SEC Unveils Platform to Ease Dividend Payment

The difficulty encountered by retail investors in claiming their dividends through savings account would be over soon as the Securities and Exchange Commission (SEC) collaborated with Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) to launch the e-dividend payment platform.
Unveiling the platform yesterday in Lagos, the Director General of SEC, Mr. Mounir Gwarzo, SEC, said the platform would address the lingering unclaimed dividend issue in the market.
According to him, the platform, which is part of the 10 year capital market masterplan,would address the issues of not payment of dividends into savings account.

“The era of stale dividend and huge unclaimed dividend in the market will be a thing of the past with the launch of e-dividend payment platform. The commission will conduct intensive training for bankers and registrars on the usage of the new portal,” Gwarzo said.
He added that SEC will also embark on massive public enlightenment on how investors would utilise the portal.
Gwarzo emphasised the determination of the commission to implement the capital market master plan, which he said would transform the market for the benefits of all stakeholders.
Speaking on the portal, Head, Business Process, NIBSS, Mr. Samuel Oluyemi said that the portal was developed under auspices of zero tolerance on unclaimed dividend being pursued by the commission.
According him, investors in the mandate form would supply bank account number, registrars shareholders account number , clearing house account number and bank verification number (BVN).
He said that clients dividends would be credited directly once the mandate form was completed appropriately.
While stressing that investors would not be charged for mandate verification, he noted that it had been resolved that dividends could be paid into savings and current accounts.
Oluyemi added that the portal would also accept payment of dividend into dormant accounts, saying, however, that an investor could only withdraw the money after revalidating the account.
Source: Thisday