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Debt Securities

How To Get Back Unclaimed Dividends & Process e-dividends

How To Get Back Unclaimed Dividends & Process e-dividends



How To Get Back Unclaimed Dividends & Process e-dividends

As an investor in shares it is very likely that you may have come across incidences of unpaid dividends either due to the dividend warrants getting expired or the dividend warrants never even getting to you at all. Recently, I embarked on a mission to get back some of my unclaimed dividends from yester years as well as ensure I never again miss out on my return on investments, otherwise called dividends. Here is a step by step guide of how I did it.

READ: Learn how to Validate and Claim your expired Dividend Warrants

Get a List of All Your Shares

The first thing I did was to visit my stockbroker requesting for an updated list of all the stocks that I own in the Central Securities Clearing System (CSCS). You can actually get this printed online yourself if you register with the CSCS. I also took a list of all the share certificates I have just to be sure my entire portfolio is accounted for.

One can also search for one’s name using this link

It will pull up a list of companies that one has unclaimed dividends in, as well as the registrars involved.


READ: Fears over ₦100 billion unclaimed dividends as e-dividend registration ends

Obtain a list of the respective Registrar’s for the Stocks you own

Every company listed on the floor of the Nigerian Stock Exchange has a unique Registrar that manages their outstanding shares on their behalf. The Registrars are mandated to manage all shareholder issues such as dividends, public offers, share certificates, bonus issues etc. on behalf of companies. Therefore if you are to get back your dividends you will have to know who your registrars are.

[Read Also: How To Monetize Old Share Certificates and Locate Missing Stocks]

Sign a Share Transfer Form

The stockbroker will give you a share transfer form for each of the shares you own. The form basically mandates the stockbroker to act as your agent, thus giving them the powers to   process your unpaid dividends with your respective registrars. This service typically requires a token fee depending on the stockbroker. The fees can be a flat amount or percentage of the dividends you are expecting.

READ: SEC moves against ‘huge quantum’ of unclaimed dividends

These all depends on the value of your dividends. The alternative will be for you to approach the registrars one by one by yourself just to get your unpaid dividends sorted out. This can be time consuming if you do not have the luxury of time for this. However, it does save you some fees which you would have paid to your stockbroker.

This process can last within a month or more depending on the efficiency of the registrar and the commitment of your stockbroker. You will also need to follow them up very often to ensure that you get your dividends on time.

Processing E-Dividends

I also used the same opportunity to process my e-dividends registration. E-dividend registration is basically a solution to the incidences of unpaid dividends. By registering for E-dividends, your registrars simply credits your bank account whenever dividend is paid out by any of your companies.

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READ: How To Monetize Old Share Certificates and Locate Missing Stocks

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This process completely avoids the more common paper dividends and has the added benefits of ensuring that you never lose your dividends and that they get paid to you on time. Considering that I still received a number of paper dividends I informed my stockbroker that I wanted to switch to E-dividends. I was then given a set of E-dividend forms of the respective registrars for each of the companies I owned shares in following which I filled the forms.

[Read Also: How to protect your bank account from phishing attempts]

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A typical E-dividend form will contain the name of the bank which you intend your dividend to be paid into, the address of the bank,  Nuban Bank account number, sort code, the name and address of the shareholder, name of stockbroker, email address, company seal (if it is a registered company) etc. Registrars typically have various formats but contain basically the same information.

READ: Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account

Visit your Bank

After filling and signing the forms, you will have to take a copy to the banks as well for them to sign. Without the bank’s signature on your forms the e-dividend form may not fly. I found this quite rigorous as well as I hate to visit banks and prefer to transact online. However, considering the sensitivity of e-dividends, it is understandable that they make the process a lot more thorough.

READ: N200 billion Unclaimed Dividend: Securities dealers reject FG’s plan to manage fund

You can prefer to use one bank only for your e-dividends if you do not like the stress of having to visit multiple banks and going through the same process all over again. Another advantage one bank gives you is that it makes dividend monitoring very easy as you only have to check one bank statement when it’s time to reconcile your dividends.

Back to the stockbroker or registrar

Once you are done with signing the e-dividend forms take it to your stockbroker, if you had mandated them to process your e-dividend on your behalf. Remember, you may have to give them a power of attorney to do that. Otherwise, you take the forms to the respective registrars yourself for them to complete the final leg of the registration. Again, the timeline for this depends on the registrar and how efficient they are in processing e-dividends.

