Unclaimed Dividends in Nigeria's Capital Market Total Over N242 Billion

Strategic Insights -

Despite technological advancements and regulatory reforms, unclaimed dividends in Nigeria's capital market have continued to rise, totaling over N242 billion as of June 2025. This figure has grown steadily over the years, reaching N158.4 billion in 2019, N190 billion in 2023, and now N242 billion. The Securities and Exchange Commission (SEC) has issued a circular directing public companies to comply with the Finance Act 2020, which mandates that dividends unclaimed for six years or more be transferred to the Unclaimed Funds Trust Fund (UFTF). However, the UFTF is still not operational, and companies are required to honour all valid claims, including those not statute-barred before December 31, 2020.

Key Takeaways:

  • Unclaimed dividends in Nigeria's capital market total over N242 billion as of June 2025.
  • The figure has grown steadily over the years, reaching N158.4 billion in 2019, N190 billion in 2023, and now N242 billion.
  • The growth has been driven by increased retail investor participation following the banking consolidation of the early 2000s.
  • The Finance Act 2020 changed the landscape by mandating that dividends unclaimed for six years or more be moved to the UFTF.
  • The Investments and Securities Act (ISA) 2025 grants the SEC more enforcement powers, but the UFTF is still not operational.
  • At least 14 blue-chip companies listed on the Nigerian Exchange (NGX) declared a combined N114.6 billion in unclaimed dividends for the 2024 financial year.
  • The figure represents a 45.8 per cent increase from N78.6 billion posted by the same firms in 2023.
  • The SEC has rolled out reforms designed to automate and streamline dividend claims, including an enhanced e-Dividend Mandate Management System (e-DMMS) and a mobile app for real-time tracking and claims.
  • These efforts have begun yielding results, with Access Holdings Plc reducing its unclaimed dividends from N21.3 billion in 2023 to N17.73 billion in 2024.

Statistics:

  • Unclaimed dividends in Nigeria's capital market total over N242 billion as of June 2025.
  • The figure has grown steadily over the years, reaching N158.4 billion in 2019, N190 billion in 2023, and now N242 billion.
  • The growth has been driven by increased retail investor participation following the banking consolidation of the early 2000s, with unclaimed dividends valued at:

+ N2.09 billion in 1999

+ N90 billion in 2015

+ N158.44 billion in 2019

+ N168 billion in 2020

+ N177 billion in 2021

+ N215 billion by March 2024

+ N242 billion by June 2025

  • At least 14 blue-chip companies listed on the Nigerian Exchange (NGX) declared a combined N114.6 billion in unclaimed dividends for the 2024 financial year, representing a 45.8 per cent increase from N78.6 billion posted by the same firms in 2023.

Sources:

  • Securities and Exchange Commission (SEC)
  • Daily Sun
  • Nigerian Exchange (NGX)
  • Companies and Allied Matters Act (CAMA)
  • Investments and Securities Act (ISA) 2025
  • Finance Act 2020