How to Claim Unclaimed Dividends in Nigeria

Did you know there are over ₦190 billion in unclaimed dividends sitting in Nigeria's capital market right now?

That money belongs to Nigerian investors — people who bought shares in MTN, Zenith Bank, Dangote Cement, GTBank, and hundreds of other companies — but have never received a single naira in dividend payments.

Some of it could be yours.

Whether you bought shares during the 2004–2008 stock market boom, participated in a public offer, or inherited shares from a family member, there's a real chance your name is on a list of investors owed money — and you don't even know it.

The good news: claiming your unclaimed dividends is simpler than most people think. This guide walks you through the exact process, step by step.

What Are Unclaimed Dividends?

An unclaimed dividend is money a company has declared and set aside for shareholders — but the shareholder never received it. The company paid it. It's sitting there. It just hasn't reached your bank account.

This happens for several reasons:

• You participated in an IPO or public offer but never opened a proper brokerage account
• Your bank account details were never registered with the registrar
• You changed banks and never updated your records
• Your address changed and dividend warrants were returned undelivered
• You inherited shares from a parent or grandparent but never claimed them
• A company changed its name through a merger and you lost track of your investment
• Your name was recorded differently — maiden name vs married name, different spelling, missing middle name

Nigeria went through two major waves of retail stock investing: the boom of 2004–2008 when millions of Nigerians bought shares for the first time, and the 2024 bull market driven by new public offers from banks and telecoms. In both periods, many investors never properly completed their registration — resulting in billions sitting unclaimed.

To stay on top of dividends before they go unclaimed, see our full list of 2026 NGX dividends declared — updated monthly with qualification dates, payment timelines, and registrar contacts.

Step 1: Check If You Have Unclaimed Dividends

Step 2: Note Your Registrar

The registrar is the company that manages shareholder records on behalf of the listed company. Your unclaimed dividends are held by your registrar — not directly by the company and not by the SEC.

When you find your name on the SEC portal, it will tell you which registrar is managing your shares. This is critical — you must contact the correct registrar to claim your money.

Here are Nigeria's major registrars and their contact details:

Step 3: Download and Fill Your Registrar's E-Mandate Form

Step 4: Submit the Form

You have three submission options:

Option 1 — Submit directly to the registrar's office. Walk into the registrar's branch with your completed form and documents. Some registrars confirm payment within 1–4 days after verification. Coronation Registrars specifically advertises this timeline on their website.

Option 2 — Submit through your bank. Take the completed e-mandate form to any branch of your preferred bank. The bank will process it and send it through the NIBSS Electronic Mandate Management System to the registrar.

Option 3 — Submit through your stockbroker. If you have a stockbroker, they can submit the form on your behalf and also help if there are any issues with your records.

Step 5: Follow Up

After submission, follow up with the registrar after 5–7 business days to confirm your form has been received and is being processed. Ask for a reference number or confirmation email.

Once processed, all your outstanding unclaimed dividends will be credited directly to your bank account — and all future dividends from those shares will also be paid electronically to the same account going forward.

Special Situations

What to Do After You Claim

Once your unclaimed dividends are paid and your e-mandate is active, future dividends from those shares will be paid automatically to your bank account. You don't need to do anything for subsequent payments.

However, it's good practice to:

• Keep your bank account details updated with your registrar if you ever change banks
• Check the SEC portal once a year to ensure nothing new has appeared under your name
• Ensure your shares are properly linked to your CSCS account so you can also sell them if you choose to