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
Search the SEC's non-mandated shareholders list, then claim from each company's registrar by completing an e-dividend mandate linked to your BVN and a Nigerian bank account. The SEC says you can mandate through the NIBSS self-service portal or approach your registrar or bank; once the mandate is in place, the registrar pays past unclaimed dividends and future ones electronically.
Unclaimed dividends are a familiar problem for Nigerians who bought shares in the 2000s and then moved abroad. Payments went to warrants that were never cashed, or to accounts that were closed. The money is usually recoverable, but it takes patience with registrars, and from the US most of the work is by email and courier.
How big the problem is
BusinessDay's 2022 explainer cites SEC figures of about ₦177 billion in unclaimed dividends at December 2021, and notes about 18 registrars serving more than 100 listed companies. It also notes that the Finance Act 2020 allows the Federal Government to borrow dividends unclaimed for six years or more from declaration. That does not cancel your right to them, but older balances can involve more steps. Ask the registrar how it handles yours.
Step 1: find out what you are owed
- Search the SEC non-mandated list at eportal.sec.gov.ng/non-mandated, linked in the SEC's July 2024 circular. Try every version of your name, including maiden names and old spellings.
- List each company where you appear and note its registrar (the company's annual report or website names it).
- If you do not know which shares you held, CSCS's FAQs say it can run a global search across brokers and registrars, at its Lagos or Abuja office or through your broker.
- Gather any old evidence: share certificates, dividend warrants, contract notes, bank statements.
Step 2: claim from each registrar
The SEC circular describes two routes: mandate yourself through the NIBSS self-service e-dividend portal, or approach the registrar or your bank to collect unclaimed dividends and receive future ones electronically. BusinessDay's steps for the registrar route are to obtain the registrar's e-dividend mandate form, fill in your name, BVN, account number and contacts, get it signed and stamped at your bank, and return it to your broker or the registrar.
Doing it from the US
- Email the registrar first with your full name, the companies, any CHN or account number and a copy of your ID. Ask exactly what they need from someone abroad.
- Ask your Nigerian bank how it stamps a mandate for a customer abroad; some do it from a scanned signed form, others want a branch visit by an authorised person.
- Expect a request for a notarised signature or a signed letter of authority if a relative in Nigeria will submit forms for you.
- Courier originals with tracking, and keep copies of everything sent.
- Follow up after a few weeks with your reference number.
Harder cases
| Situation | What usually happens |
|---|---|
| Name on register differs from BVN | Registrar asks for evidence of the change (marriage certificate, deed poll, sworn affidavit) |
| Paper certificates never dematerialised | Your broker and the registrar convert them to your CHN first |
| Shares in a deceased parent's name | Transmission to the estate or heirs, with probate or letters of administration |
| Company merged or changed name | The successor company's registrar handles old dividends |
Transmission after a death is a longer process that usually needs a Nigerian lawyer; start early.
Using someone in Nigeria to help
A relative or lawyer in Nigeria can carry forms to your bank or registrar, but they act on your written authority, not their own. Give them a signed letter naming the companies, the registrar and the single task, and keep the bank account in your own name. Never let a helper put their own account on your mandate, even temporarily: the registrar will pay whoever the mandate names, and reversing it is slow.
- Limit the authority to specific companies and a specific purpose.
- Ask the registrar to send confirmations to your own email as well as the helper's.
- Check the SEC non-mandated list again a few months later to confirm your name has dropped off.
Tax and records
Nigerian withholding tax is normally deducted from dividends when declared; Bamboo's 2026 tax guide gives 10%. When a lump sum of old dividends arrives, ask the registrar for a breakdown by year and company. A US preparer will need it, because US residents report worldwide income and the timing of when income is reported matters. Information, not tax advice.
Worked example (illustrative)
You find unclaimed dividends at three companies with one registrar: ₦18,000, ₦27,500 and ₦9,400 net. One mandate form per registrar, covering all three, could recover ₦54,900. A second registrar for a fourth company needs its own form.
After recovery, keep future payments flowing; see getting Nigerian dividends paid in the US and CSCS accounts from the US.
Where Pryme fits
Registrars pay into a Nigerian naira account in your name. A Pryme account, opened from the US, gives you NGN details next to USD; check that your registrar accepts it on the mandate. Recovered naira stays in naira until you choose to Swap, and the app shows the rate and the fee before you approve. A statement showing each credit helps your tax records.
Questions people ask
How do I check if I have unclaimed dividends in Nigeria?
Search the SEC non-mandated list at eportal.sec.gov.ng/non-mandated, and ask CSCS or your broker for a global search if you are unsure which shares you hold.
Can I claim unclaimed dividends without coming to Nigeria?
Usually yes, through the NIBSS self-service portal or a registrar's mandate form, though some registrars and banks ask for notarised documents.
Do unclaimed dividends expire in Nigeria?
BusinessDay notes the Finance Act 2020 lets the government borrow dividends unclaimed for six years or more. Ask the registrar how older balances are paid.
Who pays unclaimed dividends, CSCS or the registrar?
The registrar. CSCS says dividend and bonus claims go to registrars.
Sources
- SEC Nigeria: Revamped e-dividend mandate management system portal (2 Jul 2024) · accessed Oct 2026
- BusinessDay: Explainer, steps for shareholders to get unclaimed dividends (7 Dec 2022) · accessed Oct 2026
- CSCS: Frequently asked questions · accessed Oct 2026
- Learn With Bamboo: Tax on Nigerian stocks (26 Jun 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.