For many Nigerians, the journey into the world of stocks and shares was driven by a dream—to build wealth, receive steady dividends, and secure financial freedom. But years later, thousands of shareholders are waking up to a frustrating reality: unclaimed dividends worth billions of naira still sit idle in registrars’ accounts, forgotten or lost due to outdated contact information, lost share certificates, or simple neglect.
The good news? Reclaiming your lost dividends in Nigeria has never been faster or easier—if you know the right steps.
The Lost Dividend Problem: How We Got Here
Unclaimed dividends are not a new issue. Over the years, millions of Nigerians invested in public companies through Initial Public Offerings (IPOs) and stock purchases. But with time, many changed addresses, lost certificates, or even forgot about their investments entirely.
At the same time, companies continued to declare dividends. With no valid bank or contact details to reach the shareholders, the funds piled up—sitting in registrars’ accounts and growing stale.
As of the last official count, over ₦190 billion in unclaimed dividends remains with registrars across Nigeria.
“I didn’t even know I had dividends waiting for me until someone at a bank mentioned it casually,” said Chika Okoye, a teacher in Enugu. “Turns out I had ₦180,000 unclaimed since 2015.”
What’s Changed? A Push for Digitization
To fix the problem, Nigeria’s Securities and Exchange Commission (SEC) and the Central Securities Clearing System (CSCS) launched aggressive reforms. These include:
- E-dividend Mandate Management System (EMMS)
- Dematerialization of share certificates
- Direct Cash Settlement (DCS)
- Shareholder portals by registrars for claim tracking
These changes now allow shareholders to reclaim lost dividends faster than ever before—often within a few weeks.
The Fastest Way to Reclaim Your Lost Dividends in 2025
Here’s a step-by-step guide that simplifies the entire process:
✅ Step 1: Register for the E-Dividend Mandate
The e-dividend mandate form allows registrars to credit your dividends directly into your bank account.
- Download the form from the SEC Nigeria website or your stockbroker’s portal.
- Fill in your details: name, bank info, CSCS number, BVN.
- Submit it to your bank or broker, or upload via your registrar’s online portal.
⚠️ Pro Tip: Ensure your name matches your bank account and stock registration. Inconsistencies can delay processing.
✅ Step 2: Dematerialize Your Physical Share Certificates
If you still have paper share certificates, they must be converted to electronic format.
- Contact your stockbroker to initiate dematerialization.
- Submit your certificates and complete the CSCS form.
- The shares will be credited into your CHN (Clearing House Number) account.
This ensures you’re part of the CSCS system and makes tracking your shares easier going forward.
✅ Step 3: Visit Your Registrar or Use Their Portal
Each company you’ve invested in has a registrar—like First Registrars, Africa Prudential, GTL Registrars, Meristem Registrars, etc.
- Visit their website and use their dividend checker tools.
- Input your full name or shareholder account number.
- You’ll see a list of outstanding dividends.
Some registrars now allow you to submit claims online by uploading ID, bank details, and other documents directly through their portals.
✅ Step 4: Track and Claim via CSCS or SEC
If you’re unsure where to start, visit:
- www.sec.gov.ng/unclaimed-dividends – SEC’s portal for dividend checks.
- www.cscs.ng – The CSCS portal also links with various registrars.
These tools help locate dividends across multiple companies—especially if you can’t remember all your investments.
Common Reasons for Delays (and How to Avoid Them)
Even with the streamlined process, some issues may delay your claims:IssueSolutionName mismatch (e.g., marriage, typos)Submit an affidavit or name change documentationNo BVN or wrong bank infoUpdate your e-dividend mandate formMissing CHN numberRegister through a licensed stockbrokerInactive or unknown registrarContact the company’s investor relations team for updates
Don’t Leave Money on the Table
With inflation hitting hard and cost of living rising, reclaiming your lost dividends could give you much-needed cash—money that’s rightfully yours. Whether it’s ₦10,000 or ₦1 million, these funds can be reinvested or used to support your goals.
“I reclaimed ₦460,000 from shares my dad bought in my name when I was a child,” said Yusuf Lawal, a Lagos-based entrepreneur. “It came just when I needed to start my small business.”
A New Age of Smart Investing
As Nigeria’s financial markets become more digitized and transparent, shareholders now have better tools than ever to monitor and access their returns. But reclaiming lost dividends starts with awareness and action.
If you or someone you know once bought shares—even as far back as the early 2000s—it’s time to take five simple steps and reclaim what you’ve earned.
Because in this economy, every naira counts—and those forgotten dividends could be the financial boost you’ve been waiting for.
