Indians, Britons Key into Nigeria’s e-Dividend Mandate Scheme

Nigerian stock market
  • Indians, Britons Key into Nigeria’s e-Dividend Mandate Scheme

Indians and Britons have emerged the two dominant sets of players, among other foreign players, in Nigeria’s electronic dividend mandate exercise for the capital market.

Latest data released by the Nigeria Inter-Bank Settlement System Plc showed that aside from Nigerian investors, Indian and British investors topped the e-dividend register with 156 and 142 cases, respectively.

In addition, 0.4 per cent of the foreign investors are non-resident in Nigeria.

While 421,377 of the investors on the platform are Nigerians, the numbers of Indian, Lebanese and American investors are 109, 46 and 32, respectively.

In terms of states of residence, Lagos and Abuja came tops as 38 per cent of the investors are based in Lagos, while eight reside in the Federal Capital Territory.

Rivers, Ogun and Oyo states follow on the list as a total of six, five and five investors reside in them respectively.

Age distribution of the investors show that investors between 45 and 54 dominate the process, recording 31.3 per cent compliance. This is followed by the 35 to 44 age range, which has 24.9 per cent compliance.

The 55 to 64 age range drove 22.6 per cent of the process, while age ranges 65 and above, 25 to 34 and 15 to 24 achieved 12.2 per cent, 8.1 per cent and 0.9 per cent compliance, respectively.

The NIBSS recently revealed that indigenes of Anambra State were the highest subscribers to the electronic dividend mandate of the Securities and Exchange Commission, with 10 per cent participation.

The e-Dividend mandate registration update, as of the last release, revealed that Imo, Ogun, Delta and Edo states followed with nine per cent, nine per cent, seven per cent and six per cent participation, respectively.

The total e-Dividend registration stood at 2.1 million, the total unique investors by accounts was 838,671, while the total unique investors by Biometric Verification Number stood at 433,164.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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