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The short answer
To claim unclaimed dividends in Nigeria, find out which companies you hold shares in and their registrars (the SEC has published a database of shareholders without e-dividend mandates), complete each registrar's e-dividend mandate form with your BVN and bank details, have your bank sign it, and return it to the registrar or your broker. The registrar then pays outstanding and future dividends to your account.
Unclaimed dividends are dividends a company has declared but which never reached the shareholder, usually because the shareholder's bank details were missing or wrong, a dividend warrant was never cashed, or the shareholder lost track of the shares. BusinessDay reported in December 2022 that, according to the SEC, unclaimed dividends stood at about ₦177 billion as at December 2021, up from ₦168 billion in 2020. Some of that may be yours or a relative's.
Why dividends go unclaimed
- Shares bought years ago, often in public offers, with paper certificates and paper dividend warrants.
- No e-dividend mandate, so the registrar has no bank account to pay into.
- A changed name, address or bank account not updated with the registrar.
- The shareholder has died and the shares have not been transferred.
- Shares spread across several brokers or registrars, so some are forgotten.
Who you deal with: the registrar
Each listed company appoints a registrar that keeps its register of shareholders and pays its dividends. BusinessDay's 2022 explainer said about 18 registrars served more than 100 companies listed on the Nigerian bourse. CSCS's own FAQ says that for dividend and bonus claims you should contact the registrar, who will give you the instructions. Your broker can help, but the registrar holds the payment records.
Step by step
- Find your holdings. List the companies you or the person you are claiming for may hold. Old share certificates, dividend warrants and contract notes help. If you are unsure, CSCS says you can ask for a global search at its Lagos or Abuja office with a valid ID, or through your broker; it covers brokers and registrars.
- Search the SEC database. BusinessDay described an SEC database of non-mandated accounts (shareholders without an e-dividend mandate) that lists the companies a person holds shares in and their registrars. Check the SEC website for the current search page.
- Get the e-dividend mandate form. Download it from the registrar's website or collect it from its office.
- Fill it in. The form asks for your name as on the register, BVN, bank account number and contact details. Give your CHN if your shares are on CSCS.
- Have your bank sign it. Take the form to your bank so it can confirm the account is yours.
- Return it. Submit the signed form to the registrar or your broker, who completes the process.
- Follow up. Ask the registrar to confirm the mandate has been applied and to state which past dividends will be paid.
Old dividends and the Finance Act 2020
BusinessDay noted that the Finance Act 2020 allows the Federal Government to borrow from unclaimed dividends of quoted companies that have gone unclaimed for at least six years from the date of declaration. If your dividends are older than that, ask the registrar how a claim is handled now; do not assume they are lost, and do not pay anyone who claims they can recover them for a fee without checking with the registrar first.
Worked example (labelled)
Example only. Your late father bought 5,000 shares in a bank in a public offer. The company has paid dividends of, say, ₦0.50, ₦0.60 and ₦0.75 per share in three years since his bank details stopped working. The unclaimed amount before withholding tax is 5,000 × (₦0.50 + ₦0.60 + ₦0.75) = 5,000 × ₦1.85 = ₦9,250. To claim, the estate first transfers the shares, as in our guide to shares of a deceased person, then completes the mandate in the beneficiary's name.
Stop it happening again
- Register an e-dividend mandate for every company you hold. Our guide to how dividends are paid covers this.
- Move paper certificates into your CSCS account; see converting a share certificate.
- Update the registrar when your name, address or bank changes.
- Keep a list of your holdings, CHN and registrars where your family can find it.
Beware of recovery scams
Some people advertise "unclaimed dividend recovery" for an upfront fee or ask for your BVN and bank login. The registrar's process does not need your passwords. See investment scams in Nigeria.
What to check first
- The exact name on the share register, including middle names and old surnames.
- Each company's current registrar, as registrars change over time.
- Your BVN name matches the bank account you will give on the mandate.
- You have a copy of every form you submit, with the date.
Where Pryme fits
You can give a Pryme account as the bank account on your e-dividend mandate, as long as the name matches the shareholder's. When dividends arrive, a verifiable statement created with VerifyDoc.ai shows what was paid.
Questions people ask
How do I check if I have unclaimed dividends in Nigeria?
Search the SEC's database of shareholders without e-dividend mandates, contact the registrars of companies you hold, or request a CSCS global search.
Who pays unclaimed dividends?
The company's registrar, once your e-dividend mandate with BVN and bank details is in place.
Can I claim dividends for a deceased parent?
Yes, but the shares must first be transferred under the estate process. Ask the registrar for its document list.
Do unclaimed dividends expire in Nigeria?
The Finance Act 2020 lets the government borrow dividends unclaimed for six years or more. Ask the registrar how older claims are handled.
Sources
- BusinessDay: Explainer, steps for shareholders to get unclaimed dividends, 7 Dec 2022 · accessed Oct 2026
- CSCS: Frequently asked questions · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.