AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Dividends on Nigerian shares are paid by the company's registrar straight into your bank account only if you have an e-dividend mandate. The SEC's July 2024 circular says you can check its non-mandated list, apply on the e-DMMS self-service portal, or go to your registrar or bank, which also lets you collect unclaimed dividends.
When a Nigerian listed company declares a dividend, the money does not reach you automatically just because you own the shares. It is paid by the company's registrar, the firm that keeps the register of shareholders, and it is paid electronically only to shareholders whose holdings are linked to a bank account through an e-dividend mandate. Without one, dividends pile up as unclaimed. This guide explains the mandate, the official ways to set it up, and how timing works.
What the e-dividend mandate is
An e-dividend mandate is an instruction, recorded against your shareholding, telling registrars which bank account to credit with your dividends. Once it is in place, each dividend you are entitled to is paid straight into that account instead of by a paper warrant that can be lost, stolen or never cashed.
The Securities and Exchange Commission (SEC) runs the E-Dividend Mandate Management System (e-DMMS) to manage this. In a circular published on 2 July 2024, it announced a revamped portal with a 'self-service interface' that lets investors apply to mandate their accounts online. The same circular says registering also allows collection of unclaimed dividends and receipt of later dividends electronically.
How to register: the three routes
The SEC circular gives these options:
- Check whether you are on the non-mandated list. The circular links the SEC's non-mandated list at eportal.sec.gov.ng/non-mandated. If your name and holdings appear there, your dividends are not yet linked to a bank account.
- Apply online through the self-service portal. The circular links the 'NIBSS Self Service' e-DMMS page for investors to mandate their accounts themselves.
- Or go to your registrar or your bank. The circular says investors may approach their registrars or banks to register for collection of unclaimed dividends and electronic receipt of future ones.
The circular does not list documents, fees or processing times. In practice, have these ready, and confirm with your registrar or bank what they need:
- Your full name exactly as it appears on your share certificate or depository account. Mismatches between names on the register and on the bank account are a common cause of failed mandates.
- Your BVN and the bank account you want dividends paid into, in your own name.
- Your shareholder or depository (CSCS) account number, from your stockbroker or a past statement.
- A valid ID and current address and phone number.
- The name of each company you hold, so every holding is covered. If your shares sit with several registrars, check that each has your mandate.
When dividends are paid
Timing is set by each company, not by the mandate. When a company declares a dividend, its announcement to the market states the amount per share, a qualification (closure) date and a payment date. To receive the dividend you must be on the register as at the qualification date; shares bought after that point do not qualify for that payment. On the payment date, the registrar credits mandated accounts. The amount you receive is after any tax deducted at source, shown on the dividend advice.
If a payment date passes and nothing arrives, check in this order:
- That your shares were on the register at the qualification date.
- That your mandate covers that company and that registrar.
- That the bank account on the mandate is still open and in your exact name.
- Then contact the registrar named in the company's announcement, quoting your shareholder account number.
Old shares and unclaimed dividends
Many Nigerians hold shares bought years ago, sometimes through public offers, inherited, or recorded on paper certificates. These holdings are the ones most often missing a mandate. Start by searching the non-mandated list, then contact the registrar for each company. If the shares belonged to a relative who has died, the registrar will explain the estate documents required before anything can be transferred or paid. For background on how the market and its regulators fit together, see the history of Nigeria's stock market and its regulators and how the Nigerian stock exchange works.
Dividends from mutual funds work differently
Unit trusts do not use the e-dividend mandate in the same way: the fund manager pays income to the bank account on your fund account. ARM Investment Managers' FAQ, for example, says its money market fund pays dividends quarterly, which you can choose to reinvest or have paid to your bank, and that if you partly redeem before quarter-end you receive the capital then and the income at the next distribution. Check your own fund's terms, and keep the bank details on your fund account up to date as well.
Contacts
- SEC phone
- +234 209 462 1168 or +234 916 772 3240, as listed in the July 2024 circular
- SEC email
- sec@sec.gov.ng
- Registrar
- Named in each company's dividend announcement and annual report
Dividends from ETFs work in a similar way where the ETF distributes income; see how to buy ETFs on the NGX. If you are buying shares for the first time, set up the mandate at the start; our guide to the minimum amount to buy shares covers the first purchase.
Questions people ask
How do I register for e-dividend in Nigeria?
Use the SEC's e-DMMS self-service portal linked in its July 2024 circular, or approach your registrar or bank. First check the SEC non-mandated list to see which holdings are not linked.
How do I check my unclaimed dividends in Nigeria?
Search the SEC non-mandated list at eportal.sec.gov.ng/non-mandated, then register a mandate to collect unclaimed dividends and receive future ones electronically.
When will my dividend be paid?
On the payment date in the company's dividend announcement, provided you were on the register at the qualification date and your mandate is in place.
Is there a fee for the e-dividend mandate?
The SEC circular does not state any fee. Ask your registrar or bank before you start, and be cautious of agents charging to recover dividends.
Sources
- SEC Nigeria: Revamped E-Dividend Mandate Management System Portal (2 July 2024) · accessed Oct 2026
- ARM Investment Managers: FAQs (modified 27 March 2026) · 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.