₦190bn Unclaimed Dividends: NOA Urges Nigerians to Reclaim Forgotten Stock Market Earnings
The National Orientation Agency (NOA) has called on Nigerians to reclaim their unclaimed dividends, revealing that over ₦190 billion remains uncollected in the nation’s capital market. The agency raised the alarm on Monday through its official X handle, stressing that millions of investors and ordinary citizens could have funds tied up without their knowledge.
Unclaimed dividends are payments declared by companies for shareholders that remain unpaid due to outdated addresses, missing bank details, or lack of awareness. According to NOA, these funds often end up in suspense accounts and may eventually be transferred to the government if left unattended. With Nigeria’s challenging economic climate, the agency urged citizens not to leave “free money” unclaimed.
To assist investors, NOA outlined a clear process for reclaiming funds. Nigerians are advised to visit the Securities and Exchange Commission (SEC) website to check for unclaimed dividends linked to their names or businesses. From there, investors can identify the registrar managing their shares, download and complete an e-dividend mandate form, attach a passport photo and valid ID, and submit the documents through their bank or registrar.
The agency also recommended using the NIBSS Self-Service Portal or directly approaching registrars and banks to register for e-dividend payments, ensuring that future dividends are paid directly into shareholders’ bank accounts. NOA emphasized the importance of follow-up to confirm that claims are processed promptly.
This push follows the SEC’s July directive, which ordered public companies and registrars to stop declaring dividends older than 12 years as “statute-barred.” The move, backed by the Finance Act 2020, aims to protect shareholders and ensure that Nigerians can still access their rightful earnings regardless of how long they’ve been pending. For many, this could mean a significant financial boost at a time when every naira counts.
source: punch