Many Nigerian investors still face the persistent challenge popularly known as unclaimed dividends.
Over 13 listed companies on Nigeria’s major stock market declared N69 billion in unclaimed dividends for 2024, despite efforts in capital market investor education, technology adoption, and automation.
Unclaimed dividends represent lost profits for investors—funds that could have been reinvested or used for other purposes.
Many retail investors, especially those with modest shareholdings, are unaware of the accumulating funds registered in their names. Heirs also frequently encounter administrative obstacles when attempting to collect dividends from deceased shareholders.
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), disclosed that the total value of unclaimed dividends in the Nigerian capital market amounted to N215 billion as of March 2024.
Experts explain that these unclaimed dividends are mostly funds accumulated before the SEC introduced the Electronic Mandate initiatives aimed at resolving the issue. Despite the introduction of the Nigerian Inter-Bank Settlement System (NIBSS) in collaboration with the SEC, some banks still recorded unclaimed dividends in the 2024 financial year.
For instance:
- United Bank for Africa (UBA) Plc reported N46 billion in unclaimed dividends in 2024.
- Zenith Bank reported N30.6 billion in 2024, up from N30.1 billion in 2023.
- Access Holdings reported N17.73 billion in 2024, down from 21.3 billion in 2023.
Market analysts project that unclaimed dividends in the Nigerian capital market will likely increase further this year.
The SEC’s Director General emphasized,
“The SEC is at the forefront of reducing unclaimed dividends. We will continue to do our best by deploying technology, promoting investor education, and encouraging the public to understand the processes around claiming dividends. Accurate identification and proper documentation are essential. Any initiative that helps reduce outstanding dividends is a positive development.”
Recovering dividends may require professional mediation, especially when documentation is incomplete. However, there’s a simple solution. The NIBSS Self-Service Platform enables you to get instant alerts, update your records, and check for unclaimed dividends with just a few clicks.
To reclaim your dividends, visit the E-Dividend Mandate Management Portal and provide the following information:
- Bank Verification Number (BVN)
- Bank name
- Account number
- Last name
You will also need to upload:
- A valid means of identification
- Passport photograph
- Your signature
Dr. Agama emphasized that identity verification remains the key challenge. He stated that once accurate shareholder information is maintained, there will be no reason for investors to stop claiming their dividends.
Investors looking for lost dividends can also visit the SEC’s official portal for additional information.
As Nigeria’s financial ecosystem continues to evolve, there is a growing demand for improved shareholder communication, greater transparency, and digital integration. Stakeholders remain hopeful that ongoing reforms will lead to a seamless and efficient dividend retrieval process, ensuring investors receive their rightful earnings without delay.
