I asked a question yesterday about my dividends not received. I decided to look at my other account, I saw the dividends right in my fidelity account. I’m shocked because I didn’t use my fidelity account rather I used my access bank during my registration on my brokerage app. Is it possible to receive dividends to an account information didn’t put on my brokerage app. Please I need clarity. I sincerely Thank all Fokona team for all you do here.
Yes—what you experienced is very possible, and it actually tells you something important about how dividends are handled in Nigeria. Let’s go straight to the core. 🔑 Key fact: Your broker ≠ your dividend payment instruction In Nigeria, dividends are NOT controlled by your brokerage app. They are hanRead more
Yes—what you experienced is very possible, and it actually tells you something important about how dividends are handled in Nigeria.
See lessLet’s go straight to the core.
🔑 Key fact: Your broker ≠ your dividend payment instruction
In Nigeria, dividends are NOT controlled by your brokerage app.
They are handled by:
The company’s registrar (e.g. Datamax Registrars Limited)
And your E-Dividend Mandate
🔍 Why your money went to Fidelity instead of Access
Even if you used Access Bank in your broker app:
👉 The registrar will ONLY pay based on the bank account linked to your E-Dividend Mandate / CHN
So what likely happened:
You previously registered (or someone helped you register)
Your Fidelity Bank account is the one on your CSCS/E-Dividend record
That is where all dividends are sent
🧠 Important structure (this is where people get confused)
There are 3 separate systems:
1. Brokerage App (what you used to buy shares)
Used for buying/selling
Bank here is for funding trades only
2. Central Securities Clearing System (CSCS)
Holds your shares
Linked to your CHN (Clearing House Number)
3. Registrar + E-Dividend Mandate
Controls dividend payments
Uses:
Your bank account
Your BVN
Your CHN
👉 This is the real payment instruction system
⚠️ So is this an error?
No. It means:
Your Fidelity account is the active dividend mandate on file
🚨 When this becomes a problem
If it’s an old or inactive account
If it’s someone else’s account (rare but serious)
If you want to control where dividends go
✅ What you should do now
Step 1 — Confirm your mandate
Log into:
Registrar portal (e.g. Datamax if that’s your registrar)
Check:
Bank name
Account number
Step 2 — Update if needed
If you want dividends in Access Bank:
Fill E-Dividend Mandate Form
Submit through:
Your registrar OR
Your broker OR
Your bank
Step 3 — Ensure all your stocks are linked
Make sure:
All your holdings are under one CHN
Same BVN is used everywhere
💡 Very important insight
Many Nigerians think:
“My broker controls my dividends”
That is wrong.
👉 Reality:
Broker = trading
Registrar = dividends
🧾 Why you should actually be happy
Your dividend was not lost
Your mandate is working correctly
You’ve just discovered where your real payment setup is
Bottom line
Yes, dividends can go to a different bank than your brokerage app
Payment is based on your E-Dividend mandate (not your broker details)
Your Fidelity account is currently your official dividend account
Thank you so much for your support. I only bought fidelity shares some time ago, only received dividends once . Is it possible my fidelity cscs can be same with that my other stocks because fidelity is the only shares I had aside gtco, dangsugar and zenith. Please is there any way I can rate this foRead more
Thank you so much for your support. I only bought fidelity shares some time ago, only received dividends once . Is it possible my fidelity cscs can be same with that my other stocks because fidelity is the only shares I had aside gtco, dangsugar and zenith. Please is there any way I can rate this fokona and my experience. I really want to pour my heart if appreciation on how helpful fokona is to me.
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