Monday, 11 January 2016

Investors urged to clear N90b unclaimed dividends

The Securities and Exchange Commission, SEC said in Abuja on Monday that N90b dividends remained unclaimed as at September 30, 2015.

This was disclosed by the Head, Marketing Development, SEC, Mr Henry Adekunle during a sensitization road show on e-dividend.

Adekunle said the Commission embarked on the three-day sensitisation walk to encourage investors to provide necessary information to enable them to claim their dividends electronically

“All we are saying here is that our investors should go and register to collect your dividend electronically in their preferred bank.

“All that we expect from an investor is to go to the bank and fill a form, which will contain certain information.

“You will be required to give certain information like your passport, account number whether savings or current and then your BVN.

“Your Central Securities Clearing System number will be required if you are already dematerialized
“But if you are not, you will go with your share certificate number after which you will be validated using the Nigeria Inter – Bank Settlement System portal where the e – dividend form is actually located,’’ he said.

He added that on completion of registration, the forms would be sent to the registrars for consolidation of the investors' dividends and commencement of payment.

He also said that “the objective of this initiative is to make sure that the N90 billion unclaimed dividend is depleted within the next six months after the completion of this exercise.

“The exercise will be free for about three months and close in March. Six months from that date, we expect that these N90 billion would have fully depleted.’’

Adekunle also said that upon full implementation, the exercise
would support the Direct Cash Settlement regime, increase market velocity and attract foreign investors.

The Head, Corporate Communications, SEC, Mr Naif Abdussalam, disclosed that the exercise was part of the commission’s implementation strategy for the 10-year capital market master plan.

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