The National Orientation Agency (NOA) has called on Nigerians to take steps to recover unclaimed dividends linked to their names and companies, warning that unclaimed funds in the Nigerian capital market have risen to about N190 billion.
The agency issued the advisory in a public notice on its official X handle on Monday, urging investors and ordinary Nigerians to verify their entitlements via the Securities and Exchange Commission (SEC) website.
Unclaimed dividends are declared payments that remain unpaid or uncollected by shareholders. They often arise due to outdated addresses, missing bank details, or beneficiaries’ lack of awareness. In such cases, companies transfer the funds into suspense accounts and later report them to regulators.
NOA outlined a simple process for recovering the funds:
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Visit the SEC Website – Use the SEC portal (https://home.sec.gov.ng) to search for unclaimed dividends tied to a name or company.
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Identify the Registrar – Confirm the registrar managing the shares through the portal or direct inquiry.
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Download the e-Mandate Form – Obtain the form from the registrar’s website or request it directly.
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Submit Required Documents – Fill in the form, attach a passport photograph and valid ID, and submit via email or bank to the registrar.
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Follow Up – Confirm processing and registration with the registrar.
“Additionally, you can use the NIBSS Self Service link provided by the Commission or approach your registrar or bank to register for e-dividend payment,” NOA advised.
The agency stressed that reclaiming these funds would not only benefit individual investors but also strengthen confidence in Nigeria’s financial system.
Meanwhile, PUNCH Online recalls that in July, the SEC directed all public companies and their registrars to stop classifying unclaimed dividends older than 12 years as statute-barred, particularly those declared before the enactment of the Finance Act 2020.
The directive followed complaints that some registrars were still denying shareholders access to such funds, in violation of the law.
