Shareholders speak on SEC’s effort to streamline share transmission process vanguardngr.com vanguardnews
Over time, investors in the Nigerian capital market have been complaining about the cumbersome process of taking ownership of the investments of their deceased family members. However, the Commission said it has made some progress in attempting to resolve the issues around transmission of shares related to the estate of deceased investors, adding that the process has commenced with the Lagos State Probate Registry.
One is that such beneficiary pay a lot of money; the administrators in processing the forms demand a lot of money from the beneficiaries. Some go as far as collecting 20 percent of the proceeds, while others collect 10 percent of the proceeds of the investment. There has been cases of people claiming dividends from shares that do not belong to them just for the simple reason that the bear the same name with the holder. I think that the move is good, but SEC should take this issue of identity theft serious. In this era of BVN, identification has become easier.
Here, you will be asked to bring Letter of Administration and the process of getting Letter of Administration is difficult. If SEC is coming up with new rules, such rules should not be as stringent as what they intend to correct. SEC should do it in such a way that there should be dividend graduation.
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