The Securities and Exchange Commission (SEC) on Thursday, August 15, 2024, announced plans to create specialized units aimed at addressing the growing challenge of unclaimed dividends in Nigeria’s capital market.
The Director-General of SEC, Emomotomi Agama, made this disclosure during a press conference following the Capital Market Committee (CMC) meeting, TheCable has reported.
Agama emphasized that the commission is intensifying its efforts to curb the rising volume of unclaimed dividends.
According to the DG, unclaimed dividends had surged to N215 billion as of March 2024, underscoring the need for immediate action to address the issue.
The new units will be tasked with implementing strategies to significantly reduce the backlog of unclaimed dividends and ensure that investors receive their entitlements.
“We’re putting up mechanisms to ensure we bring that figure down,” he said.
Agama also stated that small offices will be established in the headquarters of the commissions and other offices across the nation.
In August 2023, the SEC reported that unclaimed dividends in the capital market had increased to an estimated N190 billion – a situation the commission described as “a serious problem.”
Also in June 2024, Agama referred to the issue as “a monster in the capital market” and called on stakeholders in the capital market to collaborate with the commission to reduce the amount of unclaimed dividends