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Enyereibe Paul chukwudi
Asked: 2026-05-03T08:04:14+00:00 In:

Why Did My Dividends Enter a Different Bank Account in Nigeria?

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.

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2 Answers

  1. Ochoyoda
    Intermediate

    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.
    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 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

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