Amnesty for unclaimed dividend now extended to December 2019- Olugbemi

Bayo Olugbemi is a highly experienced investment banker, leader and achiever, who rose from a humble beginning to become a successful player in Nigeria’s financial services sector. He is the Managing Director of First Registrars and Investors Services Limited. He is the First Vice President, Chartered Institute of Bankers, Nigeria (CIBN) and the National President of the Institute of Capital Market Registrars. With the philosophy of diligence, perseverance and resilience, Bayo stands tall among his peers in investment banking and a force to reckon with in the Nigerian Capital Market. In a chat with Abayomi Obabolujo, Mr Olugbemi shed light on the issue of unclaimed dividend and amnesty for shareholders who are yet to claim their dividends. Excerpts:

 

The SEC has consistently said there is hope for those that bought shares in different names during the hay days in the market; can you elaborate on this to the understanding of those that might have been affected in different parts of the country?

 

One of the major reasons why we have issues of unclaimed dividend is as a result of multiple applications. For many years we discussed about it and eventually the market regulator agreed that there should be some sorts of amnesty for those in that category. Among are those that bought shares in different names; some in the name of their children, grandchildren, unborn children and even house help. So they find it difficult to claim their dividends but SEC agreed that there should be amnesty for those who have such problems to come forward and consolidate those years of multiple applications so that:

(1) It will make the register of the shareholders thinner and

(2) They will be able to claim those unpaid dividends they couldn’t claim because of the inability to pass the dividend warrants to the banking system.

The initial date that was set by SEC was December 2018 but SEC has magnanimously extended it to December 2019. Also the stigma that was seemingly attached to the issue was that some people believed it to be criminal but SEC was able to wave that because it’s more like times of unknown have been forgiven and now people come forward, simply show evidence that you actually paid for those years, go through some updating of documents and checking of registrars’ records to reconcile the different sources through which the applications came in. Now those that are outside Lagos, the registrars have offices in different states so people can submit their forms through those offices and another thing they can do is to go through their brokers to help them to get the forms together and send to registrar offices.

What are the right steps to claiming outstanding dividend?

 

Be enlisted on electronic dividend payment management system which are in two ways

  1. Through the registrars offices or Web by downloading, filling and submitting the form, with the shareholders Bank details included on the web. As soon as your bank is enlisted, your dividend will be paid in as much as you are not status barred.
  2. The easier one is to go to any of your bank branch, tell them you want to be enlist on the electronic dividend payment, they will download it for you if you don’t have it already on your device, fill the form and submit with them, it will get to the registrars for onward actions

Tell us about First Registrars?

  1. First Registrar is a foremost Registrar in the country, it’s used to be part of First Bank before divestment. We are registrars to most foremost companies listed in the Nigerian Stock Exchange like STANBIC IBTC, Holdings, Nigeria Breweries, the Cadbury of this world, the PZ, Oando and many more. We delight in providing the best of services to our clients, companies and to our shareholders. We are the best in the country today. Be rest assure that when your company declare dividend same day especially, if you have listed your bank account in our records you get your dividend paid to you and there will be no issue of outstanding dividend.

One thought on “Amnesty for unclaimed dividend now extended to December 2019- Olugbemi

  1. I have unclaimed dividends with golden guinea breweries till date. Is there still any hope of retrieving them

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