Unclaimed dividends: SEC opens database for unregistered investors

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The Securities and Exchange Commission, SEC, has again demonstrated  its resolve to end the incidence of unclaimed dividends in the capital market as it has opened a database of non-mandated accounts in the market.

The database will help investors check their status with regards to registering on the e-dividend portal. The e-dividend registration is part of SEC’s efforts to curb the continuous growth of unclaimed dividend and allow proceeds from sale of one’s shares in the secondary market as well as dividend declared by their respective companies to be credited directly into their mandated bank accounts.

In a notice on its website, Thursday, the commission urged investors to key into the on-going free e-dividend registration, saying its June 30 deadline for free registration stood.

“To facilitate the e-Dividend registration exercise, the SEC has provided a platform for all investors that are yet to register to search for their names in the portal.

The Commission further emphasized that the deadline will mark the end of issuance of physical dividend warrant, arguing that the stoppage would mitigate the risks associated with physical dividend warrants and also improve investors’ experience.

“All investors in the Nigerian Capital Market are advised to take advantage of the on-going free registration period and register by approaching the nearest branch of their Bankers or Registrars for enrollment before the deadline.” 

 


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