Written by on November 14, 2017

The Securities and Exchange Commission (SEC) has said that the 31 December deadline for stoppage of issuance of physical dividend warrants in the nation’s capital market remains unchanged.

Speaking at the Capital Market Committee (CMC) press briefing yesterday in Lagos, the director-general of SEC, Mounir Gwarzo said that there is no going back on the Commission’s decision to stop dividend warrant by December 31, 2017, notwithstanding the slow pace in the implementation of the e-dividend policy.

He said there are about 2.1 million Nigerians who have keyed into it. But in the last three or four months, there has not been  appreciable increase in terms of number of enrolment.

Gwarzo pointed out that the registrars agreed to the discussion, saying , they expect in the next two or three months to see a significant improvement in terms of enrolment.”

He added that to leverage on that and to be able to optimise the support received,  SEC had also been in the front line of public enlightenment.   He stated that as at December 31, any Nigerian that has not registered for e-dividend will now have to pay N150 for registration.

SEC had in 2016 announced June 30, 2017, as deadline for issuance of physical dividend warrants but later extended it to December 31, 2017 to shareholders by quoted companies to tackle unclaimed dividends and mitigate the risks associated with warrants.                    

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