Shareholders Urged to Update Records to Recover Unclaimed Dividends
What happened
The Securities and Exchange Commission and registrars are assisting shareholders in recovering unclaimed dividends from companies. The SEC noted that approximately ₦270 billion in unclaimed dividends and dormant investor funds are currently being sought by their owners. Shareholders must complete electronic mandate forms and update their records to enable the direct crediting of dividends to their bank accounts.
Why it matters
The process requires shareholders to verify their identity and provide active bank account details through the relevant portals. Failure to update records due to factors like moved shareholders, changed bank details, or lost share certificates means the funds remain unclaimed.
Who's involved
- registrarOfficial responsible for keeping company records and assisting with dividend crediting.
- Securities and Exchange CommissionGovernment agency overseeing the dividend crediting process.
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The entities involved
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registrar
civil servant; official responsible for keeping a register or official records
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Securities and Exchange Commission
government agency of the Philippines