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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.

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.

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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.

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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.

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.

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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.

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.

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.

  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

Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020

Commercial Paper value appreciated by 81.9% to N539.8 billion in 45 issuances as of H1, 2020.



Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020, Financial literacy campaign in Nigeria, Securities and Exchange Commission, National Insurance Commission, Dantata Success & Profitable Company

Commercial Paper value hits N539.8 billion as of June 2020, as the value appreciated by 81.9% from N296.8 billion in 44 issuances as of H1, 2019 to N539.8 billion in 45 issuances as of H1, 2020. This is according to a recent report by PWC titled, “Nigeria Capital Market Update.”

READ: CBN invests over N120 billion on 320,000 farmers across CTG within four years

As regards industry spread, the financial services sector accounted for 32% of the proceeds raised as of H1 2020, followed by the consumer goods sector representing 26% of total proceeds. ICT raised 19% and Industrial goods contributed 18%.

READ: Zenith Bank’s Profit After Tax in H1,2020 rises by 16.8% to N103.8 billion

In terms of yearly appreciation, Commercial Paper value has maintained an upward trend, recording N114 billion as of the end of 2016, N221 billion in 2017, N402 billion in 2018, and N540 billion in H1, 2020.

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What this means

Activities in the Commercial Paper market maintained its upward trajectory as more blue-chip companies continue to access short term funding from a diversified investor base, through the capital market and on favorable terms.

READ: TradeDepot raises $10 million in pre-Series B equity round

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What you should know

Commercial Paper is a commonly used type of unsecured, short-term debt instrument issued by corporations, typically for the financing of payroll, accounts payable and inventories, and meeting other short-term liabilities. Maturities typically last several days and rarely range longer than 270 days.

It is usually issued at a discount from face value and reflects prevailing market interest rates.

Explore Data on the Nairametrics Research Website

Use Advanced Financial Calculators on Nairametrics

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Debt Securities

Nigerian Treasury Bills drop to 2% per annum

The latest data from Nigeria’s Treasury bill auction shows that Nigeria’s 364-day reduced by 2%.



The latest data from Nigeria’s Treasury bill auction shows that Nigeria’s 364-day reduced by 2%. On the other hand, Stop rates moderated slightly for the 91-day tenors and 182-day tenors. The 91-day bills had stop rates of 1 % and 182-day bills also went by 1%.

READ: Real estate: Experts lament over challenges in the industry

At the auction, the Debt Management Office (DMO) sold N12.76 billion on the 91-day paper, N4.5 billion on the 182-day, and N107.6 billion on the 364-day bill despite huge demand from Investors.

READ: PIB; Will the jinx be broken this time around?

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READ: Safest, regulated Cryptocurrency, Arcoin backed by U.S. Treasury securities

What you need to know

Basically, when the government goes to the financial markets to raise money, it can do it by issuing two types of debt instruments – Treasury Bills and Government Bonds. Treasury bills are issued when the government needs money for a short period, while Bonds are issued when it needs debt for more than say five years.

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  • The issuance of treasury bills is also used as a mechanism to control the circulation of funds in the economy.
  • Treasury bills have a face value of a certain amount, which is what they are actually worth.
  • However, they are sold for less. For example, a bill may be worth N10,000, but you would buy it for N9,600.
  • Every bill has a specified maturity date, which is when you receive the money back.
  • The government then pays you the full price of the bill (in this case N10,000), giving you the opportunity to earn N400 from your investment. The amount that you earn is considered as the interest, or your payment for lending money to the government.
  • The difference between the value of the bill and the amount you pay for it is called the discount rate and it is set as a percentage.

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What they are saying

Peter Omoregie, CFA, Head Proprietary Trading at CardinalStone Partners Limited, in a phone interview with Nairametrics, explained why investors oversubscribed Nigeria’s Treasury bills in spite of low rates.

“The CBN continues with de-leveraging its balance sheet and favoring its growth policies over the attraction of FPI money, which is good for businesses and the country at large. Surprisingly, we had a huge subscription on the long end at these low rates. The local institutional investors are addicted to Tbills like a junkie on cocaine, they don’t know how or when to stop.”

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Why this matters

The massive disparity between the subscriptions and the offers recorded suggests investors are willing to earn a negative real return, compared to the higher risk in other assets such as stocks and real estate. Basically, the CBN sells T-bills on a bi-weekly basis to investors and it is one of the safest investments available. Interests are paid upfront and the principal paid in full upon maturity.

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Debt Securities

Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo

Vice President Yemi Osinbajo disclosed recently that Nigeria will not be issuing Eurobonds.



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Vice President Yemi Osinbajo disclosed recently that Nigeria will not be issuing Eurobonds due to their costs, and was considering further options in capital to boost Africa’s largest economy in the face of a looming recession.

The Vice President said this in a report credited to Reuters News.

“We are not likely going to explore again the Eurobond market because we are trying to avoid commercial borrowing,” Osinbajo said.

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Africa’s largest economy has been on the squeeze, with the worst pandemic known to man, disrupting Nigeria’s major export earning, crude oil, and the poor participation of foreign portfolio investors which crunched Nigeria’s earning at unprecedented levels.

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However, Michael Nwakalor, a Macroeconomist at CardinalStone Research, in a note seen by Nairametrics gave key vital insights on why Nigeria’s fiscal players might consider such a move in view of taking the FGN 2021 budget into play.

READ: Nigeria makes sudden U-turn, suspends external borrowing from international debt market 

“In our view, given its ever-widening budget deficit and concurrent FX needs, Nigeria may be tempted to revisit the Eurobond market next year after having shelved plans to raise $3 billion in 2020 following the COVID-19 outbreak. However, a return to the international debt market may, ultimately, depend on external financing conditions. Even though weaker oil prices and domestic FX liquidity issues are concerning, the Fed’s long-term dovish posture and relative stability in the Eurobond market suggest that a few providers of long-term capital may still be up for some risks. That said, investors are likely to demand a premium to pre-pandemic levels of c.7.5%, on duration, for a potential Eurobond issuance,” it stated.

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READ: $945 million worth of BTCs options expiring this week

If recent body language, statements by Nigeria’s fiscal policymakers are taken into full consideration, it’s likely Nigeria might consider multinational lenders like World Bank rather than going to the overseas debt market, as the nation seeks cheaper options in building its commodity-dependent economy.

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