SEC Laments High Level of Unclaimed Dividends
Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) has lamented the high number of unclaimed dividends in the capital market, approaching N200 billion.
A statement by the Commission in Abuja on Sunday, said Mr Lamido Yuguda, the Director-General of SEC, expressed the regret when Prof. Kabiru Bala, Vice-Chancellor of Ahmadu Bello University (ABU) Zaria, visited him.
Yuguda appealed to investors to mandate their accounts for electronic payment to reduce the number of unclaimed dividends. He noted that many investors had shares in the market which they had abandoned.
“People have not come forward to claim their dividends and this has led to huge unclaimed dividends.
“The Commission has been educating and enlightening the public on how they can get their dividends. People do not need to wait for the broker to send the dividend warrants through the registrars.
“The dividends can be paid directly into their bank accounts through e-dividend payments,’’ he said.
Yuguda said that SEC was currently carrying out some initiatives that would appeal to younger generations and attract them to the capital market. Earlier, Bala described the visit as part of efforts by the university to connect with its alumni as done in most global universities.
In August 2021, SEC had announced that total dividend yet to be claimed by shareholders amounted to N170 billion. More than six months after, the issue has persisted. #SEC Laments High Level of Unclaimed Dividends
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