Brief on SEC e-Dividend Mandate

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Kindly be reminded that the Securities and Exchange Commission (SEC) compulsory e-Dividend mandate enrollment will come to an end on Friday, December 31st, 2017. Recall that in our previous communication on this subject line, late in September 2017, we noted that the exercise was moved forward by six months to allow adequate room for registration.
Therefore, we encourage clients who are in the middle of this exercise, to expedite action on it, and for those who have not done anything, to quickly do the registration. Note that SEC may likely not extend the window again, considering that it was flagged off early in 2016.
Amongst the benefits of this registration are;
1) It allows you to receive the subsequent dividend(s) directly into your bank account.
2) It allows the payment of accumulated dividend into your bank account.
3) It limits spate of the dividend being declared missing as result of wrong address.
All the above amongst others will stem the rising unclaimed dividend in the Capital Market. This decision underscores SEC strong focus on market development and enhancement of investor confidence.
How to enforce the registration-
Investors who have not done e-Dividend registration for All their shares administered by Registrars are advised to do the following quickly;
1)      Visit www.sec.gov.ng/non-mandated/
2)      Type in your first and last name on the search link that will come up and click on search.
3)      On each of the share(s) that will appear, click on the link that has Registrar’s name to download your e-Dividend mandate.
4)      Fill the form appropriately and submit same at the nearest branch of your Bank or Registrar to finish the registration electronically.

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