SEC Urges Investors to Use Revamped e-Dividend Portal Amid Cybersecurity Concerns

The Securities and Exchange Commission (SEC) has encouraged investors to take advantage of its revamped e-dividend portal, emphasizing the platform’s security and user-friendly nature. The portal is designed to help investors manage their dividends and mitigate the growing issue of unclaimed dividends.

According to SEC Director General Emomotimi Agama, the portal is accessible through the SEC official website or the Nigerian Interbank Settlement System (NIBSS) platform and is fully protected against cybersecurity threats. Agama warned investors against using unofficial websites and advised them to only access the portal through the SEC’s website or NIBSS.

“We need to verify that you are who you say you are. If the Bank Verification Number (BVN) provided does not match your identity, it indicates that it’s not yours. As regulators, we are focused on protecting both the investor and ourselves,” Agama said.

The SEC Director General reiterated that the purpose of investing in the capital market is to receive returns, citing the recent hearing by the Senate Committee on Capital Markets on unclaimed dividends as an example. He emphasized the commission’s commitment to addressing the issue through technology, education, and persuasion to help investors understand the processes involved in claiming their dividends.

The SEC is working towards reducing unclaimed dividends to zero, leveraging technology to ensure accurate identification and streamline the dividend payment process. Agama emphasized the importance of using the verified BVN to access the portal and said that the commission is committed to protecting investor identities and ensuring that they can easily access their dividends.

Investors are urged to take advantage of the revamped e-dividend portal to manage their dividends and mitigate the growing issue of unclaimed dividends.