By Modupe Gbadeyanka
Investors have been told they are required to register for the payment of their dividends electronically.
This advice was given by the Securities and Exchange Commission (SEC) as part of measures to curb the growth of unclaimed dividend in the Nigerian capital market.
A statement by the capital market watchdog noted that to facilitate the e-Dividend registration exercise, it has “provided a platform for all investors that are yet to register to search for their names in the portal.”
SEC said further that “members of the investing public are therefore, called upon to ascertain their registration status” by checking http://www.sec.gov.ng/non-mandated/, adding that all investors, whose names appear, are “advised to URGENTLY contact the nearest branch of their bank or registrar to register for the collection of their unclaimed dividends and subsequent dividends electronically, as well as for the Direct Cash Settlement of proceeds from secondary market transactions, to be credited to their preferred Bank Account.”
In the statement, the commission reminded “the investing public on the deadline of June 30, 2017, which will mark the end of issuance of physical dividend warrant, with a view to mitigating the risks associated with physical dividend warrants and improving investors’ experience.”
Furthermore, the statement emphasised that the June 30, 2017 dateline will see the end of free registration of e-dividend, being bank-rolled by the SEC since the inception of the exercise in November, 2015.
“Hence, members of the investing public are encouraged to urgently key into the on-going free registration period,” the agency said.
