FG BORROWING FROM YOUR DORMANT ACCOUNT AND UNCLAIMED DIVIDENDS

  • 06 Jan 2021
  • vsntongs
  • 1 Comments

FG BORROWING FROM YOUR DORMANT ACCOUNT AND UNCLAIMED DIVIDENDS

FG BORROWING FROM YOUR DORMANT ACCOUNT AND UNCLAIMED DIVIDENDS. (Conntact your Stock broker and your bank)

Unclaimed dividends increased from N109.1 billion in December 2016 to N130 billion in December 2019

According to the Finance Act 2020 reads,

“Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account shall be transferred immediately to the trust fund,” the act read.

This legitimate stealing do not allow Nigeria to get hold of your money; talk to your bank or stock broker NOW.

Search if you or your loved ones have unclaimed dividends using Security and Exchange Commission Portal and  claim your dividends with these steps.

Step 1: Input your first name and last name into this link http://sec.gov.ng/non-mandated/ to get a list of your shares from SEC. This will give you a screenshot of all the companies you have shares in, and the registrars in charge.

Note: if you have changed your name due to marriage or other reasons, search with your previous name and also try different format of name e.g those with prefixes 

Step 2: Take note of your registrar’s name. A registrar, is the company that keeps the shareholder’s details for other companies. So, your shares could have data with different registrars.

Step 3: Download and fill your registrar’s form which is beside the company’s name on the website.

Step 4: Submit your form. Some companies require you to go to your bank and get a bankers confirmation, so they can initiate the e-dividend form for you.

Once this is done, your account will be credited automatically with the e-dividend going forward.

 

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