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First Registrars addresses unclaimed dividends

19 August 2013, 10:34Henry Ifeanyi

Lagos – First Registrars, a subsidiary of First Bank Nigeria, has unveiled the First Dividend Plus Prepaid Card & E-voting System, a new technology offering aimed at reducing the growing unclaimed dividends, which amount to over N60 billion (US$36 million) in the Nigerian capital market.

Speaking on the new innovation, Bayo Olugbemi, Managing Director and Chief Executive Officer of First Registrars, said, “It is expected that the First Dividend Prepaid Card will eliminate the problem of unclaimed dividend as shareholders can now claim their dividend immediately, even without bank accounts.”

“Our organization has committed tremendous human and financial resources to the creation of strategic ICT-enabled products and services that are geared towards making share registration management and procedures seamless for all stakeholders in the business.”

Olugbemi outlined some of the products First Registrars recently introduced, including e-dividend payment, the Online Access, M-Access, e share Notifier and the e-lodgment packages.

Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange (NSE) commended First Registrars for its latest initiative.

“This is the kind of things we need to have in the capital market to be able to solve some of the problems facing investors. We believe in innovation and they have shown clearly that they are innovating organization. This gives confidence to investors that their money will be credited to their accounts,” he said.

– CAJ News

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