November 28, 2022

Unclaimed Dividend: SEC to create centralized portal for e-dividend

By Nkiruka Nnorom

THE Securities and Exchange Commission (SEC) said it will create a centralised portal that will enable a seamless submission and processing of e-dividend mandate forms in a sustained effort to drive down unclaimed dividends in the capital market.

The Director General of SEC, Mr. Lamido Yuguda, stated this at the post Capital Market Committee (post-CMC) media briefing in Lagos.

He said that the Commission will also  create an Application Programming Interface (API) for banks and registrars, and a revamped web interface among others.

He expressed  appreciation to the House of Representatives Committee on Capital Markets and Institutions on Unclaimed Dividends over its efforts to investigate the rising value of unclaimed dividend and unremitted withholding tax on dividends.  

Yuguda assured of the Commission’s readiness to provide all the necessary support to the Committee to enable it carry out its assignment.

He also emphasised the need for the stakeholders in the financial sector to collectively work towards the enactment of the Investments and Securities Bill 2022, which will enhance the performance of the Nigerian capital market and align it with global best practices.