SEC to stop dividend warrant in 2017

   AS part of measures to encourage investors in the Nigerian capital market to embrace e-dividend, the Securities and Exchange Commission (SEC) has concluded plans to abolish dividend warrant in June 2017.

 Briefing Journalists in Lagos on  key developments and deliberations made during the second quarter Capital Market Committee (CMC) meeting,   Director General of SEC, Mounir Gwarzo, disclosed that only 6,000 investors have registered on e-dividend portal since the inception in 2015 as against projections of one million e-dividend registrations.

Gwarzo said: “We are still having issues in respect of e-dividend registration. The report we got recently was very discouraging. Only about 6,000 domestic investors have registered for the e-dividend.”

  Explaining further, the SEC DG said the Commission was  working closely with the banks and registrars to boost  e-dividend registration process nationwide.

  Apart from the meeting with representatives of Banks and Registrars, Guarzo said the Nigerian Inter-Bank Settlement Systems (NIBSS) has made a commitment to assist both party in clarifications when required for the e-dividend registration.