SEC to include e-dividend charges on guideline for banks fees

Securities and Exchange Commission (SEC) tower. Photo/nairametrics

Following the expiration of free e-dividend mandate registration period offered to investors, the Securities and Exchange Commission (SEC) has unveiled plans to partner the Central Bank of Nigeria (CBN) to ensure that e-dividend charges are included in the guideline for bank charges.

Speaking at the second post-Capital Market Committee (CMC) meeting held in Lagos, yesterday, Acting Director-General, SEC, Mary Uduk said: “SEC has been underwriting the e-dividend charges of N1.50 kobo but since we stopped, we have received a lot of complaints from investors due to the e-dividend charges.

“But after extensive discussions with the capital market committee, the Commission intends to partner with the apex bank to issue charges on E-DMMS transactions. The CBN has a published charge for the banks.”

This means that any transactions carried out by any bank, there is an established charge.”

He added: “The e-dividend charge is not part of the charges from the CBN and so because of that, investors are having issues with banks where they are charged for some transactions that are not listed as bank charges, which they do not know.”

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