SEC issues June 2017 deadline for e-dividend compliance

Security Exchange Commission (SEC) has given shareholders of companies quoted on the Nigeria Stock Exchange, up to June 29, 2017, to embrace the electronic payment of their dividend warrants to reduce the number of unclaimed dividend in the capital market.

From June 30, 2017, the commission says the exchange will stop physical issuance of certificate to shareholders.

The commission’s Director General, Mounit Gwarzo, who issued the deadline at the quarterly meeting of the Capital Market Committee in Lagos, the decision was taken to encourage shareholders to embrace e-dividend system of collecting their dividend through their bank accounts.

As at now, Gwarzo said that only 6,000 shareholders had registered for the e-dividend payment, against a projected one million shareholders this year.

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