SEC cancels banker confirmation in e-dividend registration

The Securities and Exchange Commission (SEC) has made a move to end the use of banker’s confirmation form in processing e-dividend registration. The move was aimed at reducing the huge number of unclaimed dividends at the nation’s capital market which is currently put at N103 billion as at December 2017, as well as increasing the participation of the e-dividend registration exercise, as this is one of the hurdles investors must cross before the dividend is released. The Acting Director-General of the SEC, Mary Uduk pointed out that once the e-dividend registration form has been filled, there would be no need to go to the bank again, as that would be simply duplication.GUARDIAN