The Oba of Lagos, Oba Rilwan Akiolu has commended the Securities and Exchange Commission (SEC) on the on-going e-Dividend registration even as he urged Nigerians to take advantage of the exercise to ensure that they receive returns on their investments in the capital Market.
Oba Akiolu stated this in Lagos on Wednesday, when Management and staff of SEC visited him in his palace as part of the e-dividend sensitisation campaign in Lagos.
He said Nigerians who invested in the capital market have suffered years of no returns due to the cumbersome nature of getting their dividends and urged them to register immediately to correct the anomaly.
The Oba also lamented the practice by some stock brokers who sell off shares without the knowledge of the owners and commended SEC for instilling discipline in the market.
“Many Nigerians have lost money in this market and that is why I am appealing to you to regulate well. Any operator that runs afoul of the rules should be disciplined appropriately, and I know that with discipline and prayers we will get to the promised land”
“I am also a victim of unclaimed dividends and I will do all I can to support SEC in this initiative. I will mobilise my people to ensure that everyone is aware of how to get their dividends electronically” he said.
Oba Akiolu commended the DG and his team for the bold steps the Commission is taking to restore confidence in the market adding that e-dividend will reduce incidence of fraud in the market.
Speaking earlier, Director General of SEC, Mounir Gwarzo informed the Oba that the purpose of the visit was to receive Royal blessing on the e-Dividend registration campaign and to solicit his support on the exercise.
He said the essence of the campaign is to enlighten Nigerians on the need to register electronically so that when dividends are declared by the various companies such can be transferred directly to the bank accounts of the shareholders.
“What we have experienced in the Last 50 years is that people have not been opportune to enjoy their dividends due to various issues
“e-dividend is very important because I believe it is going to be a major game changer, it is an issue we have had since the inception of this market whereby people buy shares and are unable to claim their dividend either because the warrant becomes stale, they change address or are living in an area that is quite far and it will take more than what the dividend warrant is worth and they will not want to go and collect it” he said.
Gwarzo emphasised the need for Nigerians to go out and register with their banks or registrars so as to eradicate the issue of unclaimed dividends.