Capital market’s unclaimed dividends hit N177bn – SEC

The Securities and Exchange Commission, on Friday, announced that the unclaimed dividends at Nigeria’s capital market so far computed increased from N168bn in 2020 to N177bn in 2021.

Director-General, SEC, Lamido Yuguda, disclosed this in Abuja while speaking on some of the outcomes of the second Capital Market Committee meeting held recently in Abuja.

Responding to a question on the amount of unclaimed dividends at the Nigerian Stock Exchange, Yuguda said, “The unclaimed dividends that we have as at the end of last year was about N177bn.

“And, unfortunately, this was an increase over the number at the end of 2020, which was N168bn.”

On what the commission was doing about the increasing unclaimed dividends, Yuguda replied, “The commission has done a lot about this in terms of working with the registrars to ensure that dividends are now distributed electronically.

“This is done through the banking accounts of investors rather than through dividend warrants that used to be the case. However, the problem is that people need to mandate their accounts.

“This means that you need to provide your account details to the registrars so that it can be credited directly with the dividends. We have observed that there are issues with that process, because right now you will still need to go to each and every registrar that you deal with to give the same information.”

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