Penalties to be imposed on banks charging fees for e-dividend registration-SEC

    The Securities and Exchange Commission(SEC) is to penalize Deposit Money Banks and Capital Market Registrars for charging fees at the on-going e-dividend registration exercise.
  
    The e-dividend exercise which would enable shareholders collect their dividend through their banks, is being undertaken by SEC, in collaboration with the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System Plc, NIBSS, Committee of Heads of Bank Operations and the Institute of Capital Markets Registrars, ICMR.

    Investigations revealed that SEC had received much complaints from shareholders who went to banks and their registrars to register for their e-dividend. It was learnt that some registrars bluntly refused to register shareholders,their reasons ranged from lack of internet connectivity, inadequate instruments, non-availability of e-registration forms, to waiting for directives from their headquarters. It was learnt that some banks were charging as much as N1, 200 to register each shareholder when SEC stated the fee to be charged at N100, only after the first 90 days slated for free registration elapsed.