First Bank Deploys Solution to Check N60Bn Unclaimed Dividends

First Registrars Nigeria Limited has unveiled a new technology, First Dividend Plus Prepaid Card & e-voting system that would help alleviate the problems investors go through in the market, as part of its effort to reducing the growing unclaimed dividend amounting to over N60 billion in the Nigerian capital market.

Mr. Bayo Olugbemi, managing director/CEO, First Registrars, said that Information Communication Technology (ICT) have become a bedrock of business management process all over the world, stressing that First Registrars  has blazed the trail as all hands  are on deck to ensure that it run its business in consonant with global practice to raise the standard of share registration practice in the country.

According to him “ In line with this, our organization has committed tremendous human and financial resources to the creation of strategic I.T enabled products and services that are geared towards making share registration management and procedures  seamless for all stakeholders in the business.”

He outlined some of the products introduced by First Registrars to include: e-dividend payment, the Online Access, M-Access, e share Notifier and the e-lodgment packages.

The First Registrars boss said, “It is expected that the First Dividend Prepaid Card will eliminate the problem of unclaimed dividend as shareholders can now claim their dividend immediately, even without bank accounts.”

Mr. Oscar Onyema, chief executive officer, Nigerian Stock Exchange, NSE,  commended the First Registrars for its innovativeness.  According to him, “This is the kind of things we need to have in the capital market  to be able to solve some of the problems  facing investors.

We believe in innovation and they have shown clearly that they are innovating organization. This gives confidence to investors that their money will be credited to their accounts.”

Some of the shareholders who were at the launch of the products such as Chief Sunny Nwosu, national coordinator, Independent Shareholders Association f Nigeria (ISAN),  Chief Timothy Adesiyan, president, Nigerian Solidarity Shareholders Association (NSSA) commended First Registrar on its innovativeness.

According to them, “We sincerely thank First Registrars for coming to the aid of shareholders by devising ways and means of solving the unclaimed dividend.

The unclaimed dividend belongs to shareholders and not regulators. These are the kind of things that regulators should encourage rather than seek the establishment of Unclaimed Dividend Trust Fund.