The Securities and Exchange Commission on Friday said the total unclaimed dividends in the Nigerian capital market stood at N170 billion as of December 2020.
The Director-General, SEC, Mr Lamido Yuguda, said this at the second post-Capital Market Committee virtual news conference.
Yuguda said the figure had increased compared with N158.44 billion total unclaimed dividends as of December 2019.
He attributed the rising figure to identity management and multiple subscriptions of investors.
“We have problems with identity management in the Nigerian capital market and this is really one of the things the commission is trying to resolve.
“We have set up a high powered committee to look at the issue, people bought shares under false names and multiple subscriptions.
“There is a problem with the process but there is a problem with us too as people because if you are buying securities using your own wealth; why will you use another person’s name, why will you use a name that will not be traceable to you?