The free e-dividend registration window by the Securities and Exchange Commission (SEC) ended 31st December 2017 with 2.1 million investors taking advantage of the opportunity.
SEC spent N315 million to underwrite the cost of the free exercise at N150 per each successful enrollment.
Consequently, whilst the e-dividend registration is still open to every interested investor, from January 1, 2018, investors will be charged N150 per each successful deal.
The Acting Director General of the SEC, Dr. Abdul Zubair, disclosed this yesterday in Abuja at a press briefing on the on-going Capital Market initiatives led by the commission.
“It would be noted that the e-dividend free registration expired on December 31 2017. However, all Investors that are yet to enrol, are enjoined to continue with the registration exercise, at a marginal cost of N150 only” he said.
He explained that “such investors should continue to approach their banks or registrars, as usual, to seamlessly mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue; as the N150 would not be demanded from them at the point of registration.”
“For the avoidance of doubt, the N150 fee would not be demanded from investors at the point of registration and/or submission of completed e-Dividend Mandate Forms,” he said.
On the extension of forbearance for multiple accounts consolidation, he said with a view to encouraging many more investors to consolidate their multiple subscriptions into one account, SEC agreed for an extension of the forbearance for multiple accounts till 31st March, 2018.