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Home Business News

SEC advises Afribank shareholders to claim dividends 

Joseph Olaoluwa by Joseph Olaoluwa
September 3, 2019
in Business News
Ponzi, SEC, SEC, FCCPC sign MoU to simplify merger process for quoted companies, Rights issue dominates quoted companies capital raise in 3 years, Victims of ponzi scheme, Dantata Success and Profitable Company, to be settle
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As part of its move to protect investors, the Securities and Exchange Commission (SEC) has advised shareholders of the defunct Afribank Plc to claim their dividends. 

SEC is rekindling its interest in this matter in order to ensure that shareholders get the benefits of investing in the capital market.  

[READ MORE: SEC to address investment concerns through Complaints Management Framework] 

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In a statement attributed to the Acting DG of the Commission, Ms Mary Uduk, the Commission is making concrete efforts to ensure that investors get their dividends, as this will reduce the high profile of unclaimed dividends in the market. 

“We have informed shareholders of the defunct AfriBank Plc 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 Carnation Registrars to process their dividend payments.” 

Amateur Investors, SEC

Moves to reclaim dividend: The SEC boss also added that the Commission had directed Carnation Registrars and Meristem Trustees to ensure that all genuine claims of beneficiary shareholders are addressed forthwith. 

“Since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders. That will go a long way in boosting investor confidence in the market. That is why we are calling on them to take advantage of this opportunity and claim their dividends.” 

The Commission also directed investors in the defunct Skye Bank to claim all their outstanding dividends still being held in trust on their behalf. As part of its move to help shareholders get their dividends, the Commission issued another directive to Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders were addressed forthwith. 

[READ ALSO: Why FMDQ was licensed to trade securities – SEC] 

 A Nairametrics report revealed SEC’s decision to float a Complaints Management Framework (CMF) to address the complaints of market investors. This move, along with the other initiatives of the acting SEC boss, will help to secure the capital market. 

 


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Tags: Afribank PlcDividend payoutSECSkye Bank
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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