The Electronic Dividend Mandate Management System (E-DMMS) will be fully in use by the end of the third quarter (Q3) of2022,. The Securities and Exchange Commission (SEC) has guaranteed the investment community.
Its Director General, Lamido Yuguda, disclosed this recently in an interview made available to Daily Sun. The progress of the E-DMMS has hampered because registrars are yet to upgrade their systems. While adding that the automation of these processes will be done at the end of Q3 2022.
Yuguda explained that the commission was doing all it could to reduce unclaimed dividends in the country. While adding that the reason the number is increasing is because a lot of investors have not mandated their accounts.
This procedure is still open with registrars; forms may also be obtain from banks. It is also a relatively straightforward procedure. We also have on our website a tool that assists the investors to determine any unclaimed dividends that they have.
I would urge everyone to use these resources or to immediately contact the SEC’s complaints department, and we would direct that person accordingly, the SEC director stated.
-Sunnews.