SEC advises defunct Skye Bank shareholders to process unclaimed dividends

The Securities and Exchange Commission (SEC) has advised shareholders of defunct Skye Bank Plc that have unclaimed dividends to contact Cardinalstone Registrars in order to process their dividend payments.

In a statement made available by the capital market regulator, the acting Director-General, Mary Uduk, was quoted to have said that SEC is committed to ensuring shareholders get the benefits of investing.

Uduk said the Commission has directed Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders are addressed forthwith.

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The SEC boss maintained that since the company was no longer in operation, the unclaimed dividends had to be made available to the rightful owners.

“We have informed shareholders of the defunct Skye Bank that unclaimed dividends declared by the bank are being held in trust on their behalf. This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence

“Investors that have unclaimed dividends are, therefore, advised to contact Cardinalstone Registrars to process their dividend payments.

“They invested in a company and since the company has gone under, there is no reason why they should not have access to their unclaimed dividends. That is why we are calling on them to take advantage of this opportunity and claim their dividends.”

[READ ALSO: How To Get Back Unclaimed Dividends & Process e-dividends]

Back story: As Nairametrics exclusively reported, Nigeria’s apex bank on September 21st announced an immediate revocation of Skye Bank Plc’s operating license. The bank’s share capital had run into negative territory due to bad loan deals. It was also in urgent need of recapitalisation which its shareholders could not achieve.

As part of this development, therefore, the bank’s name was changed to Polaris Bank Limited; a bridge bank which is to oversee the liquidated entity until Asset Management Corporation of Nigeria (AMCON) finds a new buyer.

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