SEC To Create e-Dividend Portal For Seamless Processing

December 1, 2022

The director general of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has announced that the agency will create a centralized portal that will enable a seamless submission and processing of e-dividend mandate forms in a sustained effort to drive down unclaimed dividends in the capital market.

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Yuguda stated this at the post-Capital Market Committee (post-CMC) media briefing in Lagos.

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He said that the Commission will also create an Application Programming Interface (API) for banks and registrars, and a revamped web interface among others.

He appreciated the House of Representatives Committee on Capital Markets and Institutions on Unclaimed Dividends for its efforts to investigate the rising value of unclaimed dividends and unremitted withholding tax on dividends.

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Yuguda assured of the Commission’s readiness to provide all the necessary support to the Committee to enable it to carry out its assignment.

He also emphasized the need for the stakeholders in the financial sector to collectively work towards the enactment of the Investments and Securities Bill 2022, which will enhance the performance of the Nigerian capital market and align it with global best practices.

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