SEC pledges to tackle unclaimed dividend with e-payment platform

THE Securities and Exchange Commission (SEC) has unveiled e-dividend payment platform.

Director-General of SEC, Mounir Gwarzo, explained that the platform was initiated in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS).

According to Gwarzo, the e-dividend payment platform would address the lingering unclaimed dividend issue in the market, adding that the commission was determined to see the full implementation of the e-dividend payment system.

He explained that the market had been awaiting the dividend payment platform in the past 20 years.

Gwarzo said: “The era of stale dividend and huge unclaimed dividend in the market will be a thing of the past with the launch of e-dividend payment platform.”

He said the commission would embark on massive public enlightenment campaign to educate investors on how to utilize the portal.

In his submission, the Head, Business Process, NIBSS, Samuel Oluyemi, said that the portal was developed under auspices of zero tolerance on unclaimed dividend being pursued by the commission.