SEC’s Free e-dividend Registration Ends

• SEC’s Free e-dividend Registration Ends

The free e-Dividend registration exercise for shareholders of publicly-quoted companies in Nigeria has finally ended.

The apex regulator of the Nigerian capital market, the Securities and Exchange Commission, had announced an extension in January this year, where it extended the process till February 28, 2018.

As of Wednesday, the last day stipulated by the regulator, no review was announced by SEC.

The SEC had said the extension was aimed at encouraging more shareholders to mandate their bank accounts.

Reviewing the progress of the e-Dividend registration exercise after the initial deadline of December 31, 2017, the SEC had said there was still a great influx of shareholders desirous of mandating their bank accounts for payment of dividends electronically.

After the regulator extended the deadline in January, it said, “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 to mandate their bank accounts.

“Accordingly, shareholders that are yet to register should continue to approach their banks or registrars to mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue.”