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e-Dividend: SEC seeks monarch’s support

By on April 12, 2016

The management and staff members of the Securities and Exchange Commission have visited the Oba of Lagos, Oba Rilwan Akiolu, as part of the electronic dividend sensitisation campaign in Lagos.

In a statement on Sunday, the Director-General, SEC, Mounir Gwarzo, was quoted to have told Akiolu that the purpose of the visit was to receive royal blessing on the commission’s e-dividend registration campaign and to solicit his support on the exercise.

He said the campaign was meant to enlighten Nigerians on the need to register electronically so that when dividends are declared by the various companies such can be transferred directly to the bank accounts of the shareholders.

Gwarzo said, “What we have experienced in the last 50 years is that people have not been privileged to enjoy their dividends due to various issues

“E-dividend is very important because I believe it is going to be a major game changer, it is an issue we have had since the inception of this market whereby people buy shares and are unable to claim their dividend either because the warrant becomes stale, they change address or are living in an area that is quite far and it will take more than what the dividend warrant is worth and they will not want to go and collect it.”

Gwarzo emphasised the need for Nigerians to go out and register with their banks or registrars so as to eradicate the issue of unclaimed dividends.

Responding, the Oba commended the commission on the on-going e-dividend registration even as he urged Nigerians to take advantage of the exercise to ensure that they receive returns on their investments in the capital market.

He said Nigerians, who invested in the capital market, had suffered years of no returns due to the cumbersome nature of getting their dividends, while urging them to register immediately to correct the anomaly.

 

[Punch]