The edividend system is to make the collection of dividend by respective shareholders in various quoted companies to have access to their money without hassles.
The new system simply allows them to have their dividend in their bank accounts when it is paid out.
Over the years more than NGN90 billion were left with various registrars as unclaimed dividends. The kick start of the edividend scheme in 2016 has reduced the huge pile of unclaimed cash to NGN29 billion at the end of lat year.
To further clear the remaining backlog, SEC has opened a portal called ‘u-eDiv Search‘ for investors to simply search for their names, know the specific registrar covering their holdings and get registered with them and or their bankers.
“contact the nearest branch of their Bank or Registrar to register for the collection of their unclaimed dividends and subsequent dividends electronically, as well as for the Direct Cash Settlement of proceeds from secondary market transactions, to be credited to their preferred Bank Account”, the statement said.
The SEC has issued a deadline of 30th June, 2017 for final registration for edividend. After the deadline all investors will have to pay to register for the new system.