First Registrars unveil New Products to Check Unclaimed Dividends

Managing Director, First Registrars, Mr. Bayo Olugbemi

First Registrars Nigeria has unveiled a new technological products, First Dividend Plus Prepaid Card and e-voting system that are expected to address the issues of unclaimed dividends and prolonged election processes during annual general meetings (AGMs).

Speaking at the product launch in Lagos, the Managing Director/Chief Executive Officer of First Registrars Limited, Mr.  Bayo Olugbemi, said the e-dividend prepaid card, which is the first in the industry, would address the problem of unclaimed dividends as shareholders can now claim their dividend immediately, even without bank accounts.

According to him, information and communications technology (ICT) has become bedrock of business management process all over the world. He noted First Registrars had blazed the trail by ensuring that it runs its business in consonant with global practice to raise the standard of share registration practice in the country.

“In line with this, our organisation has committed tremendous human and financial resources to the creation of strategic IT enabled products and services that are geared towards making share registration management and procedures seamless for all stakeholders in the business,” he said.

He disclosed that before now, the company had introduced other products including: e-dividend payment, the Online Access, M-Access, e-Share Notifier and the e-lodgment packages.

The Director-General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh, and Chief Executive Officer, Nigerian Stock Exchange, NSE, Mr. Oscar Onyema, commended the First Registrars for its innovativeness.

Oteh, who spoke through  the Assistant Director, Operations, Lagos Office, SEC, Mrs. Olabisi Akindele,  said: “ These products being launched today is apt and will save time for shareholders during AGM  that always take between two and three hours  to conclude during voting exercise which I had experienced in two occasions.”

On his part, Onyema said: “This is the kind of things we need to have in the capital market to be able to solve some of the problems facing investors.  We believe in innovation and they have shown clearly that they are innovating organization. This gives confidence to investors that their money will be credited to their accounts.”
Some of the shareholders’ who were at the launch of the products such as National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, and President, Nigerian Solidarity Shareholders Association (NSSA), Chief Timothy Adesiyan, also hailed First Registrar on the products.