The National Orientation Agency has urged Nigerians to reclaim unclaimed dividends associated with their names and companies.
NOA advised this as it raised alarm over the staggering N190 billion in unclaimed dividends accumulating in the Nigerian stock market.
The agency is a public awareness on its official X account on Monday, said investors and ordinary Nigerians can claim their funds by visiting Securities and Exchange Commission website.
Unclaimed dividends are cash payments a company has declared for shareholders but that remain unpaid or uncollected.
One’s dividend may be unclaimed because letters or cheques went to old addresses, bank details are missing, or beneficiaries are unaware of their entitlement.
In this case, companies keep funds in unclaimed or suspense accounts, report them to regulators, and, after a statutory period, may transfer them to the government.
Entitled shareholders can reclaim the money by contacting the company’s registrar with proof of identity and ownership.
NOA outlined a step-by-step process to reclaim funds:
- Visit the SEC Website: Investors are urged to check the SEC website (https://home.sec.gov.ng) to search for unclaimed dividends linked to their names or companies.
- Identify the Registrar: Determine the registrar managing the shares, a detail available on the SEC portal or through direct contact.
- Download the e-Mandate Form: Obtain the form from the registrar’s website or request it if unavailable online.
Submit Required Documents: Accurately fill out the form, attach a passport photo and valid ID, and submit it via email or bank to the registrar. - Follow Up: Confirm receipt and processing 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,” the Agency said.
PUNCH Online reports the SEC, in July, directed all public companies and their registrars to stop treating unclaimed dividends older than 12 years as statute-barred, especially those declared before the enactment of the Finance Act 2020.
The directive follows concerns that some companies and registrars continue to deny shareholders access to unclaimed dividends on the basis that they are over 12 years old, contrary to provisions of the Finance Act 2020.
