How to recover unclaimed dividends in Nigeria

The value of unclaimed dividends in Nigeria’s Capital Market has increased from N158.44 billion in  2019 to over N177 billion recently.

This is according to the data from the Securities and Exchange Commission (SEC).

To curb the rising amount of unclaimed dividends, SEC created an e-dividend portal after the issuance of physical dividend warrant ended on 28th February 2018.

Reclaiming unclaimed dividend(s) begins with a search on the U-eDIV portal which is designed and managed by the SEC to enable investors to register for the collection of their unclaimed dividends and subsequent payment of dividends electronically to their preferred bank account.

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Here are the steps:

1. Visit the U-eDIV portal
2. Search the portal using first and last name to see if you have any unclaimed dividends.
3. The search result shows the list of shares you have with the name of the registrar and the link to download the registrar’s form.
4. Download and fill your registrar’s edividend mandate form.
5. Send the filled form to your local bank or your registrar’s office with a copy of your passport photo or submit through your stockbroker.
6. Your stockbroker will guide you on how to obtain your CSCS account and Clearing House Number (CHN).
7. Once the e-dividend mandate form is verified and processed, you will receive your outstanding dividends.

Note that using a stockbroker will ease the process of unclaimed dividend recovery. Your stockbroker can assist in the following ways;

• Get your CSCS account number.
• Send your signature specimen to Registrar if its not available.
• Help to follow up and track the process.

If you already know your registrar, you can download the registrar’s e-dividend mandate form from SEC’s website or the Registrar’s website.

Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.