READ: Protecting your money from fraudsters


You should also use this opportunity to follow up with your stockbroker or registrar about your past dividends which I had mentioned earlier. Remember, e-dividends will only be paid for subsequent dividends and not the ones that had already being paid but not credited to you.


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. Felix

    May 14, 2014 at 2:05 pm

    I can relate to the above write-up. For a couple of years now I have been going through this maze of procedures and policies just to locate and keep track of my shares in only three companies. For someone used to simplicity and efficiency of getting the same things done in the west, it has been a very frustrating process dealing with registrars, stockbrokers and banks in Nigeria. Even emails and text messages take forver to reply, and so-called customer service phone numbers are hardly answered. At one point, I wanted to forget the whole thing.

    The worst part is that every identifying document has to come from Nigeria, even when you have not been in Nigeria for 20 years; postage stamps, affidavits, references, etc. There is no provision in the rules and regulations governing these processes to accomodate Diaspora Nigerians, and that is very wrong, especially in a world where international transactions are becoming more seamless.

    There is that expectation by those living outside Nigeria, that such services as banking, insurance, share purchase, etc should not be a nightmare in this day and age, given the explosion of information technology; unfortunate, one is greatly disappointed that Nigerian businesses are light years behind, and this negatively affects investment revenue inflow to the country.

    • Ugodre

      May 14, 2014 at 4:53 pm

      Thanks for your comment. I believe with e-dividends you will get better and speedy value for your investments

    • olakunle

      September 7, 2017 at 5:58 am

      i bought 1000 unit shares of Dangote Flour Mills Plc. 10 years ago nd im yet to get my Dividends , ive been outside the country for some time now and i dont even know whats up with my shares..

  2. Stanley alaribe

    January 11, 2015 at 8:08 pm

    How do i find out from my registrant about my unclaimed dividend?

  3. olatunjiogunwale

    September 26, 2015 at 8:28 pm

    l dont know where to start, my late dad left some shares under my name, original will still with the administrator who refuse to do anything since 20 yrs daddy has left. But photocopy of the will with me. Many shares certificate has lost due to change of postal box. what can l do now .pls, reply me via my e-mail thanks

    • kasali adekunle

      June 4, 2017 at 1:55 pm

      i just received message that my e-dividend mandate form has been approved by first regstrars on 1/6/2017.what shall be next step now

  4. Ogundipe Benedict Oludayo

    January 18, 2016 at 10:25 pm

    For banks to append their signature a of 5k is charged why, which is why I abandoned the process.

  5. amusan oluwasegun

    July 20, 2016 at 7:32 pm

    since 2008 to 2011i’m not collect any dividend.

  6. John

    September 26, 2016 at 4:43 pm

    I bought dangote flour shares at UBA bank by 2008. During the process I filled my oceanic bank account on the form which I used to receive my dividend. I left the bank when they became ECObank and since then I’ve done nothing about my dividends. December 20015 I received a CD from Tiger Brands that has my Account number and annual report and also states that I have unclaimed dividend 1-5. Please how do I go about claiming these dividends and also updating my current bank details so that I receive the dividends at where am banking with. I’ll appreciate any reply you send to my email. Thank you.

  7. Bm

    October 25, 2016 at 4:30 pm

    Some shares were bought by two different people for me in my name when i was young(below 18). I want to claim my dividends now,how do i go about it?

    • Nairametrics

      October 25, 2016 at 10:30 pm

      Do you have the share certificates?

  8. Grace

    November 14, 2016 at 8:41 am

    i bought 3ooo unit shares of Fidelity 8 years ago nd im yet to get my certicate , ive been outside the country for some time now and i dont even know whats up with my shares

  9. Grace

    November 14, 2016 at 8:42 am

    no dear, i only have the receipt

  10. Grace

    November 14, 2016 at 8:53 am

    infact is was 10 years ago while i was studying at Unilag, their agent came to Unilag and i bought 3000 units. moreso the bank details i gave them has being closerd for sure cause i ve been outside the country for some years now. how can u be of help please

  11. ogioba precious

    August 19, 2017 at 1:27 pm

    my late dad bought units of shares for my siblings and I at ecobank 2008,havent receive any dividends and the only thing with me is the form and a teller attached to it which he used in purchasing the form….please what do i do about it ?

