E-Dividend Registration To Continue – SEC
The Securities and Exchange Commission (SEC) has announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31st 2017 free registration deadline.
It would be recalled that the e-dividend free registration expired on December 31, 2017.
Dr. Abdul Zubair, Acting Director General of SEC, who made the announcement at a press briefing in Lagos, said that all Investors that are yet to enroll, are enjoined to continue with the registration exercise, at a marginal cost of N150 (one hundred and fifty Naira) only.
He said: “Such investors should continue to approach their Banks or Registrars, as usual, to seamlessly mandate their Bank Accounts for the collection of their Dividends electronically, including unclaimed dividends, not exceeding 12 years of issue; as the N150 would not be demanded from them at the point of registration.
“For the avoidance of doubt, the N150 fees would not be demanded from the investors at the point of registration and/or submission of completed e-Dividend Mandate Forms.
Zubair also announced an extension of the Forbearance window for Multiple Accounts Consolidation to March 31, 2018.
According to him , “With a view to encouraging many more investors to consolidate their multiple subscriptions into one account, the SEC wishes to announce an extension of the forbearance for Multiple Accounts till 31st March, 2018.
“Accordingly, investors that bought shares of the same company during public offers, using different names, are allowed till March 31, 2018 to continue to approach their Stockbrokers or Registrars, to regularise their shareholdings, in line with SEC Rules on customer identification. Thereafter, all shares not regularised shall be transferred, on trust, to the Capital Market Development Fund".