By Dipo Olowookere
Deadline of the free e-dividend registration exercise has been extended by the Securities and Exchange Commission (SEC).
The exercise was slated to come have ended on Friday, June 30, 2017, but the capital market regulator extended it to Sunday, December 31, 2017.
A statement issued by the agency explained that the registration was extended “following numerous requests received from the investing public.”
“So far, about 2.2 million investors have mandated their accounts through the e-dividend platform,” the statement said.
SEC had earlier announced that it was discontinuing the conventional issuance of physical dividend warrants to shareholders of public companies in the Nigerian capital market.
This action is in a bid to curb the growth of unclaimed dividend in the capital market.
SEC said the advantage of the e-Dividend was not only to enable investors collect subsequent dividends electronically but it allows all accrued dividends to be credited to investors’ bank accounts.
“This decision underscores the commission’s strong focus on market development and enhancement of investor confidence.
“All investors in the Nigerian Capital Market are therefore advised to take advantage of this extended grace period by approaching their Bankers or Registrars for enrolment before the deadline,” the agency advised.
Adedapo Adesanya