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August 09, 2016

Updates on e-Dividend Mandate Registration Project Presented To The Capital Market Committee Meeting. August 09, 2016. Post-April 13 CMC Meeting Activities.

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August 09, 2016

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  1. Updates on e-Dividend Mandate Registration Project Presented To TheCapital Market Committee Meeting August 09, 2016

  2. Post-April 13 CMC Meeting Activities • April 13, 2016 marked the end of the CBN directive to Banks to process mandates free of charge for Moratorium Period of 120 days from December 14, 2015 to April 13, 2016 • April 13, 2016 witnessed the decision of the Management of Securities & Exchange Commission to commence the underwriting of mandate processing fees for another 150 days spanning April 14 to September 13, 2016 • Update of non-mandated Shareholders data by Registrars continued • Train the Trainer Session for Banks/Registrars Operatives held at Kano Zone on Wednesday, April 27, 2016

  3. Post-April 13 CMC Meeting Activities • e-Dividend Technical Committee met to review issues and feedbacks from operatives on June 10, 2016 • System upgraded by NIBSS based on the decisions of the June 10, 2016 Meeting of the Technical Committee as follows: • Optional inputting of shareholder account number with responsibility for Registrars to validate data manually to ensure data integrity • Activation of visible reject reason is now available on the mandate treatment interface. The system also show the treatment log to enable the users know the identity of the operator that provided the reason • SMS and email alerts on treated mandates • Visits to Registrars/Banks for hands on training of operatives and feedbacks • Critical Stakeholders’ system performance review meeting held on Monday, April 8, 2016

  4. Performance Statistics Summary • Total number of un-mandated Shareholder Records submitted by Registrars: 13,918,629 • Total number of Mandate Forms Uploaded on the Portal by July Ending: 9,170 • This represents 0.0006% of the total number un-mandated Shareholders • Total Number of Mandate Forms Approved on the Portal : 5,371 • Total Number of Mandate Forms Rejected on the Portal : 2,828 • 2,424 and 404 mandates were rejected by Registrars and Banks, respectively. The topmost reason for Rejection is Signature Related as Registrars claim they can not independently verify Signature of Investors on the Mandate even after the Bank has confirmed it matched with their records. SEC called a meeting in May to discuss the issues of the high number of rejections by Registrars. • Total Mandates Pending : 971

  5. Performance Statistics by Registrars as at July 31, 2016

  6. Performance Statistics by Banks as at July 31, 2016

  7. Approved Mandates from Fee Commencement Regime

  8. Immediate Action Points • Regulators’ resolve to galvanize resources to ensure appropriate discharge of responsibilities by all parties • Resolution of mandate approval incidents to ensure zero tolerance for mandate rejections by NIBSS • Reinvigoration of public enlightenment campaigns and stakeholders engagement • Banks and Registrars to constitute teams of “Project Champions” • Registrars to commence usage of approved mandates on the portal to pay backlog of unclaimed and fresh dividends

  9. Immediate Action Points • Joint visits and engagement of Registrars by NIBSS and SEC officials for appropriate trainings and issue resolution • CSCS to update the template of Master Files of new Investors in the market being dispatched to Registrars • Train the Trainer Session for Banks/Registrars Operatives across the geo-political zones of the country to be reinvigorated. • Regular meeting of the Technical Committee on e-Dividend.

  10. THANK YOU Nigeria Inter-Bank Settlement System Plc … Improving the Nigeria Payments System 1230b Ahmadu Bello Way Victoria Island, Lagos, Nigeria Tel: +234 1 2716071-4 www.nibss-plc.com 10

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