SEC Extends e-Dividend Registration Deadline To Feb 28


As part of its moves to get more shareholders’ participation in the free e-dividend registration going on in the country since January 11, 2016, the security and Exchange commission (SEC) has further extended the deadline to February 28, 2018.
The extension came as a result of the review of the previous deadline given by SEC for December 31, 2017.
In a press statement issued by SEC over the weekend, the extension was part of its developmental role in regulating the capital market.
It also stated that there are still influx of shareholders who wish to mandate their banks for electronic payment of their dividend.
SEC has directed shareholders that are yet to register to utilize the provision of the extension to enroll, as all registrars have been directed to stop the issuance of dividend paper warrants with effect from January 1, 2018.
The statement also noted that all paper dividend warrants issued up till December 31st 2017, were valid and should be honoured according to the instruction of the Acting Director-General of SEC, Dr. Abdul Zubair.
Meanwhile, SEC disclosed that it has already spent N315 million for the free e-dividend registration for shareholders across the country.
This, according to the commission, is the cost of 2.1 million shareholders who registered at N150 per mandate.
However, millions of Nigerian shareholders are yet to enroll in the e-dividend registration.
In an interview with The Tide, a shareholder, Mrs Love Oriaku said she has not done any e-dividend registration due to the loss recorded in her shares investment, noting that “since 10 years now, I have not benefitted from that investment. I do not see any need for the headache.
According to her, she bought shares from different banks and “I just get dividend cheques after they have expired. I do not want to remember it again.”
Another shareholder, Mr. Michael Chidiadi, a business man in Port Harcourt said, “I have heard about it but I do not know how to go about it, because I do not know where the broker I bought the shares from has relocated to.
Chidiadi, stressed the need for an enlightenment campaign in Port Harcourt and other parts of the country as well as more extension time to enable shareholders not to lose completely.
The report said that unclaimed dividend that have not exceeded 12 years can be recovered, while all shares not regularised shall be transferred on trust to the capital Market Development Fund.