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Home Markets Equities Dividends

Shareholders demand SEC action to streamline unclaimed dividend process in Nigerian banks 

Israel Ojoko by Israel Ojoko
May 12, 2025
in Dividends, Equities, Markets
SEC warns Nigerians against investing in Risevest and Stecs  
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Shareholders have appealed to the Securities and Exchange Commission (SEC), registrars, and stockbrokers to simplify the claiming process for unclaimed dividends, citing frustration over administrative bottlenecks and delays.

Concerns over the continuous rise in unclaimed dividends from banks and corporations have intensified calls for a more seamless, transparent, and accessible system.

Many investors argue that the current process is cumbersome, discouraging rightful claimants from accessing their funds.

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Key Challenges Affecting Dividend Claims 

According to Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association, several factors contribute to the surge in unclaimed dividends, including:

  • The use of fictitious names during privatization, makes verification difficult.
  • Failure to update shareholder records after relocation leads to outdated banking details.
  • Lack of proper estate planning among deceased shareholders is preventing asset transfers to heirs.
  • Neglect by minority shareholders due to low dividend payouts.

Bakare noted that many shareholders purchased multiple shares under different names, making reconciliation nearly impossible without proper documentation.

She stressed that electronic dividend registration and frequent updates with registrars are critical in reducing the backlog of unclaimed dividends.

Stakeholder Collaboration Needed for Reform 

Mr. Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria, expressed concern that even newly listed companies on the Nigerian Exchange Group (NGX) continue to experience unclaimed dividend issues.

He proposed that registrars actively reach out to investors through direct communication, ensuring shareholders are aware of their dividend entitlements.

Igbrude criticized the SEC’s dividend trust fund initiative, stating that a multi-dimensional approach involving registrars, stockbrokers, corporate executives, and shareholder associations would be more effective in addressing the issue.

“If the stakeholders are truly sincere, we need a multi-pronged approach that ensures transparency, investor education, and active engagement across all sectors,” he said. 

Additionally, he urged all relevant authorities to simplify the process of transferring shares from deceased individuals to their rightful heirs, eliminating unnecessary delays and bureaucratic hurdles.

What you should know 

  • To tackle the growing issue, SEC Director-General Dr. Emomotimi Agama emphasized the importance of digitizing Nigeria’s capital market.
  • He highlighted that digital transformation initiatives would streamline capital raising and help resolve identity-related challenges contributing to unclaimed dividends.
  • Agama pointed out that the core issue is identity verification, noting that once accurate shareholder information is maintained, there would be no reason for individuals to abandon their dividend claims.

With calls for greater transparency, enhanced shareholder communication, and digital integration, the Nigerian financial ecosystem is at a pivotal moment.

Stakeholders remain optimistic that ongoing reforms will create a smoother, more efficient dividend retrieval process, ensuring investors gain rightful access to their earnings without unnecessary delays.

Tags: Bisi BakareEmomotimi AgamaSECunclaimed dividend process
Israel Ojoko

Israel Ojoko

Israel Ojoko is a dynamic journalist renowned for his in-depth coverage and insightful analysis on a diverse range of topics. With a keen eye for detail and a passion for storytelling, Israel has penned impactful articles on the economy, political developments, fintech, and cybersecurity, among many others. His dedication to uncovering the multifaceted narratives has established him as a trusted voice and influential figure in contemporary journalism.

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