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 enrollment 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 enrollment 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 enrollment before the deadline.
Signed:
Management
16th January,
2017
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