The Commission warned that any registrar that violates the provisions of the rules shall be liable to a penalty of not less than ₦1 million. Nigeria
• Registrars risk paying over N1million for infringement
The Acting Director-General, SEC, Ms Mary Uduk, while speaking recently in an enlightenment programme by the Lagos State Probate Registry, in Lagos, cited the deceased as one category of investors whose investment yields have contributed to the growth of unclaimed dividend. The registrar is also required to transmit the Letter of Administration to the Probate Registry within 24 hours of receipt of same for verification.
“Others are copy of newspaper advert placed by the Court or Gazette, any evidence of ownership of the investment i.e. CSCS statement of the deceased, original share certificates, dividend stub or dividend warrants or bank statement showing receipt of dividend into the account of the deceased.
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