This is a very important question—and many investors get it wrong at the beginning.
Let’s go straight to the mechanics and then the strategy.
🧠 1. How dividend actually works (the key dates)
For any company (e.g. Access Holdings Plc or Guaranty Trust Holding Company), there are 3 critical dates:
1. Declaration date
Company announces dividend
2. Qualification (Record) date
👉 You must own the shares BEFORE this date
3. Payment date
👉 That’s when cash is paid
⚠️ The most important rule
👉 You must buy BEFORE the qualification date
Not on that day. Not after.
Because of settlement timing in Nigeria (T+2), you typically need to buy at least 2–3 working days before the qualification date.
❓ Your main question:
“Should I wait for them to start selling shares or buy anytime?”
Let’s answer clearly.
❌ Strategy 1: Waiting just to “catch dividend”
This is what many beginners try:
Wait until dividend is announced
Quickly buy shares
Collect dividend
Sell immediately
👉 Sounds smart… but here’s the problem:
After qualification date:
Price drops (dividend adjustment)
You don’t gain extra value
This links to Dividend Irrelevance Theory
Result:
You collect ₦X dividend
Share price drops roughly ₦X
You gain almost nothing
✅ Strategy 2: Buy quality stocks anytime (best approach)
Instead of chasing dividend timing:
👉 Buy strong companies when price is reasonable
Then:
Hold through dividend
Earn both:
Dividends
Price appreciation
🧠 Real investor mindset
Don’t ask:
“When should I buy to get dividend?”
Ask:
“Is this a good business at a good price?”
📊 Example (simple)
Let’s say:
Share price = ₦50
Dividend = ₦5
After qualification:
Price drops to ~₦45
👉 Your total wealth stays ≈ same
🔥 When does dividend strategy actually make sense?
Dividend investing works when:
You hold long-term
You keep accumulating shares
You reinvest dividends
Not when you:
Jump in and out quickly
💡 So what should YOU do?
Based on your level of understanding:
Option A (Smart beginner strategy)
Buy strong dividend-paying stocks gradually
Hold long-term
Ignore short-term price drops
Option B (Advanced strategy)
Combine:
Dividend stocks
Growth stocks
Avoid this:
❌ Buying only because “dividend is coming soon”
🧾 Final summary
✔ You must buy before qualification date to receive dividend
❌ Don’t chase dividend timing for quick profit
✔ Buy based on value, not dividend hype
✔ Long-term holding is where dividend makes sense

This is a common point of confusion on shareholder portals like Datamax Shareholders Portal—and it’s not an error in the way you’re thinking.
What you’re seeing (GTCO on dividend history)
When your dividend history shows Guaranty Trust Holding Company Plc (GTCO), it does NOT mean:
GTCO is your bank account ❌
Or that your dividends are being paid into GTCO ❌
What it actually means:
It is showing the company that paid the dividend, not the bank receiving the money.
How dividend records are structured
On platforms like Datamax:
“Client Account / Dividend History” typically shows:
Company name (e.g., GTCO, Dangote, etc.)
Dividend amount
Payment date
Status (paid/unpaid)
👉 It is a transaction log, not a bank account display.
Where your bank account actually comes in
Your real payment account (e.g., Access Bank) is linked through:
The e-Dividend Mandate system:
Managed by Central Securities Clearing System (CSCS)
And the registrars
If properly set:
Dividends from GTCO or any company go straight to your bank (e.g., Access Bank Plc)
Why you’re confused (very understandable)
You expected:
“Client Account = My Bank Account”
But in reality:
“Client Account” = Your shareholder/investor record
Not your withdrawal bank
When it could actually be a problem
Now, let’s be precise—there can be an issue if:
1. Your e-dividend mandate is not set or outdated
Then:
Dividends may go to an old bank
Or remain unpaid
2. You have multiple CSCS/registrar records
Then:
One account may be linked to GTCO bank
Another to Access Bank
3. Registrar mismatch
Different companies use different registrars:
Datamax handles some companies, not all
How to fix / verify properly (step-by-step)
Step 1: Confirm your e-dividend setup
Check:
Which bank account is linked to your CSCS
If unsure:
Visit your stockbroker or registrar
Step 2: Check your bank alert history
Look for:
Dividend payments from GTCO
If you’re receiving alerts in Access Bank: → Everything is fine
Step 3: Update your e-dividend mandate (if needed)
If wrong bank is linked:
Fill SEC e-dividend form
Submit through:
Your bank, or
Registrar
Step 4: Cross-check with your broker
Especially if you use multiple apps like:
InvestNaija
Others
Ask:
“Which bank is currently linked to my CSCS for dividends?”
Bottom line
Seeing GTCO there is normal
It refers to the dividend-paying company, not your bank
Your actual bank account is controlled via e-dividend mandate, not that screen

