In a bid to curb the growth of unclaimed dividend in the Nigerian capital market, the Securities and Exchange Commission (SEC) has provided a portal in which unregistered investors could register for payment of their dividends electronically.
In a statement released on SEC’s website yesterday, it said that it has provided a platform for investors who are yet to register for payment of the e-dividend and for those who are yet to participate in the registration exercise, adding that a link has been provided to ascertain an investor’s registration status.
“SEC is pleased to notify the investing public that as part of measures to curb the growth of unclaimed dividend in the Nigerian capital market, all investors are required to register for the payment of their dividends electronically and to facilitate the e-dividend registration exercise, a platform for all investors that are yet to register to search for their names in the portal, has been provided.
“Members of the investing public are, therefore, called upon to ascertain their registration status by clicking the link, ‘unregistered investors for e-dividend’ and all investors whose names appear are advised to urgently contact the nearest branch of their bank or registrar for collection of their unclaimed dividends and subsequent dividends electronically,” it said.
The statement further said, “the commission also wishes to remind 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.”
SEC thereafter stated that the deadline will see the end of free registration of e-dividend that has been bankrolled by the commission since the inception of the exercise in November 2015 and urged all investors in the capital market to key into the ongoing free registration period.
“All investors in the Nigerian capital market are advised to take advantage of the ongoing free registration and register by approaching the nearest branch of their bankers or registrars for enrolment before the deadline,” the commission said.