SEC opens search portal to confirm e-dividend registration status

Nigeria’s Securities and Exchange Commission (SEC) has provided a portal to enable investors who are yet to mandate their accounts search for their names.

The SEC who introduced the registration process to aid the payment of dividends electronically (e-dividend), said the registration, is part of its measures to curb the growth of unclaimed dividend in the Nigerian Capital Market.

SEC announced the release of the portal on Friday, calling on the investing public to ascertain their registration status by accessing the portal which can be found on its website www.sec.gov.ng

The SEC said “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 SEC further stressed the urgency for all investors to register for the payment of their dividends electronically (e-Dividend), as 30th June, 2017 the extended time for the free e-dividend registration for all investors in the Nigerian Capital Market is gradually closing in,

“The Commission also wishes to remind the investing public on the deadline of 30thJune, 2017, which will mark the end of issuance of physical dividend warrant, with a view to mitigating the risks associated with physical dividend warrants and improving investors’ experience.

“Furthermore, the 30th June, 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.” The notice read