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SEC Extends Free E-Dividend Registration Exercise Till 30th June 2017

Proshare

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.

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