SEC Urges Investors of Defunct Skye Bank to Claim their Dividends

Securities and Exchange Commission (SEC), has reiterated its earlier directives to shareholders of the defunct Skye Bank to claim their dividends.

The Acting Director-General, SEC, Mrs Mary Uduk made the call in a statement in Abuja on Sunday.

According to Uduk, SEC recently released a circular to shareholders of the bank to claim all outstanding dividends. “We have informed shareholders of the defunct Skye bank that unclaimed dividends declared by the bank were being held in trust on their behalf.

“This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence. Dogs well positioned in 2020 US presidential race (Opens in a new browser tab) “Investors that have unclaimed dividends are therefore advised to contact Cardinalstone Registrars to process their dividends,” she said.

Uduk said the Commission had also directed Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders were addressed forthwith.

“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.

That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk said. This SEC said was part of its investors’ protection programme to ensure that shareholders got the benefits of investing in the capital market.

The Central Bank of Nigeria (CBN) had in September 2018 revoked the operating license of Skye Bank as well as approved its take over by Polaris Bank PLC.

CBN Governor, Godwin Emefiele had said “we wish to assure all depositors that under the arrangement, their deposits shall remain safe and that normal banking services continues in the new bank.”

It would be recalled that as at the time Skye Bank was taken over by CBN, the bank had a negative net asset worth of N1 trillion which constituted a sad commentary on the capital requirement of N25 billion for Nigerian banks.