Tuesday, January 17, 2017 9.12AM/SEC
The Securities and Exchange Commission (SEC) is pleased to notify the investing public that in a bid to curb the growth of unclaimed dividend in the capital market, it will continue to underwrite the cost of E-Dividend enrolment till 30th June, 2017.
And with a view to ensuring all investors benefit from the E-Dividend programme free of charge, the SEC had committed to pay the cost of enrolment throughout the year 2016, and had resulted in getting about 48% of investors to have mandated their Bank Accounts for the e-dividend payments which the Commission sees as a remarkable progress.
Arising from this exercise, over N30 Billion which was hitherto unclaimed have so far been credited to respective Bank Accounts of Investors.
Therefore, the advantage of the e-dividend is not only to enable investors collect subsequent dividends electronically but it allows all accrued dividends be credited to investors’ Bank Accounts.
The Commission has however observed with concern the challenges being experienced by investors in the course of the e-Dividend registration and therefore commits to further defray the cost of registration till June 30th, 2017 to enable investors continue to enjoy the free registration.
The investing public is also reminded that at the expiration of the free registration period, Dividend warrants will no longer be issued as it would be replaced with electronic dividend payments.
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.
1. SEC Proposes New Rule on Application of 12 Years and Above Unclaimed Dividends
2. Dividend Warrants Acceptance into Savings Accounts
3. CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards
4. SEC Publishes e-Dividend Mandate Activation Form of Various Registrars
5. E-Dividend will reduce Infractions
6. Implementation of E-Dividend Mandate Management System (e-DMMS) Portal
7. The Launch of the New e-dividend Mandate Management System - TNI Q3/E5
8. CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form
9. CBN Releases Exposure Draft on Standards and Guidelines on Electronic Channels Operations in Nigeria
10. CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria
11. Improved Brokers Supervision Will Benefit the Market - TNI Q3/E12
12. Nigerian Stock Market and Dividend Paying Stocks in 2015 - TNI Q3/E11
13. Q2'15 Financials and Level of Compliance - TNI Q3/E10
14. The Launch of the NSE Premium Board and Its Tracking Index - TNI Q3/E9
15. Investors' Protection Fund, Infractions and Adequate Compensation - TNI Q3/E8
16. SEC restrictions on dealings in securities of unlisted public companies