  12. Abolanle

    October 16, 2017 at 2:37 pm

    Is there a law stating that your dividend warrant expires after 12 years untreated.

  13. Alhassan Umar yakubu

    November 1, 2017 at 4:28 pm

    I need my original share certificate the one sent to me was duplicate through my P.O. BOX, and I now have my own gmail want all information to come through it.

  14. falodun olusegun mayowa

    January 11, 2018 at 1:42 pm

    good day,
    how do i go about claiming my dividend from shares bought, i have my certificate with me but my hitch is the bank ownership has changed. i got the shares under the name of bank PHB now keystone. Even before the switch i never got any dividend.

    i will appreciate if all procedural on how to work on this is forwarded via my email.

    thanks and look forward to your response.

  15. blessing onuwa

    February 12, 2018 at 11:47 am

    Am blessing onwa in mkurdi, I bought dangote flour in Kaduna [email protected] intercontinental bank now econank, I receive my first dividend on 31/12/2008 since then no dividend has been sent to the I gave. I want my unclaimed dividends and my share certificate to be given to me with this address: Benue State Local Government Pension Board, P.M.B102095 Makurdi, Benue State.

  16. Usman Ado

    March 26, 2018 at 9:39 am

    Hello my name is Usman Ado I brought Dangote Flour Mill on 03 10 2007 but am yet to receive my share certificate of 1000 units Thanks

  17. Olusegun Omitola

    May 10, 2018 at 4:34 pm

    As a student then, I bought 1000 units of Oceanic bank share, 1000 units of Intercontinental bank share and 2000 units of FinBank share. I registered one of them with a broker but don’t know the details again. Please any help to trace the shares? Thanks.

    • chibuike dunstan

      August 12, 2019 at 8:13 pm

      if you still have the issue i will assist you. not that i am a stockbroker but just an investor like you- i also had intercontinental though Global bank before it became intercontinental bank shares.
      Now know this access bank acquired intercontinental bank at a very terrible rate, which means your shares in access are far fewer than 10,000units. but all your dividends you received as intercontinental bank and access bank since they acquired it will be given to you if you meet access bank registrars i.e united securities limited. take your shareholding number to access bank or browse it it to contact their registrars, fill and give your bankers to stamp on it then submit it. roughly within a month depending on the volume to be attended to, all your monies with enter your bank account you provided.

  18. Dare olumadare abiodun

    May 21, 2018 at 8:49 pm

    I have not collect any devidence since 2014

  19. Idike Gloria Onyebuchi

    May 25, 2018 at 2:02 pm

    I bought a dangote flour mill since January 2008 at then Oceanic, but I have never gotten any dividend please I need help on how to go about it tanks

  20. Patrick Usiaphre

    June 15, 2018 at 11:09 pm

    There is big conspiracy by some of the registrars not to pay dividends on flimsy excuses,the system has been simplified so the issue of identity and signatures can be verified online …int passport drivers liecense,national id,BVN and others

  21. Medugu Amtagu

    June 19, 2018 at 1:08 pm

    I bought some shares with Skye back back in 2008,details concerning that shares I have not received and I don’t have any knowledge on its progress.

  22. Gloria Oghoyon

    August 27, 2018 at 1:56 pm

    I bought dangote flour mill shares in 2007.i have my certificate but since 2011 they stop sending dividend.i ve written and fill E- dividend form so many times through my bank(Ecobank) but still nothing has been done.I will really appreciate it if you can tell me how to get my accrued can reply me through my E-mail.
    Thank you.

  23. joshua komo pani

    August 28, 2018 at 9:50 pm

    i bought dangote flour mill shares in 2007, i have my certificate but since then i have not received dividend i also fill the e-dividend form. how can i get the accrued dividend.thanks please reply me through my e-mail.

  24. Victor

    October 17, 2018 at 4:23 pm

    I bought ETI, and First inland Bank. shares in 2008.i have my certificate but since they stop sending me dividend.appreciate it if you can tell me how to get my accrued can reply me through my E-mail.
    Thank you.

  25. Olu Adebayo

    November 12, 2018 at 7:04 am

    I bought several shares in multiple names, how do I consolidate them into one.

    • Alfred Akuki

      November 12, 2018 at 5:49 pm

      You will need to go to your registrar/stockbroker/banker and try to identify the names in which you or a third party bought the shares on your behalf. You will need to have identification particulars and any other documents that establish that the shares you seek to claim are yours.

