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The capital market in Nigeria pays out dividends from time to time but they still have a long list of unclaimed dividends. This led the Securities and Exchange Commission (SEC Nigeria) to create the e-dividend portal to try to limit the high rate of unclaimed dividends.
While unclaimed dividends will usually accumulate, it is also more reasonable to claim them as the capital market releases them.
How to Collect Unclaimed Dividends in Nigeria
The list of unclaimed dividends in Nigeria is in a database here where people can check for their names or the names of their family member. The site also provides related information as well as directions on how to get the unclaimed dividend from the e-dividend portal. Follow the instruction to know what to do next:
Go to link http://sec.gov.ng/non-mandated/
Type in your name or family member’s name
If the name pops up, note down the Registrar’s name, Company name, Investment account number
If there is no dividend in that name, you are notified. You can also try as many as possible.
On the menu section of the SEC e-dividend portal is an option to download Registrar’s e-mandate form, click on it.
The form should be filled and sent to your local bank or your Registrar’s office. Attach a passport photo of yourself or the person whose name is on the dividend.
The bank or registrar will process and verify it. The dividend and all secondary market transactions will go to a bank of your choosing as the SEC states.
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SEC encourages all investors to register to collect dividends listed in their names that they are unaware of. Free registration of e-dividend ended in 2018. However, banks now charge a fee for new registrations for people who want to collect unclaimed dividends and upcoming ones.
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