Fidelity bank banner NewsExpress advert
SEC decries low enrolment of investors to e-dividend payment platform

By Chinyere Joel-Nwokeoma on 14/11/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 693

•SEC DG Mounir Gwarzo
•SEC DG Mounir Gwarzo

The Securities and Exchange Commission (SEC) on Monday decried low investors enrolment to the e-dividend payment platform in the last three months.

Mr Mounir Gwarzo, SEC Director-General, who said this at the third quarter post-Capital Market Committee news conference held in Lagos, said that only 46,176 investors enrolled during the period.

Gwarzo said that the commission had realised slow pace in terms of implementation of the e-dividend initiative urging investors to embrace the policy to reduce the spate of unclaimed dividends in the market.

He said that the December 31, 2017 deadline for issuance of dividend warrant remained irreversible.

Gwarzo said that there was the need for Nigerians to key into the initiative for onward payment of dividends into their various accounts.

“In the last three or four months, there has not been appreciable increase in terms of number of enrolment. That is why we felt there is a need for us to have a conversation with the registrars and bankers.

“The registrars agreed to the discussion. We expect in the next two or three months to see a significant improvement in terms of enrolment.

“To leverage on that and to be able to optimise the support we have received, SEC has also been in the vanguard of public enlightenment,” Gwarzo said.

The DG said that any Nigerian that failed to register before the deadline would pay N150 for registration.

Mr Samuel Oluyemi, the Head, Vertical Markets Group, Nigeria Inter-Bank Settlement System (NIBSS), said that 50,819 e-dividend mandate registration and 59,204 were respectively recorded in August and September.

Oluyemi said that the figure dropped to 37,153 in October against the targeted figure of 50, 000 registration monthly.

He stated that the drop in the e-dividend called for collaboration among key stakeholders with a view to driving SEC awareness campaign initiative.

“The free registration window is ending December 31, 2017 and our expectation at NIBSS is to have 50,000 registration every month,’’ he said.

Oluyemi stated that NIBSS dedication to the initiative was irreversible, adding that, 136 stockbrokers had been connected to the portal as well as 16 registrars.

“What we have done with e-dividend portal is to ascribe each quoted companies to their registrars. When investors pick a form, the companies managed by those registrars are listed under them.

“The beauty of what we have put in place now is to ensure that stockbrokers begin to play a critical role in the e-dividend mandate registration of investors,” he said.

Commenting on the market performance, Gwarzo said that the last quarter was good with the All-Share Index growing by 36.5 per cent in the last four months.

He attributed the growth to significant improvement in the market activities.

Gwarzo said that the FMDQ Securities Exchange recorded an increase of over two per cent during the period.

“The fixed income platform also has an increase of over two per cent and NASD has also been doing well.

“Generally, the market in the last quarter has done quite well and we expect the momentum to be maintained.

“The economy also has picked up, the GDP growth rate has risen by almost one per cent to 0.55 per cent, and inflation rate has come down based on the data from the Nigeria Bureau of Statistics (NBS),” he added. (NAN)

 

Source News Express

Posted 14/11/2017 04:53:52 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Military reviews pensions of retirees

FG, SNEPCo explore health partnership opportunities

Enugu Assembly soon to pass 2018 Budget

N-power volunteers establish mini-laboratory

Customs boss warns importers, officials against corrupt practices...

Update: HOW SHEKAU WAS SHOT •We gave him...

US army loses track of $1bn worth of...

CCT to rule March 21 on trial of...

Lagos set to launch Rent-To-Own housing scheme for...

Nigerian Air Force launches ‘see something, say something’...

4-year-old Egyptian boy sentenced to life in prison...

CBN clears the air on use of BVN...

 

Latest News Man crushed to death after mother’s coffin falls on him during funeral Woman yelling 'Allahu akbar' slashes two with blade in France 2019: PDP disowns guidelines for presidential primaries Confusion trails ownership of sacked 300 street sweepers in Lagos Fayemi’s debt responsible for salary arrears - PDP Kukah to Christians: Unite against security threats FG loses N100bn on aviation charges—Expert Okada Ban: Obiano insists on July 1 deadline 2019: Makarfi to vie for PDP’s presidential ticket Suspect dead, 20 hurt in shooting at US arts festival NiMet predicts cloudy, thunderstorms, rains on Monday – NiMet World Cup: Mexico stun champions Germany 1-0

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (351,467 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (350,493 views) Shameless Genevieve Nnaji exposes breasts in public (279,478 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (229,480 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (208,663 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,063 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,272 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,367 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,465 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,063 views) Lagos plane crash: Journalist releases victims’ names (143,467 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,345 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,240) Business Verdict (44) Columnists (868) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (503) Features (606) Global Business Monitor (280) International (2,031) Interview (153) Live Commentary (28) Love Matters (123) News (36,273) Opinion (1,000) Pidgin (10) Politics (5,268) Religion (770) Sports (1,549) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Royal Wedding 2018 of Prince Harry and Meghan Markel

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement