Thu. Nov 14th, 2019

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We’re working to ensure defunct Afribank shareholders get dividends —SEC

The Securities and Exchange Commission on Monday called on shareholders of the defunct Afribank Plc to claim their dividends.

It informed the defunct bank’s shareholders that unclaimed dividends declared by the bank were being held in trust on their behalf.

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The commission said in a statement that it was part of its investor protection programme and mandate to ensure that shareholders get the benefits of investing in the capital market.

SEC acting Director-General, Ms Mary Uduk, was quoted by the statement as saying the Commission was making concrete efforts to ensure that investors get their dividends to reduce the high profile of unclaimed dividends in the market.

She said: “We have informed shareholders of the defunct AfriBank Plc 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 Carnation Registrars to process their dividend payments,” she said.

Uduk said the Commission had also directed Carnation Registrars and Meristem Trustees to ensure that all genuine claims of beneficiary shareholders be addressed forthwith.

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“Since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders.

“That will go a long way in boosting investor confidence in the market.

“That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk said.

Recall that recently, the SEC had directed investors in the defunct Skye Bank Plc to claim all outstanding dividends declared by the bank, which were being held in trust on their behalf.

The SEC also went further to direct Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders were addressed forthwith.

This the SEC said this was part of its investor protection programme to ensure that shareholders get the benefits of investing in the capital market.

(NAN)

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