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.
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.”
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.
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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.