  26. Adelowo Adewale Samuel

    March 11, 2019 at 10:58 pm

    I bought 10,000 units of intercontinental in 2007 l received dividend for like 3yrs after which up till now 2019 l don’t know what is going on with my shares
    Can anyone help me out please?

    • chibuike dunstan

      August 10, 2019 at 8:34 am

      if you still have the issue i will assist you. not that i am a stockbroker but just an investor like you- i also had intercontinental though Global bank before it became intercontinental bank shares.
      Now know this access bank acquired intercontinental bank at a very terrible rate, which means your shares in access are far fewer than 10,000units. but all your dividends you received as intercontinental bank and access bank since they acquired it will be given to you if you meet access bank registrars i.e united securities limited. take your shareholding number to access bank or browse it it to contact their registrars, fill and give your bankers to stamp on it then submit it. roughly within a month depending on the volume to be attended to, all your monies with enter your bank account you provided.

      • Ugochukwu

        January 11, 2021 at 10:00 pm

        I’m Ugochukwu. Please how do I get my Japaul Oil & Gas/ Maritime shares dividends paid to me? Thanks

  27. emmanuel uduanu

    September 2, 2019 at 11:47 pm

    i bought 3000 unit of oceanic shares in 2007 and up till now i have not receive any divident.pls i need your help

  28. Omulu Obiora Lawrence

    September 17, 2019 at 6:08 am

    I need your help, my late dad got shares with UTC PLC and UAC PLC. I went to their office in Lagos from Enugu on 2011/2012 for these but sad that after bringing requested documents like share certificates, power of attorney, open an estate account and so on, I never received a cent or kobo since then.
    What must I do or who should I write or complain to?

  29. Regina

    October 4, 2019 at 8:46 am

    I bought four different share with different names since 2006 and uptill date I have not been paid

  30. Ritaro James

    December 7, 2019 at 11:36 am

    Good morning.
    My dad bought shares under bagco from first bank but has not collected dividend

  31. Anyanwu Sun Chukwuemeka

    December 28, 2019 at 5:40 pm

    Good day sir, compliments of the season. please i need help on how to claim and receieve my dividend. for some years , i have not recieved any and have trying to make contacts on what to do. I will be very happy if my request is look into and granted. Thanks, God bless.


    January 23, 2020 at 6:25 pm

    I bought OCEANIC BANK shares in 2007 and up till now, I haven’t receive any dividend. I didn’t register with cscs as I wasn’t in the Country for a lo g time. How can u help? [email protected]

  33. Abiodun

    June 27, 2020 at 8:07 am

    Please, as an investor living abroad, how do i process my e-dividend form from there? Thank you.

  34. Anonymous

    August 14, 2020 at 12:44 pm

    I haven’t gotten any of my dividends for the past two years why
    And how can I know if my dividends is paid to me

  35. Anonymous

    August 14, 2020 at 12:46 pm

    I bought shares at transcorps and UBA but has not gotten any dividends why

  36. femi

    September 2, 2020 at 11:24 am

    nice article but you didn’t paste the link to check the name and registrar online as you earlier said

  37. hakeem adetunji raji

    October 11, 2020 at 4:12 pm

    HELLO ECOBANK what happen that whan customer with wanted purchase share in your in the it will be confidance but to received the things will look understandable please try make understandable whan want to back dividend

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Debt Securities

UPDC moves to redeem N4.355 billion bonds

UPDC is set to redeem its N4,355 billion Series 1 Bonds on the 26th of April, 2021.



UACN Property Development Company Plc (UPDC) is set to redeem its N4,355 billion Series 1 Bonds on the 26th of April, 2021.

This information was contained in a notice tagged “Notice to the Bondholders of UACN Property Development Plc”, issued by the Company Secretary, Folake Kalaro.

According to the information contained in the notice, UPDC, under Condition 3.2 of the Terms and Conditions of the Bonds, will redeem the N4,355,000,000 Series 1 Bonds on the 26th of April, 2021 from the bondholders, together with the accrued Coupon (the annual interest rate paid on the bond) up to, but excluding the Redemption Date.

The company revealed that the Coupon on the Bonds will cease to accrue on and after the Redemption Date.

