• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities Dividends

SEC accuse CMOs of frustrating e-dividend mandate process

Chike Olisah by Chike Olisah
April 16, 2021
in Dividends, Spotlight, Stock Market
Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries
Share on FacebookShare on TwitterShare on Linkedin

The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.

This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

RelatedStories

SEC warns Nigerians against investing in Risevest and Stecs  

SEC tenure rule: Panic grips capital market operators 

June 23, 2025
SEC warns Nigerians against investing in Risevest and Stecs  

SEC imposes three-year cooling-off for CEOs seeking chairman roles 

June 21, 2025

READ: Why SEC should support democratization of sale of foreign securities

What the Director-General of SEC is saying

Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.

He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.

The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’

READ: Shareholders move against FG’s establishment of unclaimed dividend trust fund

The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.

Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’

READ: SEC adjusts operations, introduces e-filing, other measures

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
  • The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.

Follow us for Breaking News and Market Intelligence.
Tags: E-dividendLamido YugudaSEC
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

SEC warns Nigerians against investing in Risevest and Stecs  
Equities

SEC tenure rule: Panic grips capital market operators 

June 23, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Business News

SEC imposes three-year cooling-off for CEOs seeking chairman roles 

June 21, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 
Cryptos

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
NGX Group, SEC pursue capital market diplomacy to deepen Nigeria-China financial ties 
Corporate Updates

NGX Group, SEC pursue capital market diplomacy to deepen Nigeria-China financial ties 

June 15, 2025
SEC warns Nigerians against investing in Risevest and Stecs  
Business News

SEC issues fresh warning as CBEX resumes operations in Nigeria two months after crash 

June 11, 2025
Dr. Emomotimi Agama, SEC
Business News

SEC DG Dr. Emomotimi Agama to deliver keynote at Nairametrics Capital Market Awards 

May 21, 2025
Next Post
Dogecoin gains 50% in less than 24 hours, highest single-day gain since 2017

Dogecoin up 168%, more valuable than Polkadot, Cardano

Comments 1

  1. Edu Eze says:
    April 16, 2021 at 8:49 pm

    Th e-dividend mandate should be centralised in a portal managed by CSCS or any suitable organisation, so that all shareholders fill their mandate to this portal, and all CMO access this portal to get the shareholders mandate. The current practice in which shareholders fill the e- dividend mandate with each registrar makes it an unending process, as any shareholder who buys into a new stock, has to fill an e- dividend mandate for that CMO assuming no previous stock in the CMO portfolio. With this, SEC could then know those who have mandated their account for e-dividend, but the default is from the CMO.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 
  • Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 
  • LASEPA shuts Mania Lounge, Voda Beach Club, and others for persistent noise pollution 

Follow us on social media:

Recent News

Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 

Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 

July 6, 2025
Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics