It appears the capital market is bouncing back gradually especially after the passage of the 2016 budget. The NSE All-share index and Market Capitalization appreciated by 2.88% and 2.92% to close the week ending 13/05/2016 at 26,441.03 and ₦9.09 trillion respectively.
The government decision to throw open the importation of PMS to the organized private sector and the autonomous marketers with flexible price ceiling of ₦145 also contributed to the surge in the Capital Market. It appears that major oil marketers such as Total, Mobil and Oando will have better bargaining especially in sourcing for dollars to finance the importation.
As these opportunities continue there will be a lot of positive impact on the Capital Market in respect of companies’ financials. It follows that lots of companies will be declaring generous dividends. For only this year more than 50 companies have declared dividend with some script issues.
Amazingly, more than ₦80 billion dividends are still unclaimed. The rule is that after 12 years the unclaimed dividend will be returned back to the respective companies and will be statute bar; no investors can claim any again.
There are many reasons dividend become unclaimed. Most common of these is wrong address which leads to a loss of warrants in transit and another is demise of the shareholders. Therefore E-dividend initiative was introduced to solve the problem of unclaimed dividends. This will enable the shareholders to directly access their dividend through the individual bank account.
Securities and Exchange Commission (SEC) has assured all the accrued expenses involved by the shareholders in the course of keying into the E-dividend platform will be borne by them for a limited time. This time around SEC is extending the deadline for free E-dividend registered in the country by 150 days starting from Thursday 14 April 2016. The commission would bear the cost of registration on behalf of any investor who registered within the 150 days grace period, after which sum of ₦100 will be paid for the services.
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