Unclaimed dividends across 11 major companies listed on the Nigerian Exchange Limited dropped to N24.3 billion for the year ended December 31, 2025, marking a 26 per cent decrease from the N32.65 billion reported in 2024.
The disclosures span leading firms including Nestlé Nigeria Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, UAC of Nigeria Plc, BUA Cement Plc, Lafarge Africa Plc, AXA Mansard Plc, Unilever Nigeria Plc, Nigerian Breweries Plc, Aradel Holdings Plc, and Seplat Energy Plc, reflecting a mix of declines and increases across sectors.
Regulatory interventions continue to shape the trend. In 2015, the Securities and Exchange Commission Nigeria directed registrars to return dividends unclaimed for 15 months or more to issuing firms. This was reinforced by the Finance Act 2020, which took effect on January 1, 2021, mandating that dividends unclaimed for six years be transferred to the Unclaimed Dividend Trust Fund managed by the Debt Management Office.
Company-by-company breakdown
Nestlé Nigeria Plc recorded the highest unclaimed dividend at N4.31 billion in 2025, a sharp drop of nearly 52 per cent from N8.97 billion in 2024. The company stated that N4.1 billion—covering dividends outstanding for six years and above—had been transferred to its registrars for onward remittance to the trust fund in line with the Finance Act.
Dangote Cement Plc followed with N4 billion, down 23.1 per cent from N5.2 billion in 2024.
Lafarge Africa Plc reported N3.21 billion, representing an 8.6 per cent increase from N2.95 billion in the previous year, while Unilever Nigeria Plc recorded a sharp rise to N3.2 billion from N286.26 million in 2024.
Nigerian Breweries Plc posted N2.7 billion, a 61 per cent decline from N6.9 billion, whereas Seplat Energy Plc saw its figure rise by 56.9 per cent to N2.4 billion from N1.5 billion. Seplat further disclosed that its unclaimed dividends stood at $284,365.91 and N1,997,232,083.07 for the year.
MTN Nigeria Communications Plc reported N1.67 billion in unclaimed dividends, a 172 per cent increase from N612.5 million in 2024. The company noted that no returned unclaimed dividends were received during the year (2024: N287.7 million). However, Coronation Registrars Limited issued funding requests totaling N66.95 million, which were honoured (2024: N525.9 million), bringing total outstanding unclaimed dividend liability to N1.67 billion as of December 31, 2025.
UAC of Nigeria Plc recorded N1.2 billion, representing a steep 75 per cent drop from N4.8 billion in 2024, and disclosed that N4.1 billion was transferred during the year in compliance with the Finance Act.
Aradel Holdings Plc posted N979.42 million, a 79 per cent increase from N547 million in 2024. Similarly, BUA Cement Plc reported N979.42 million in 2025, reflecting a 23.28 per cent decline from N714.15 million recorded in 2024.
AXA Mansard Plc declared N94.8 million, a 32 per cent drop from N139.24 million in the previous year.
Industry perspective
Seyi Owoturo, immediate past president of the Institute of Capital Market Registrars (ICMR), estimated Nigeria’s total unclaimed dividends at about N200 billion, noting that while significant, the figure remains relatively small compared to national budgets and large-scale infrastructure spending.
According to him, unclaimed dividends have accounted for roughly 3 to 3.5 per cent of total declared dividends over the past 12 years, particularly among legacy firms such as First Bank Holdings Plc, Nestlé Nigeria, Cadbury Nigeria, and Unilever Nigeria.
He added that newer companies—especially those listed after the introduction of the Bank Verification Number (BVN) system—record much lower unclaimed dividend ratios, often below one per cent. Citing examples like MTN Nigeria, Dangote Cement, Airtel Africa, and Seplat, he explained that improved identity tracking and record management have significantly reduced the issue.
Owoturo attributed much of the backlog to pre-BVN era investments, where shareholders may have failed to update records, relocated, or passed away, leading to accumulated unpaid dividends. Unlike bank accounts, he noted, capital market accounts are not formally classified as dormant.
Addressing concerns about registrars, he stated that there is no evidence suggesting deliberate frustration of investors. He recalled that during his tenure, complaints were invited with assurances of disciplinary action where necessary, but none were formally reported.
While acknowledging the need to further reduce unclaimed dividends, he emphasised the importance of context, noting that the issue is largely historical and gradually being addressed through regulatory reforms and improved systems.