E-Dividend: SEC Records 2.7 Million Account Mandate

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As at Thursday August 22, 2019, a total number of 2.7 million accounts of shareholders has been mandated for e-dividend transmission to the respective shareholders that have not claimed their dividend.

This was disclosed on Friday August 23, 2019, by Ms Mary Uduk, the Acting Director General of the Securities and Exchange Commission (SEC), at the second post Capital Market Committee (CMC) meeting in Lagos.

The figures, according to Henry Adekunle Rowland Acting Executive Commissioner in-charge of Corporate Services, bring it to a total of 3.4 billion units of shares that have been cleared. Although the actual figures of Nigerian participants in the capital market is not more than 5 million.

Concerning other development in the market, the Acting SEC boss explained that the Fintech committee presented their report, which will be posted on the commission website for comments. Noting that a work group will be constituted for the market.

She said the commission engagement with the Lagos state probate was successful, as there is need to take the enlightenment campaign across the country. This is geared towards reduction of unclaimed dividend of deceased shareholders.

Uduk use the opportunity to highlight some recent activities of the commission, such as enforcement on illegal Ponzi schemes in the country, signing of Memorandum of Understanding (MOU) with Nigerian Financial Intelligence Unit (NFIU). Others are the direct cash settlement, regularisation of multiple subscription, and dematerialization.

She said the commission is collaborating with the University of Lagos on a seminar that will look at issue in the Nigeria capital market. Also adding that the West Africa Securities Regulators Association (WASRA) will hold its inaugural biennial West Africa Capital Market Conference (WACMaC) in AbidjanCote d’Ivoire, from the 27th to the 29th of October, 2019.

The CMC is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

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