a vital role in the advancement of the cryptocurrency ecosystem, saying:

“Although Bitcoin was designed with a trustless ideology, the reality is that the industry still requires trusted entities to catalyze the development of the ecosystem.”

READ ALSO: Positive outlook as Africa FinTech attracts over $100 million in investments

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Arslanian added that when he first joined PwC years back, few people took crypto seriously. However, he saw an increasing demand for crypto assets, with some businesses starting to accept Bitcoin payments from clients.

“Over the last couple of months, we’ve expanded our work. We recently closed the first-ever crypto fundraising deal at PwC, in which we led a $14 million Series A round for a Swiss-based crypto firm with Asian family offices. We are also the auditor for BC Group, a publicly listed crypto company in Hong Kong.”

BC Group CEO, Hugh Madden, also said that BC’s vision was to make use of crypto assets in Asia’s financial market. In turn, BC Group must set standards for compliance, security, and performance. Madden buttressed on the role of audits play by saying:

“Auditing, like regulatory clarity, provides confidence to all stakeholders that companies are operating transparently and adhering to expected industry standards. As the business of digital assets continues to grow and mature, and compliance and regulatory standards become more robust, auditors will continue to play a pivotal role.”

READ MORE: Blockchain technology expected to tackle Africa’s challenges across industries


KPMG United States blockchain audit leader, Erich Braun, further contributed by saying that a business’s blockchain system should be developed with the intent to meet both accounting and operational needs to meet with accounting standards:


“SEC issuers will want to design blockchain technologies to support the entity’s internal control over financial reporting. Being able to prove how these technologies achieve their aims in a well-controlled environment is critical to a successful blockchain strategy. If the technology is not auditable, the immense benefits it brings, such as increasing efficiencies and cutting costs, may not be realized.”

Henri Arslanian, added in his closing remarks that the Big Four firms are indeed the most important players for the crypto asset space. He said:

“I believe the Big Four firms will serve as the bridge between the crypto ecosystem and the institutional world. It is good for both the crypto ecosystem and for professional services firms like ours as a new source of clients that we can help.”

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