₦airaland Forum

UNCLAIMED DIVIDENDS / REGISTRARS FRAUSTRATING SHAREHOLDERS THROUGH EXHORBITANT CONSOLIDATION FEES

EDC REGUSTRARS LTD informed me, and also insisted on charging N1700 - N1000 per account - as fees for the consolidation of multiple accounts; which resulted from multiple applicantions of IPOs.

Such fees amount to 87% - 50% of the total dividend in my case, and for others, it will even exceed the total dividends!

They neither allowed negotiations nor even recieve or acknowledge a letter from me to that effect.
Instead, they played 'good cop', 'bad cop', trying to muzzle me and trying to dispossess me of as much of my unclaimed dividends as possible!

Their Operations Manager even declined / avoided meeting with me to discuss / negotiate the consolidation fees, on my two separate visits!

Consider that the REDPGISTRARS have been trading / utilising these unclaimed dividends for many years and have earned much profit / benefit from them!

This is against the spirit with which the SECURITIES AND EXCHANGE COMMISSION (SEC) paid banks for Signature Verification so as to remove all obstacles to shareholders getting their entitlements, and on time, through the e-dividend platform.

An industry player explained to me that most of the Registrars depend on the hugh unclaimed dividends for liquidity and that most of them will actually go broke if they indeed pay to the legitimate beneficiaries like us; and so will do anything to frustrate shareholders from getting the unclaimed dividends!


Does anyone have a similar experience with EDC or any other REGISTRARS?

Who will call such REGISTRARS to order?

How can shareholders avoid this cruel extortion?

Any useful advice will be appreciated.

DOES EDC REGISTRARS LTD HAVE A TWITTER HANDLE?
-Not on their website or anywhere else - it seems


Best regards


P.S.
MOD,
Can you please move this to fp so that many others will benefit, thank you.

Were u able to sort this out?

FirstNg1:
UNCLAIMED DIVIDENDS / REGISTRARS FRAUSTRATING SHAREHOLDERS THROUGH EXHORBITANT CONSOLIDATION FEES

EDC REGUSTRARS LTD informed me, and also insisted on charging N1700 - N1000 per account - as fees for the consolidation of multiple accounts; which resulted from multiple applicantions of IPOs.

Such fees amount to 87% - 50% of the total dividend in my case, and for others, it will even exceed the total dividends!

They neither allowed negotiations nor even recieve or acknowledge a letter from me to that effect.
Instead, they played 'good cop', 'bad cop', trying to muzzle me and trying to dispossess me of as much of my unclaimed dividends as possible!

Their Operations Manager even declined / avoided meeting with me to discuss / negotiate the consolidation fees, on my two separate visits!

Consider that the REDPGISTRARS have been trading / utilising these unclaimed dividends for many years and have earned much profit / benefit from them!

This is against the spirit with which the SECURITIES AND EXCHANGE COMMISSION (SEC) paid banks for Signature Verification so as to remove all obstacles to shareholders getting their entitlements, and on time, through the e-dividend platform.

An industry player explained to me that most of the Registrars depend on the hugh unclaimed dividends for liquidity and that most of them will actually go broke if they indeed pay to the legitimate beneficiaries like us; and so will do anything to frustrate shareholders from getting the unclaimed dividends!


Does anyone have a similar experience with EDC or any other REGISTRARS?

Who will call such REGISTRARS to order?

How can shareholders avoid this cruel extortion?

Any useful advice will be appreciated.

DOES EDC REGISTRARS LTD HAVE A TWITTER HANDLE?
-Not on their website or anywhere else - it seems


Best regards


P.S.
MOD,
Can you please move this to fp so that many others will benefit, thank you.

Write a mail to SEC, copy the Registrars and other top management of EDC Registrars.

Your mail should include the names and titles of the officers you met. Trust me something will be done.

I use pre paid meter in my house, but Ikeja Electricity disconnected power to my house,claiming by-pass..

I went to complain but told me to pay 150k. I wrote a mail to National Electricity Regulations Council, ministry of power and copied the MD, all directors, area managers of Ikeja Electricity. It didn't take 48 hours after my mail that my power was restored.

Not forgetting that I had been without light for a week before I wrote the mail. The guys who did the job were transferred to Ikorodu and one lost his job.

I think this should be pushed to the front page.

emmanuelewumi:
Write a mail to SEC, copy the Registrars and other top management of EDC Registrars.

Your mail should include the names and titles of the officers you met. Trust me something will be done.

I use pre paid meter in my house, but Ikeja Electricity disconnected power to my house,claiming by-pass..

I went to complain but told me to pay 150k. I wrote a mail to National Electricity Regulations Council, ministry of power and copied the MD, all directors, area managers of Ikeja Electricity. It didn't take 48 hours after my mail that my power was restored.

Not forgetting that I had been without light for a week before I wrote the mail. The guys who did the job were transferred to Ikorodu and one lost his job.

Thank you.
I did just that and SEC acted surprisingly promptly by giving EDC REGISTRARS a query. The matter is ongoing. I just hope that the SEC officials involved will not be compromised.

The level of impunity of people with any level of power/authority; the inconvenience, stress and trauma which they put us through, just for us to get value for money; and what is due and right, in this country is difficult to comprehend and hard to bear!

I'm glad you stood up for your right and the bad guys got what they deserve.

I will pursue this matter as far and as long as it takes.

overdrive:
Were u able to sort this out?

Still on it.

The good thing is that SEC gave EDC REGISTRARS a query after I forwarded a copy of my email which was delivered to EDC two weeks earlier, but still without response till date.

I have to say that SEC responded promptly, so there is still hope for this country after all.