Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Shareholder groups boycott SEC meeting

21 May 2013, 16:44

Lagos- Some shareholder groups on Tuesday said that they boycotted a meeting called by the SEC to resolve issues on the e-dividend payment because they were not involved in the proposals.

The groups told the News Agency of Nigeria (NAN) in Lagos that they were also aggrieved because the commission failed to protect their interest during the downturn of the capital market.

NAN reports that the meeting was scheduled for Tuesday, May 14 in Abuja.

The meeting was to brainstorm on ways to ensure the take off of e-dividend payment without hitches.

Mr Boniface Okezie, the President, Progressive Shareholders Association of Nigeria (PSAN), told NAN that SEC failed to consult with the shareholders on the issue.

“We ought to have been consulted before SEC issued a circular on the e-dividend payment which has generated a lot of controversy,” Okezie said.

Mr Sunny Nwosu, the Zonal Coordinator, Independent Shareholders Association of Nigeria (ISAN), told NAN that traveling to Abuja would further deplete the resources of the association.

Nwosu said that the association decided not to attend the meeting to avoid waste of funds.

Dr Farouk Umar, the President, Association for  Advancement of Rights of Nigerian Shareholders, said that the commission should improve on its communication strategy with shareholders.

Umar said that the commission failed to disclose the agenda of the meeting.

NAN recalls that the commission, in a statement on May 3, suspended its June 3 deadline for issuance of dividend warrants.

The circular said that “consequent upon feedback received from various stakeholders, the deadline of Monday, June 3, 2013 for transitioning to e-dividend payment is postponed till further notice”.

It said that the postponement would enable the commission to further enlighten retail investors and other investing public on the merits of e-dividend payment.

SEC also urged listed companies and registrars to do all that were necessary to reduce the quantum of unclaimed dividends.


Tags sec

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...