What you should know

  • On the Bond’s Redemption Date, it is important to note that the Registrar of the Bonds, Africa Prudential Plc, shall pay to each Bondholder’s designated account, the amount payable to him/her in respect of the Redemption.
  • The Redemption payment to the Bondholders shall be equal to 100% of the principal amount together with all accrued and unpaid Coupon. Following the Redemption, the listing of the Bonds on the FMDQ Securities Exchange Limited will be canceled.
  • It is essential to understand that the N4.355 billion Series 1 Senior Guaranteed Fixed Rate Bond Due 2023 under UPDC’s N20 billion Bond Issuance Programme, was listed in 2018 following the approval of the SEC.
  • The move to issue the N4.355 billion bonds was made following an unsuccessful attempt to raise N5.16 billion via a rights issue, which recorded subscription for 879.65 million ordinary shares valued at N2.64 billion.

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Debt Securities

Ecobank Nigeria secures N50 billion 10-Year subordinated loan

Ecobank Nigeria has secured a N50 billion, 10-year bilateral subordinated loan.



Ecobank Nigeria

Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (‘’ETI’’) has announced that it has secured a N50 billion, 10-year bilateral subordinated loan.

This is according to a disclosure signed by the Group Head, Adenike Laoye and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

The bilateral funding will enable the bank to maintain stable liquidity and improve its balance sheet, especially the capital adequacy ratio by an estimated circa 300 basis points.

What they are saying

The disclosure from the bank read thus:

“Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan.


“The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.”

What you should know

Ecobank Transnational Inc. had earlier recorded 11% rise in its interest income to N139.6 billion for Q3 2020, as captured by Nairametrics.

  • Subordinated loans have lower priority than other debt instruments in case of liquidation. They are only repayable after other debts have been paid.
  • This debt can either be secured or unsecured and it typically has a lower credit rating and higher yield than other senior debt.

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Flour Mills moves to diversify funding sources with N29.8 billion bond listing

Flour Mills Nigeria Plc lists N29.8 billion bonds to diversify funding sources from the Nigerian capital market.



Flour Mills makes one of the largest contributions to COVID-19 relief fund

Flour Mills Nigeria Plc’s fresh N29.8 bond listing will help the nation’s leading food business company to explore diversified funding sources from the Nigerian capital market, with the hope of enhancing growth and the development of the company.

This statement was made by the Group Managing Director of FMN, Mr. Omoboyede Olusanya, at the listing of the Tranche A and Tranche B bonds valued at N29.8 billion on the Nigerian Stock Exchange (NSE).

The food and the agro-allied company which has remained Nigeria’s largest and oldest integrated agro-allied business with a broad profile and robust Pan-Africa distribution issued these bonds under its N70 billion Bond Issuance Programme.

Olusanya said that the company would continue to explore funding opportunities inherent in the capital market to ensure business growth and continuity.

While speaking about the Credit Rating of the Programme, he disclosed that FMN’s credit rating, as well as the operational financing of the Group, have improved considerably.


According to him, the bonds floated by Flour Mill will help to strengthen the company’s capital base and provide the needed working capital required by the Company. He added that Flour Mills Group will continue to deleverage and replace short term financing with longer-tenured and lower price funding to optimize capital structure and reduce financing cost.

He noted that Flour Mills will continue to explore opportunities to raise fundings via the capital market as this enables the company to diversify its funding sources and continue to play a role in the capital market as a significant player in it.

What they are saying

The Group Managing Director of FMN, Mr. Omoboyede Olusanya, at the virtual event, said;

Deal book 300 x 250
  • “We are delighted with the response from the market, we are happy to be listed.
  • “We are introducing an N29.9 billion listing under an N70 billion bond issuance cover; we will continue to raise funding to diversify our funding sources.
  • “The company remains passionate about feeding the nation to improve the quality of living for Nigerians through increased production and investments in backward integration.”

What you should know

  • With the successful issuance of the new N29.8bn Tranche A and Bonds, FMN has utilized its bond issuance program registered in 2018.
  • It is important to note that the Senior Unsecured bond listing includes an N4.89bn under Series 4 Tranche A of the bond issuance programme, at a 5.5% rate for 5 years, due by 2025, and a 25bn under Series 4 Tranche B of the same program at a 6.25% rate for a tenure of 7 years, due by 2027.
  • The bond proceeds will be used to refinance existing debt obligations. It will also help the company take collaborative actions to diversify the company’s financing options beyond expensive short term debt.

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