The Chairperson, Pragmatic Shareholders Association of Nigeria, PSAN, Mrs Bisi Bakare
Some of our shareholders still get dividend warrants from Registrars after they have mandated to the e-dividend platform. Even I, an active player in the capital market that has also keyed into this e-dividend platform still get dividend warrants after several months that I have registered all my shares in the e-dividend platform. The regulators should keep monitoring the registrars because some of them are understaffed and lack some facilities that would facilitate the processing of this e-dividend.
The e-dividend, no doubt is good initiatives that would help to eradicate or reduce to the barest minimum the incidence of unclaimed dividend. Unclaimed dividend as you may know is an undesirable element of the Nigerian capital market which denies shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.
Mr Owolabi Peter, Chairman Integrated Supreme Shareholders Association of Nigeria.
Some of our shareholders have complained of receiving dividend warrants even after they have migrated to the e-dividend platform. Although, since I have registered all my shares I no longer get dividend warrants. Once dividend is declared by any of the companies that I have stake it is paid to my account.
But to some of our shareholders that still get dividend warrants they need to still visit their registrars and make formal complaints. In addition, the regulator should carry out oversight supervision to see that all registrars key into this initiative.
The National Co-ordinator, Proactive Shareholders Association of Nigeria, PSAN, Mr Oderinde Taiwo
It still surprise me that registrars still send dividend warrants to shareholders when they have already registered for the e-dividend.
This shows that some of the registrars are not even serious with the e-dividend initiative. The regulators in our market have a big role to play here by ensuring that defaulted entity is sanctioned. As a shareholder group, we educate our people of the need to participate in the ongoing e-dividend registration. e-dividend if properly executed will ensure that we no longer have further unclaimed dividend. Also, companies should be made to publish names of unclaimed dividend in their annual report as done by some of them.
The Chairman, Progressive Shareholders Association of Nigeria, PSAN, Mr Boniface Okezie
I have said it time without number that some of these registrars are not well equipped. As a leader of a shareholder group I am also affected. I also get some dividend warrants even when I have registered all my shares in the e-dividend platform. The Securities and Exchange Commission, SEC is not doing enough in terms of supervision and monitoring. Are you telling me that they have not been reading the complaints of shareholders? SEC is also not active as a regulator, when you come to issue of investor protection; we are not been protected in our investment especially when decisions taken by some other regulators that affect the shareholders without their own inputs.