This situation is very common in Nigeria, and the good news is: your father’s dividends and shares can still be recovered, even after many years.
Let’s break it down step-by-step.
Step 1: Confirm the Shares Still Exist
Since you mentioned Oando Plc, the first step is to contact the company’s registrar.
Oando Plc’s registrar is usually:
First Registrars and Investor Services Limited
The registrar keeps records of:
Number of shares
Unclaimed dividends
Next of kin (if available)
Shareholder address
Step 2: Gather Basic Information
Before contacting them, try to get:
Father’s full name
Old home address (very important)
Approximate year he bought shares
Any old dividend letters (if available)
Any share certificate (if available)
Even if you don’t have documents, they can still trace using name + address.
Step 3: Since Your Father Is Deceased (Important Step)
Because your father passed away in 2011, you must legally claim the shares as beneficiaries.
You will need:
Required Documents
Death certificate
Letter of Administration (if no will)
Valid ID of beneficiaries
Passport photographs
Birth certificate (to prove relationship)
Step 4: Apply for Letter of Administration
Since you said:
Your father had no bank account
No will mentioned
You will likely need Letter of Administration from the Probate Registry at the High Court.
This gives you legal authority to claim:
Shares
Dividends
Other investments
Step 5: Check Unclaimed Dividend Portal (Very Important)
Also check:
Securities and Exchange Commission Nigeria
Central Securities Clearing System Plc
They help track:
Unclaimed dividends
Dormant shares
Registrar information
Why Dividends Stopped Coming
This usually happens when:
Address changed
Dividend became electronic (e-dividend)
Shares moved to CSCS account
Mail stopped being delivered
So the money did not disappear — it’s still there.
Important Tip (Very Important)
Because it’s over 16–18 years, your father may have:
Bonus shares
Rights issues
Increased share value
Accumulated dividends
The value may be much higher now 📈
If you’re comfortable sharing:
Your father’s name (or initials)
Any company name you remember (besides Oando)
I can help you trace it step-by-step.

When shares of a deceased person remain unclaimed (especially for 30+ years), the first step is to determine who was listed as the Next of Kin or nominee when your father bought the shares.
Here is the step-by-step process in Nigeria:
Step 1: Locate Any Old Share Documents
Look for:
Share certificates
Dividend warrants (old dividend cheques)
CSCS statements
Purchase receipts
Broker statements
These documents usually contain:
Shareholder name
Company name
Registrar name
Shareholder account number (very important)
Step 2: Contact the Company Registrar
Every company has a Registrar that manages shareholders’ records.
Examples in Nigeria include:
First Registrars and Investor Services Limited
Meristem Registrars and Probate Services Limited
Coronation Registrars Limited
Africa Prudential Plc
Tell them:
Your father’s full name
Approximate year shares were bought
Company name
They will check:
Next of kin (if listed)
Number of shares
Unclaimed dividends
Step 3: If No Next of Kin Was Listed
This is very common (especially 30+ years ago).
Then you will need:
Required Documents
Usually:
Death certificate of your father
Letter of administration OR probate
Valid ID of beneficiaries
Passport photographs
Birth certificate (to prove relationship)
Step 4: Get Letter of Administration (If No Will)
If your father did not leave a will, you must apply for:
Letter of Administration from the Probate Registry (High Court in your state)
This legally allows you to claim:
Shares
Bank accounts
Other investments
Step 5: Check Unclaimed Dividends Portal (Very Important)
You can also search via:
Securities and Exchange Commission Nigeria (SEC Nigeria)
Central Securities Clearing System Plc (CSCS)
These help trace:
Unclaimed shares
Dividends
Registrar details
Quick Summary
To know the next of kin:
Check old share documents
Contact the company registrar
If none listed → apply for Letter of Administration
Since it’s 30+ years, there’s a very good chance:
There may be bonus shares
There may be unclaimed dividends
Value may have grown significantly 📈
This happens often in Nigeria.