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The Securities Exchange Commission (SEC) is taking decisive action to address the growing problem of unclaimed dividends in Nigeria’s capital market. The commission plans to establish special units dedicated to resolving this issue, according to its Director-General, Emomotimi Agama.
Agama made the announcement following a capital market committee meeting on Thursday. He expressed the SEC’s commitment to reducing the amount of unclaimed dividends, which has reached a staggering N215 billion as of March.
The special units will be located at the SEC’s headquarters and other offices across the country. Their primary goal will be to identify and locate rightful owners of unclaimed dividends, facilitating the return of these funds.
The SEC has been grappling with the issue of unclaimed dividends for some time. In August 2023, the commission estimated the amount to be around N190 billion. Agama has previously described the situation as a “monster in the capital market” and urged stakeholders to collaborate in addressing it.
The establishment of these special units represents a significant step towards resolving the problem. By streamlining the process of claiming unclaimed dividends, the SEC aims to restore confidence in the capital market and ensure that investors receive their rightful returns.
Tags: SEC, Dividends, Nigeria, CBN, Securities Exchange Commission, Capital Market, Stock Exchange, Wale Edun, Yemi Cardoso, Economy, Emomotimi Agama
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