UNCLAIMED DIVIDEND:
Unclaimed dividends are dividends not claimed by shareholders after it has been declared and warrants sent out. Such dividends are returned to the company from where the investors can make claims not later than twelve (12) years.

Dividend not claimed within twelve (12) years is considered statute barred and is therefore forfeited by the shareholders and goes back to the Company as working capital.

REASONS FOR UNCLAIMED DIVIDEND
Frequent changes in postal addresses and non-notification of such changes to the Registrars by shareholders.
Inefficiency in the postal system
Inefficiency of some Registrars to respond adequately to investors enquirers.
Multiple applications with different and or irregular signatures by shareholders.
Magnitude of the dividends (cost / benefit analysis by investors)
Shares purchase for children with parents signature.
Delay by Banks/shareholders to verify signatures
Insistence by most banks on using only current accounts for payment of dividends.
Intestate death of investors, non indication of next of kin in share purchase forms and problems associated with succession.
Lack of awareness by some investors on the intricacies of stock market operations.

e-Dividend Payment
e-Dividend refers to the payment of dividend due to shareholders through a direct credit (electronic means) into their nominated bank accounts. It implies same day clearance for dividend payment, following which registrars would send confirmation letters of the dividend payment to the respective shareholders.

E-dividend will help to eliminate / minimize cases of unclaimed dividend through direct credit of dividend into shareholders accounts.