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The short answer
Unclaimed Nigerian dividends usually sit with the company’s registrar because there was no valid e-dividend mandate linking your shares to a bank account. From the UK, you can check the SEC’s non-mandated list online, submit a mandate through the NIBSS self-service portal or your registrar, and ask the registrar to pay what is owed into a Nigerian bank account in your name. Dividends left unclaimed for six years or more may have moved to a government fund, so check early.
Why Nigerian dividends go unclaimed
Many Nigerians abroad bought shares in the 2000s, often in bank public offers, and then moved. Dividends were once paid by paper warrant to a postal address; later, payment moved to e-dividend, where the registrar pays straight into the bank account on your mandate. If you never filed a mandate, or the bank account on it was closed, the dividends sat with the registrar.
The amounts across the market are large. A December 2022 BusinessDay explainer quoted SEC figures of about ₦177 billion in unclaimed dividends at December 2021, up from ₦168 billion in 2020, and said there were about 18 registrars serving more than 100 listed companies.
Step 1: find out what you hold
Start with whatever you have: old share certificates, dividend warrants, a CSCS statement, a CHN or the name of the broker who handled an offer. Then:
- Search the SEC non-mandated list. The SEC’s July 2024 circular on its revamped E-Dividend Mandate Management System points shareholders to the list at eportal.sec.gov.ng/non-mandated. A match means a registrar holds shares or dividends for you without a valid bank mandate.
- Contact each registrar. The company’s annual report or website names its registrar. Ask for a statement of your holding and of unpaid dividends by year.
- Use CSCS if you have lost track. The CSCS FAQ says a global search covering brokerages and registrars can be requested at the CSCS office in Lagos or Abuja, or through a stockbroker, and that dividend and bonus claims go to the registrars.
Step 2: file an e-dividend mandate
The SEC circular describes a self-service mandate through the NIBSS portal (docuhub3.nibss-plc.com.ng/edmms/self-service), or through your registrar or bank. BusinessDay’s 2022 guide describes the paper route: get the registrar’s mandate form, fill in your name, BVN, account number and contacts, have it signed and stamped by your bank, and return it to the registrar or your broker.
From the UK, the practical needs are a Nigerian bank account in the same name as the shareholding and a BVN linked to it. Name differences are the usual hold-up: shares bought as “Adebayo O. Johnson” and a bank account as “Oluwaseun Johnson” will need explaining, and the registrar decides what evidence it accepts. If the old bank account itself has gone dormant, see dormant accounts and unclaimed balances in Nigeria.
Step 3: claim the arrears
A mandate fixes future dividends. For the past ones, ask the registrar in writing to pay all unclaimed dividends into the mandated account and to send you a breakdown by company and year, showing the gross dividend and the withholding tax deducted. Keep that breakdown; you will need it for UK tax.
Old shares that never reached CSCS
Some holdings from paper certificates were never moved to the electronic system. To sell them or move them to a broker you will need a CSCS account and CHN; see opening a CSCS account with a UK passport and address. The registrar then moves the certificated units into the account. If the shareholder has died, the route is transmission instead; see inheriting Nigerian shares while living in the UK.
What to have ready before you contact a registrar
- Full name exactly as it appeared when the shares were bought, plus any later names (after marriage, for example), with evidence of the change.
- Your old postal address in Nigeria, if you can remember it: registrars often match records on it.
- Any share certificate numbers, dividend warrant numbers, CHN or broker name.
- A valid photo ID and the Nigerian bank account details, with the BVN, that the mandate will use.
- A UK email address and phone number the registrar can use, and a note of who in Nigeria can collect documents if a wet signature or original is needed.
Write to the registrar rather than relying on phone calls, keep copies of everything you send, and ask for a reference number for each request. Where several companies are involved, track them in a simple table: company, registrar, units, years of dividends owed, date mandate filed, date paid.
UK tax on recovered dividends
If you are UK resident, GOV.UK says foreign dividends are normally taxable, usually reported through Self Assessment. For 2026 to 2027 the dividend allowance is £500, with rates of 10.75% (basic), 35.75% (higher) and 39.35% (additional). The UK–Nigeria treaty limits Nigerian tax on dividends to 15% for ordinary portfolio holdings, and Article 22 of the treaty provides for UK credit for Nigerian tax paid. Which UK tax year a lump of arrears falls into is a point to check with HMRC or a tax adviser. This is information, not advice. For the routine position on future dividends, see getting dividends from Nigerian shares paid in the UK.
Where Pryme fits
Registrars pay into a Nigerian naira account. A Pryme account has naira account details as well as pounds, so dividends can land in naira and stay there until you decide to convert with Swap, where the rate and fee are shown before you approve. Check with the registrar that the account name matches the name on your shareholding before you file the mandate.
Questions people ask
How do I know if I have unclaimed dividends in Nigeria?
Search the SEC non-mandated list online and ask each company’s registrar for a statement. A CSCS global search can find holdings you have lost track of.
Can I update my e-dividend mandate from the UK?
Yes. The SEC points to a NIBSS self-service portal, or you can work through the registrar or your bank. You need a Nigerian bank account and BVN in the shareholder’s name.
What happens to dividends unclaimed for six years?
BusinessDay notes the Finance Act 2020 allows the Federal Government to borrow dividends unclaimed for six years or more. Ask the registrar where any transferred sums went.
Do I pay UK tax on old Nigerian dividends I recover?
If you are UK resident, foreign dividends are normally taxable in the UK, with credit for Nigerian withholding tax. Check the tax year with HMRC or an adviser.
Sources
- SEC Nigeria: Revamped E-Dividend Mandate Management System portal, 2 Jul 2024 · accessed Oct 2026
- BusinessDay: Steps for shareholders to get unclaimed dividends, 7 Dec 2022 · accessed Oct 2026
- CSCS: Frequently asked questions · accessed Oct 2026
- GOV.UK: Tax on dividends (updated 30 Sep 2026) · accessed Oct 2026
- GOV.UK: UK–Nigeria double taxation convention (1987) · 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.