The apex regulator of the Nigerian capital market, the Securities and Exchange Commission has announced an extension of the period for the free e-Dividend registration exercise till February 28, 2018.

This move is aimed at encouraging more shareholders to mandate their bank accounts.

The SEC said on Thursday that in reviewing the progress of the e-Dividend registration exercise, after the December 31, 2017 deadline, it was noted that there was still a great influx of shareholders desirous of mandating their bank accounts for payment of dividends electronically.

The statement read in part, “In light of the foregoing, the SEC, as part of its developmental role, has extended the period for the free e-dividend registration exercise till February 28, 2018, to encourage more shareholders to mandate their bank accounts.

“Accordingly, shareholders that are yet to register should continue to approach their banks or registrars to mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue.”

The SEC had announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the initial December 31, 2017 free registration deadline.

The Acting Director-General of SEC, Dr. Abdul Zubair, who made the announcement at a press briefing recently, said that all investors that were yet to enroll, were enjoined to continue with the registration exercise.

He was quoted to have said, “Such investors should continue to approach their banks or registrars, as usual, to seamlessly mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue.