The Securities and Exchange Commission (SEC) has postponed its free e-dividend registration ultimatum to March 31, 2018, contrary to the earlier scheduled date of February 28.
SEC, in June 2017, extended the underwriting cost of investors’ e-dividend registration to December 31, 2017, against the earlier deadline of June 30, 2017. On January 18, 2018, the commission also publicly made known the extension of the deadline to February 28, 2018, for increased participation of shareholders in the e-dividend exercise.
The e-dividend is an electronic payment, which will enable an investor’s account to be credited after the next day after a dividend is paid.
In a statement with a senior management staff of the Commission, the ultimatum was extended in principle for the third time for operators to clear their e-dividend backlogs.
The source said that the major reason for the extension was to clear the backlogs and work out details of how the parties involved in the exercise would get their share and foster shareholders participation.
He further listed the parties involved in the exercise to include the registrars and the Nigeria Interbank Settlement System (NIBSS).
He added that the appointed banks were currently working out the sharing formula for the registration fee.
The Source said the Commission could not come publicly to announce another extension, adding that no investor would be charged for delay in the registration until April 1.
