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Uche Usim, Abuja
The Securities and Exchange Commission (SEC) on Thursday announced the extension of the deadline for the discontinuance of the issuance of dividend warrants to December 31, 2019.
According to the Commission, the extension is to enable relevant stakeholders deliberate on and address all outstanding issues.
A circular on the Commission’s website noted that the decision of the Commission to extend it was in furtherance of its overriding mandate to ensure that all categories of shareholders and investors are adequately protected.
However, SEC stated that the e-dividend initiative remains critical to the complete elimination of the phenomenon of unclaimed dividend and Management of the Commission encourages all shareholders who are yet to do so, to get mandated on the e-DMMS platform before 31st December 2019.
The Commission said that the SEC recently conducted a strategic assessment of the implementation of the e-dividend initiative across the country and reviewed feedback/observations received from stakeholders and the general public.
“The assessment revealed that while remarkable progress has been recorded in concerted efforts through robust enlightenment campaigns to mobilize more shareholders to get mandated on the e-DMMS platform, there remain a few pertinent issues that need to be resolved as a precursor to the total discontinuance of the issuance of dividend warrants by Registrars” the Circular added.
