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E-Dividend FAQs

What is E-dividend (Electronic Dividend)?

It is a convenient, secure online means of paying dividends directly to the Shareholder’s account instead of printing and mailing dividend warrants as is currently in use.

How does it work?

A shareholder who has a bank account (Savings or Current Account) with any bank, gives his/her accurate account details to the Company (by completing the ‘Mandate form’) and his/her dividend paid directly into that account.

What are the benefits or advantages of e-dividends payment i.e. direct credit of the shareholders account?

• Increased transparency in the administration of dividend payment

• Reduced incidence of unclaimed dividends

• It eliminates the problem of returned dividend warrants where a shareholder changes address without notifying the company.

• Saves money: no need to write a cheque, use an envelope, or buy postage stamps, i.e the company’s overhead costs is reduces and ultimately, more money is available to be paid as dividends.

• Saves time: no more waiting for the dividend warrant in the mail or in line to deposit into the bank

• It can be paid into a Savings account.

• Private and more secure.

• Dividends paid can be captured in the shareholder’s monthly bank statements

• Tracking of transactions are faster & reports can be easily generated

Is the e-dividend payment plan sanctioned by the government?

The Securities and Exchange Commission, which is the government agency charged with investor protection, endorses the e-dividend payment.

What is a mandate form and where can I get it from?

A mandate form is a form which the shareholder fills his bank account details and authorizes the Company to pay his dividends into his bank account. The form can be obtained from the Registrar’s office, the Registrar’s website (, Oando PLC website ( or any branch of First Bank closest to you.

Are there any extra costs charged to me for receiving my dividends electronically?


Do I have to open a special bank account for this?

No, e-dividends can be received from all banks as their clearing transactions are routed through Nigeria Inter Bank Settlement System (NIBSS).

How long does it take for my account to be credited once dividends are declared?

Shareholders’ accounts are credited immediately, that is, within 24 hours of the dividend being declared.

Is there any form of notification that account has been credited with my dividend?

Yes, an alert will be sent to your mobile phone (Mobile phone numbers are requested on the shareholder in mandate form) when your account has been credited.

Is it possible to use the account details given to the Registrars to perpetrate fraud against me?

The account details given to the registrars are treated with utmost confidentiality and cannot be used against the shareholder in perpetrating fraud against him/her, as signatures will be verified.

How long do I have to wait before making a complaint if my account is not credited?

Allow for 48hours after dividend declaration, after which if you do not receive your dividend, you can contact the Registrar for clarification.

Who should I contact for further information?

The Registrar,
First Registrars Nigeria Limited
Plot 2, Abebe Village Road
Iganmu, Lagos or visit the website:
Ms. Ayotola Jagun
Company Secretary
17a Ozumba Mbadiwe ,
Victoria Island,
Lagos, Nigeria
Tel: 234-1-2702400, Ext 6159


Click here to download the E-Dividend Mandate Form

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