June 30 Deadline: SEC Reminds Investors To Take Advantage Of Free e-Dividend

Barely 90 days to the end of the June 30, 2017 grace period to register for payment of dividends into their bank accounts electronically, the Security & Exchange Commission (SEC), on Thursday reminded investors to take advantage of its free registration offer.
Unclaimed dividend has remained a sore point in the history of the Nigerian capital market, rising to an estimated N90bn in September, 2015, before it was reduced by N29.3bn within 11 months last year, after the commission embarked on a road show for the purpose.
In a statement pasted on its website, the commission notified investors to register for payment of their dividends electronically (e-Dividend) via a portal where they can search for their names, as part of efforts to curb the growth of the menace in the Nigerian capital market.
By typing his/her first and last name on the space provided, the engine throws up the status of the investor, the stock wherein there exists an unclaimed dividend and the name of the registrar.
“All investors, whose names appear, are advised to urgently contact the nearest branch of their bank or registrar to register for the collection of their unclaimed dividends and subsequent dividends electronically, as well as for the Direct Cash Settlement of proceeds from secondary market transactions, to be credited to their preferred bank account,” the commission added, reminding all of the June 30, 2017 deadline for the end of issuance of physical dividend warrant.
In addition, the statement said the June 30, 2017 “dateline will see the end of free registration of e-dividend, being bank-rolled by the Commission since the inception of the exercise in November, 2015. Hence, members of the investing public are encouraged to urgently key into the on-going free registration period.

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