Nigeria's new electronic dividend portal to go live November 30
The Securities and Exchange Commission (SEC) has announced that the new e-dividend portal is scheduled to be operational by November 30, 2023. Lamido Yuguda, the Director-General of the SEC, made this disclosure during the 2023 Journalist Academy organized by the Nigerian Capital Market Institute (NCMI).
Yuguda, represented by Dayo Obisan, Executive Commissioner, Operations, explained that the creation of the new e-dividend portal is a proactive measure to address the persistent issue of unclaimed dividends. He stated, "Once operational, this portal will simplify the process of mandating accounts for e-dividend. This will improve efficiency and ultimately lead to a significant fall in unclaimed dividends."
In addition to the e-dividend portal, Yuguda highlighted the SEC's commitment to preventing new dividends from becoming unclaimed. The Commission is actively supporting the development of an identity management system to ensure proper identification of investors and market participants, thereby preventing the issues that have led to the accumulation of unclaimed dividends.
Key Takeaways
The introduction of an electronic dividend portal in Nigeria's capital markets is crucial for enhancing efficiency, transparency, and investor confidence. The portal will streamline the process of mandating accounts for e-dividends, reducing administrative complexities and mitigating the longstanding issue of unclaimed dividends. By providing a user-friendly platform, it promises to simplify dividend transactions, ensuring timely and accurate payments to investors. This technological advancement aligns with global best practices, fostering a modern and investor-friendly environment. The electronic dividend portal not only facilitates seamless dividend management but also signifies a commitment to innovation, attracting both domestic and foreign investors. Overall, its implementation represents a pivotal step towards the development and modernization of Nigeria's capital markets, reinforcing trust, and contributing to the country's economic growth.
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