SAN FRANCISCO, December 14, (THEWILL) –The Securities and Exchange Commission (SEC) has advised all shareholders and investors in the Nigerian Capital Market to visit their banks or registrars to complete the e-Dividend Mandate Form.
The advice, contained in a statement issued by the management of SEC in Abuja on Monday, said the registration would enable immediate processing and upload to the e-Dividend Mandate Management System (e-DMMS).
According to the statement, the service will be free for the next 90 days, starting from Dec. 14 after which a fee of N100 will apply.
It recalled that SEC in collaboration with Central Bank of Nigeria and Nigeria Inter-Bank Settlement System launched the e-Dividend payment platform in July.
It said the launch was in a bid to eradicate the difficulty encountered by retail investors in claiming their dividends through their savings accounts.
The Director-General of SEC, Mr. Mounir Gwarzo, said the platform would address the lingering unclaimed dividend issue in the market.
“The platform, which is part of the 10-year capital market master-plan, will address the issues of non-payment of dividends into savings accounts.
“The era of stale dividend and huge unclaimed dividend in the market will be a thing of the past with the launch of the e-Dividend payment platform.
“The commission will conduct intensive training for bankers and registrars on the usage of the new portal,” Gwarzo said in the statement.
The statement emphasised the determination of the commission to implement the capital market master plan to transform the market for the benefit of all stakeholders.
