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SEC receives 1,500 petitions on bank charges, others

By on February 9, 2016

In the last one month, the Securities and Exchange Commission has received over 1,500 complaints from shareholders of quoted companies, investigations have revealed.

Our correspondent gathered on Sunday that the complaints bothered on bank charges, non-payment of dividends by some quoted companies even after declaring profits, and delays in getting share certificates.

The complaints, according to findings, were made by the shareholders following the awareness that was created by SEC during the electronic dividend campaign held in Abuja on January 14.

The commission had used the campaign to sensitise stock market investors on the need to take advantage of the free 90-day window by registering for the e-dividend platform.

The purpose of the registration, according to the commission, is to reduce the huge amount of unclaimed dividend, which currently stands at over N80bn.

However, it was learnt that many of the shareholders, who had visited their banks and registrars to take advantage of the free registration exercise, were asked to pay between N1,050 and N2,500.

The development is in violation of the collaboration between SEC and the Central Bank of Nigeria, the Nigeria Interbank Settlement System, Committee of Heads of Bank Operations and the Institute of Capital Market Registrars.

When contacted, the Corporate Communications Manager, SEC, Naif Abdusalam, said the commission would continue to enlighten capital market investors about the need to take advantage of the free registration window, which commenced on December 14, 2015.

He said mindful of the need for the shareholders to understand the importance of the e-dividend registration in making the issue of unclaimed dividend a thing of the past, the commission would from today (Monday) commence the Lagos e-dividend sensitisation campaign.

Abdusalam said, “All stakeholders and investors in the Nigerian capital market are advised to register now for the collection of their dividends electronically, including unclaimed dividends.

“Shareholders should contact their bankers and registrars. It is free for 90 days effective December 14, 2015. Thereafter, a fee of N100 only will be charged.”
[Punch]