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Update on e-Dividend Project

This update provides information on the activities of the e-Dividend Champions Committee and the progress made in the e-Dividend project. It includes updates on the increase in processing fees, clean-up of old mandated accounts, and the introduction of an amnesty for registrars. Immediate action points and future plans are also highlighted.

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Update on e-Dividend Project

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  1. UPDATE TO CMC ON e-DIVIDEND PROJECT • Post August 09 CMC Meeting Activities • September 7, 2016 - e-Dividend Champions Committee constituted and inaugurated - Meets monthly afterwards. • October 6, 2016 - Management of SEC approved increase in mandate processing fees from N100.00 to N150.00 to accommodate an Administrative Processing Fee of N50 for Registrars - SEC continues to underwrite charges • Clean up of OLD Mandated Accounts Details for e-Dividend payments continues between Registrars and NIBSS • November 7, 2016 - DG, SEC, at a meeting with CEOs of Registrars, announced an AMNESTY for Registrars to clean up all mandated accounts outside the e-DMMS and adhere to new process • CSCS agreed to update Registrars regularly with information on mandated accounts through purchases on the Secondary Market • Technical Committee continued to meet to enhance the e-DMMS portal

  2. Consolidated Mandated Accounts Across Platforms

  3. e-DIVIDEND MANDATES STATISTICS- REGISTRARS

  4. e-DIVIDEND MANDATES STATISTICS- BANKS

  5. IMMEDIATE ACTION POINTS • Creation of database to Identify Unique Shareholders in the Capital market • Enforcement of stock procurement procedure of mandating an account detail on secondary market purchases. • Adherence of Stockbrokers to BVN validation for secondary market purchases on behalf of investors • End of e-Dividend Mandate Processing Fee moratorium on December 31, 2016. • Extension of NIBSS/SEC officials’ visit to Stockbrokers for e-Dividend Mandate and BVN Validation sensitization.

  6. IMMEDIATE ACTION POINTS • CSCS to update the template of Master Files of new Investors in the market being dispatched to Registrars • Train the Trainer Session for Bank Operatives across the geo-political zones of the country to commence soon. • Registrars to continue paying backlog of outstanding dividends to shareholders after mandating their accounts. • Regular meeting of the Technical Committee on e-Dividend. • Process of collating backlog of UNCLAIMED DIVIDENDS paid since inception of e-DMMS in progress • Introduction of USSD Service for Mandate Validation in view.

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