The Director-General of Securities and Exchange Commission (SEC) Mounir Gwarzo has said as from June 30, 2017, all registered registrars in the capital market will stop issuing dividend warrants to shareholders.
He disclosed this at the post media briefing of the second quarter Capital Market Committee (CMC) meeting in Lagos.
The SEC Director-General said the move is part of efforts geared towards reducing the level of unclaimed dividend in the market and also boost the e-dividend process that will enable investors get their money with ease.
He lamented that despite the efforts put in place to encourage investors to take advantage of e-dividend platform, only 6000 have registered based on the data with Nigeria Inter-Bank Settlement System Plc, (NIBSS).
In view of the low level of e-dividend enrolments, he said the banks have agreed to appoint e-dividend Champions in their various branches, also all Registrars will appoints e-dividend Champion to be headed by the company compliance officers.
On complains regarding the e-dividend process, a representative of NIBSS Mr. Samuel Oluyemi, explained that they have agreed with the banks and registrars to resolve issues pertaining to some of the challenges within three or four days of the complaints.
Other issues that the committees discussed includes, harmonization of information technology structures for all the securities exchanges in the capital market, such as Nigerian Stock Exchange, National Association of Securities Dealers, Financial Market Dealers Quotation and the Commodities Exchange Market. And the need to encourage savings culture among Nigerians.