SEC Urges Shareholders of Defunct Skye Bank to Claim Dividends

The Nigerian Securities and Exchange Commission (SEC) building is pictured in Abuja, Nigeria January 23, 2018. REUTERS/Afolabi Sotunde

 Ndubuisi Francis in Abuja

The Securities and Exchange Commission (SEC) has reinforced its earlier directives to shareholders of defunct Skye bank to claim their dividend payment.

This, the SEC said, was part of its investors’ protection programme designed to ensure shareholders get the benefits of investing in the capital market.

According to the acting Director General of SEC, Ms. Mary Uduk, in an interview in Abuja, the SEC recently released a circular to shareholders of the 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 investors’ 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 investors’ 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.