SEC Revamps Portal to Reduce Nigeria’s N190bn Unclaimed Dividends

The Securities and Exchange Commission (SEC) has announced the launch of the revamped e-Dividend Mandate Management System (e-DMMS) portal to ease the step of reducing unclaimed dividends, which currently stands at N190 billion.

This is coming as recent measures have not been able to curb the growing unclaimed dividends in the country with successive administrations promising to reduce the rigorous process.

In its latest move, the SEC has unveiled the e-DMMS, an initiative it sees as “another important step towards curbing the growth of unclaimed dividends and generally improving investor experience in the Nigerian capital market.”

According to the Commission, “the revamped e-DMMS Portal introduces a “self-service interface” that allows investors to mandate their accounts for e-dividend virtually, without having to visit a registrar or a bank.”

It advised investors whose shareholding accounts appear on the list of non-mandated accounts hosted on the Commission’s website to use the new self-service portal by clicking the “NIBSS Self Service” link.

“Alternatively, investors may approach their respective registrars or banks to register for collection of their unclaimed dividends and the receipt of subsequent dividends electronically.

“Investors are also encouraged to refer to the Frequently Asked Questions (FAQs) provided on the Commission’s website for more information and guidance,” the management of SEC said.

Business Post gathered independently that the process has been simplified and a non-mandated, self-service process that makes the process seamless has been added.


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