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Anxiety over N100b unclaimed dividends

Anxiety over N100b unclaimed dividends

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As anxiety over the fate of the over N100billion unclaimed dividends heighten, shareholders have impressed on the Securities and Exchange Commission (SEC) the need to extend the deadline.

It may be recalled that SEC announced February 28th deadline for shareholders to conclude e-payment registration for unclaimed dividends.

According to SEC, the review of the progress in the e-dividend registration exercise, after the December 31, 2017 deadline, showed that there was still a great influx of shareholders desirous of mandating their bank accounts for payment of dividends electronically. “In light of the foregoing, the SEC, as part of its developmental role, has extended the period for the free e-dividend registration exercise till February 28, 2018, to encourage more shareholders mandate their bank accounts.

Acting Director General of SEC, Dr. Abdul Zubair, who made the announcement at a press briefing recently, enjoined all the investors who were yet to register to key in.

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.”

Zubair also announced an extension of the forbearance window for multiple accounts consolidation to March 31, 2018.

However, The Nation was reliably informed that an extension may have been granted to the shareholders yet to perfect their registration.

Although the Commission was yet to official declare a further extension of the deadline, inside sources at SEC confided in our correspondent at the weekend that registration was still ongoing at no extra cost to the affected persons.

“There is no update as such”, the source said. “Registration continues, investors won’t be required to pay anything for now.”

(Full story on pages 38-39)

The post Anxiety over N100b unclaimed dividends appeared first on The Nation Nigeria.

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