SEC urges investors in defunct Skye Bank to claim dividends

The Securities and Exchange Commission, SEC, has again reiterated it earlier directives to shareholders of defunct Skye bank to claim their dividend payment.

This the SEC said is part of its investor protection programme and as well as ensure that shareholders get the benefits of investing in the capital market.

According to Acting DG, Mary Uduk in an interview in Abuja, the SEC recently released a circular to shareholders of 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 investor confidence

“Investors that have unclaimed dividends are therefore advised to contact Cardinalstone Registrars to process their dividend payments”.

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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 investor 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.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.