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The Securities and Exchange Commission (SEC) is urging investors to utilize its newly revamped e-dividend portal, highlighting the platform’s enhanced security features and user-friendly design as a reliable way to secure their dividends and address the persistent issue of unclaimed dividends.
In a statement released on Sunday, SEC Director General Emomotimi Agama underscored the importance of the e-dividend portal as a safe and effective tool for investors. He emphasized that the portal, accessible through the SEC’s official website or the Nigerian Interbank Settlement System (NIBSS) platform, has been fortified against cybersecurity threats, offering investors peace of mind as they manage their dividend payments.
Agama stated, “If you access the portal from the SEC website, it is authentic. The only other legitimate site is the NIBSS platform because the portal was developed in collaboration with them. This is crucial given the cybersecurity risks prevalent today.”
He further cautioned investors against using unofficial sites, recommending that they only access the e-dividend portal through the SEC’s secure website. “There’s always the possibility that some may attempt to clone the website, as has happened with other institutions. My advice is straightforward: go directly to the SEC website, which is fully secured, to access the portal,” Agama advised.
Regarding concerns over the requirement for Bank Verification Numbers (BVN) on the portal, Agama explained that the BVN is the most reliable method for verifying investor identities within the financial sector. “We must verify your identity to ensure that you are who you claim to be. If the BVN provided does not match your identity, it indicates a discrepancy. As regulators, our priority is to protect both the investor and the system,” he said.
Agama also stressed the significance of receiving returns on investments in the capital market. He noted, “Recently, the Senate Committee on Capital Markets held a hearing on unclaimed dividends, and we were actively involved. At the SEC, we are deeply committed to resolving this issue, which is why we are overhauling the entire process.”
He highlighted that the SEC, in collaboration with the Committee for Identity Management for the Capital Market, is leveraging technology to ensure accurate identification and streamline the dividend payment process. “The SEC is leading the effort to reduce unclaimed dividends, with the ultimate goal of eliminating them entirely. Our approach involves using technology, education, and advocacy to help investors understand the process and ensure they can access their dividends easily,” he added.
The statement also mentioned that the Commission recently launched an upgraded e-Dividend Mandate Management System (e-DMMS) portal as part of its broader efforts to address the unclaimed dividend issue.
“The NIBSS Self Service link on the SEC website aims to enhance the investor experience and curb the growth of unclaimed dividends in the Nigerian capital market,” the statement concluded.
SEC has reaffirmed its commitment to addressing the lingering issue of unclaimed dividends, which currently stands at N215 billion, through the deployment of advanced technological solutions and enhanced stakeholder engagement.
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