Business

Skye bank investors should claim their dividends – SEC

Published

5 years ago

July 1, 2019

Olu Emmanuel

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By Chioma Obinagwam

Nigeria’s Securities and Exchange Commission, SEC, has again reiterated it earlier directives to shareholders of defunct Skye bank to claim their dividend payment.

This the SEC said is part of its investor protection programme and as well as ensure that shareholders get the benefits of investing in the capital market.

According to Acting DG, Ms. Mary Uduk in an interview in Abuja, the SEC recently released a circular to shareholders of defunct Skye bank to claim all outstanding dividends.

She said, “we have informed shareholders of the defunct Skye Bank that unclaimed dividends declared by the bank are being held in trust on their behalf. This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence.

“Investors that have unclaimed dividends are therefore advised to contact Cardinalstone Registrars to process their dividend payments.”

Uduk said the Commission has also directed Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders are addressed forthwith.

The Acting DG said since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders, as that will go a long way in boosting investor confidence in the market.

“They invested in a company and since the company has gone under, there is no reason why they should not have access to their unclaimed dividends. That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk stated.