SEC Streamlines Process for Recovering Unclaimed Dividends

The Securities and Exchange Commission (SEC) in Nigeria is encouraging shareholders to recover unclaimed dividends through a streamlined process. Many Nigerians may have unclaimed dividends due to outdated records or unregistered electronic dividend payments.

The SEC operates an online database where individuals can check if their shareholding accounts are registered for electronic payments. The revamped e-Dividend Mandate Management System (e-DMMS) allows investors to electronically mandate their bank accounts for dividend payments without visiting a bank or registrar.

To recover outstanding dividends, investors should first search the SEC database using their name or that of a deceased relative. If a record is found, they must identify the company and registrar managing the shares.

The SEC has directed market operators to maintain updated investor information, including bank details and contact information. Additional documentation may be required for claims involving deceased shareholders to establish legal authority over the assets.