As criticisms continue to mount over the Securities and Exchange Commission (SEC)'s decision to direct registrars to stop forwarding dividend warrants to shareholders that fail to give their bank details to them, some shareholders have said that they will take legal action against any registrar or quoted company that dares to implement the directive.

They noted that SEc needs to step up its enlightenment campaign to encourage those that are still foot-dragging to embrace e-dividend, instead of taking a pound of flesh off innocent shareholders over her fracas with the National Assembly members.
Reacting, Mr. Boniface Okezie, President, Progressive Shareholders Association of Nigeria, PSAN, told Vanguard that some institutional investors still prefer to have their dividend posted to them in hard copies.
Though he said that the importance of e-dividend cannot be underestimated, he stated that the SEC does not have the power to direct companies to stop paying
dividend to shareholders.
"That directive is better thrown into the dust bin. Nobody should listen to
the SEC as far this directive is concerned. In fact, SEC has no power under CAMA to give such order. Any registrar that listens to SEC in this
regard is putting itself into trouble, because they are going to face a lot of
litigation from us," he said.

"The law of CAMA clearly stated that dividends should be sent to shareholders through warrants and that act of CAMA has not been amended. So, until that
law is amended, SEC has no right to direct that shareholders should not be paid their dividend. If the SEC Dg wants to amend that section of CAMA, she should go through the National Assembly," he emphasised.
Also speaking, Sir Sunny Nwosu, National
Coordinator, Independent Shareholders Association of Nigeria, ISAN, said, "If
that directive is implemented, it will elicit a lot of legal issues from
shareholders. Let me say that if that happens, I will sue the company that fails to pay my dividend because I don't have any business with SEC. We didn't buy shares from SEC; we bought shares from companies, so SEC does not have the
right to stop dividends from being paid. SEC has no right to make such law."

"If you go through the calendar of quoted companies, you find out that their annual general meetings fall within May and June, and June 3rd is
barely one month from now and SEC is coming out with this directive now. So, whose interest is SEC really protecting," he queried.
He regretted that all attempts by shareholders to make the apex
regulator and the CBN start accepting dividends into savings account has not yielded any result, adding that unless the law that stated that unclaimed
dividends becomes status barred after 12 years, is amended, shareholders would resist imposition of sanctions over non-
compliance with e-dividend payment
requirement.
Copyright.

http://www.moneyhub.net/scripts/cgiip.wsc/globalone/htm/news_article.r?vcnews-id=849941

In summary for those of you who are too lazy to read: SEC want people to be recieving thier dividend through thier savings account which is easy to open and maintain instead of current account which is very difficult to open and maintain. But some cabal say no dem no want am

Nice move by sec there given the fact that most nigerian shareholders do not own current accounts. My experience yesterday. Ecobank just sent me dividend in dollars, i went to pay it in my gtcurrent account and was told they can't recieve it unless i have got a dollar denominated account. Went to ecobank itself to cash it directly and after some processes, they demanded d share certificate which has not been sent me because it was ocean bank shares acquired by eco. I left them dropped it to have some rest given that d values of dividend was nothing to write home about.
Finally, d e-dividend form was also enclosed in the dividend sent me. I will act on it soon

Those useless bank will not sign or stamp the form they will tell to get current account which is difficult to get.

So-brit:
Nice move by sec there given the fact that most nigerian shareholders do not own current accounts. My experience yesterday. Ecobank just sent me dividend in dollars, i went to pay it in my gtcurrent account and was told they can't recieve it unless i have got a dollar denominated account. Went to ecobank itself to cash it directly and after some processes, they demanded d share certificate which has not been sent me because it was ocean bank shares acquired by eco. I left them dropped it to have some rest given that d values of dividend was nothing to write home about.
Finally, d e-dividend form was also enclosed in the dividend sent me. I will act on it soon

Redoil: Those useless bank will not sign or stamp the form they will tell to get current account which is difficult to get.

Redoil, please go back again and explain to them you can receive your e-dividend payment into any account, savings or current.

You aren't presenting dividend warrant, which is a kind of cheque that can only be paid into a current account.

You only need them to confirm your account so that your registrar can effect the direct payment of your money(dividend) into your account. It's an electronic funds transfer.

I just got my e-Dividend Payment Mandate forms signed and stamped by my bank and I operate a savings account.

This link should provide more insight: http://www.oandoplc.com/investor-relations/e-dividend-faqs/