Unclaimed Dividend: SEC Launches Revamped e-Dividend Mandate Portal

Ndubuisi Francis in Abuja

The Securities and Exchange Commission has announced the launch of the revamped e-Dividend Mandate Management System (e-DMMS) portal as a bold step to curb the growth of unclaimed dividends and generally improve investor experience in the Nigerian capital market.

Despite previous measures, the challenge of unclaimed dividends has continued, standing currently at over N190 billion.

In the latest move to stem the tide, the SEC has unveiled the e-DMMS, an initiative it sees as “another important step towards curbing the growth of unclaimed dividend and generally improving investor experience in the Nigerian capital market.”

According to the Commission,  “the revamped e-DMMS Portal introduces a “self-service interface” that allows investors apply to mandate their accounts for e-dividend virtually, without having to visit a registrar or a bank.”

It advised investors whose shareholding accounts appear on the list of non-mandated accounts hosted on the Commission’s website  to use the new self-service portal by clicking on the “NIBSS Self Service” link.

“Alternatively, investors may approach their respective registrars or banks to register for collection of their unclaimed dividends and the receipt of subsequent dividends electronically.

“Investors are also encouraged to refer the Frequently Asked Questions (FAQs) provided on the Commission’s website for more information and guidance,” the management of SEC said.