SEC extends issuance of dividend warrants to 2019
Motolani Oseni
The Securities and Exchange Commission (SEC) has extended the deadline for the discontinuance of the issuance of dividend warrants to December 31st, 2019.
The apex capital market regulating body said is to enable relevant stakeholders deliberate on and address all outstanding issues.
According to a circular on the Commission’s website, the decision of the Commission is in furtherance of its overriding mandate to ensure that all categories of shareholders and investors are adequately protected.
However, the SEC stated that the e-dividend initiative remains critical to the complete elimination of the phenomenon of unclaimed dividend and Management of the Commission encourages all shareholders who are yet to do so, to get mandated on the e-DMMS platform before 31st December 2019.
The Commission said that the SEC recently conducted a strategic assessment of the implementation of the e-dividend initiative across the country and reviewed feedback/observations received from stakeholders and the general public.
“The assessment revealed that while remarkable progress has been recorded in concerted efforts through robust enlightenment campaigns to mobilize more shareholders to get mandated on the e-DMMS platform,
there remain a few pertinent issues that need to be resolved as a precursor to the total discontinuance of the issuance of dividend warrants by Registrars” the Circular added.
The Director-General, SEC, Ms. Mary Uduk at the first quarter capital market committee meeting recently said, “The year 2019 promises to be an interesting one for the Nigerian capital market as we shall undertake a review of the 10-year Nigerian Capital Market Master Plan.
“This review is intended to align the master-plan with current realities on macroeconomic, political and market development fronts.”
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