Mr Eric Akinduro, the Chairman of Ibadan Zone of Shareholders’ Association, has urged the Securities and Exchange Commission (SEC) to intensify efforts at enticing investors to embrace the e-dividends registration.
TBI Africa.com said the News Agency of Nigeria (NAN) reports that Akinduro made the appeal in Ibadan on Tuesday at the national seminar on reducing the incidence of unclaimed dividends through e-registration and investiture of patrons.
Akinduro, who put the number of unclaimed dividends at N60 billion, stated that the figure was increasing.
“SEC must intensify activities to entice investors to embrace the e-dividends registration for the volume of unclaimed dividends to reduce within the shortest time frame.
“Multiple account regulariation which was extended to December 2019 should be an on-going process; for many accounts are under processing, particularly deceased shareholders.
“Standardisation of registrars operations should be introduced, across board,” Akinduro added.
In his keynote address, Mr Adewale Raji, Group Managing Director, Odu’A Investment Company Limited and the chairman at the event, charged the association to take the lead in ensuring its members were duly registered.
“In order for us to reap maximum benefits from the e-dividends mandate, I want to urge the association to take on board this unique opportunity.
“As a matter of responsibility, we need to encourage members to take advantage of this opportunity.
“At the Zonal or State level meeting, we need to put in place a proper process whereby we enlist people who respond and see them through the process of e-dividends registration and also address other issues relating to accessing dividends,” Raji said.
Mr Stephen Falomo, the Director, Lagos Zonal Office of SEC, who spoke on behalf of the Director-General of the commission, said there were enormous benefits for e-dividends for investors.
He also noted that the commission would look into the request by the association.
“E-dividends would enable shareholders’ account to be credited directly within 24 hours of the dividend declaration, thus curbing the growth of unclaimed dividend,” he said.
NAN reports that the event also featured the investiture of three patrons of the association as well as presentation of certificates to participants.
