What you’re dealing with is a classic “paid but not received” dividend case in the Nigerian market, and it usually comes down to one of 5 technical bottlenecks—not actual non-payment.
Let’s fix this step by step.
🧠 1. First reality check (important)
If your registrar says:
“Dividend status: Paid”
It means:
The company has released the money
The registrar (Datamax Registrars) has processed it
👉 So the issue is NOT that dividends were not paid 👉 The issue is where the payment got stuck
⚠️ 2. The 5 most common reasons you didn’t receive it
🟡 A. Wrong or inactive bank mandate
Even if you registered before:
Bank account may have changed
Account may be dormant
Name mismatch (BVN vs CSCS record)
👉 This is the #1 cause
🟡 B. E-dividend not fully activated
Even if you “submitted forms”, your mandate may still be:
Pending approval
Not synchronized with CSCS
System involved: Central Securities Clearing System
🟡 C. Payment sent to old registrar record
If you previously held shares before migration or updates:
Old records may still be active
🟡 D. Payment returned (failed transfer)
Bank may have:
Rejected inflow
Name mismatch flagged
Account closed
🟡 E. Timing lag (less common now)
Sometimes:
Payment is “processed” but still settling in banking pipeline
🔍 3. What you should do next (step-by-step)
STEP 1: Confirm CSCS details
Log into your broker/CSCS or ask your stockbroker:
Correct bank account linked?
Correct name spelling?
BVN match?
STEP 2: Ask Datamax for TRACE details (VERY IMPORTANT)
Don’t just say “I didn’t receive it”.
Send this exact request:
👉 Ask for:
Dividend payment reference number
Payment date
Bank used for transfer
Batch/settlement ID
Datamax Registrars can trace payments internally.
STEP 3: Contact your bank (not just registrar)
Go to your bank and ask:
“Check inward dividend payment from registrars”
Provide date range and amount
Many people miss this step.
STEP 4: Escalate properly (if unresolved)
If no response in 5–7 working days:
Escalate to:
Securities and Exchange Commission Nigeria
They can compel registrar investigation.
STEP 5: Use your broker (if you used one)
If you bought through a broker:
They can check CSCS dividend mapping faster than you
🧠 4. What “Paid” really means (important insight)
When registrars say:
“Paid all accounts in their mandate”
It actually means: 👉 “We successfully sent money to the bank details we have on record”
So if you didn’t receive it: 👉 The issue is your record, not their payment
⚠️ 5. Common mistake investors make
Most people:
Only check app dashboard
Don’t verify bank mandate details
Don’t trace with reference number
👉 That’s why delays drag for weeks
🧭 6. Your best next move (simple plan)
Do this in order:
Confirm CSCS/bank mandate
Request payment trace from Datamax
Check bank inward alerts
Escalate to SEC if unresolved
🎯 Final conclusion
✔ Dividend was likely paid correctly
❌ Your issue is payment routing, not non-payment
🔍 Most cases are bank mandate or CSCS mismatch
⚠️ It is solvable, just needs tracing—not guessing