SEC to reduce N190bn unclaimed dividends

The Securities and Exchange Commission (SEC) says it is intensifying efforts to reduce the level of unclaimed dividends in the nation’s capital market.

A statement by the commission in Abuja on Thursday, said the effort which included investors’ interactions in various geo-political zones, would make the market more attractive to new investors.

SEC said the interactions would help proffer solutions to investors with unclaimed dividends and related matters.
It said the stakeholders’ interactions would be aimed at creating awareness and enlightenment on e-dividend, dematerialisation of shares certificates and direct cash settlement payment system, among others.

”The initiative is one in a series of programmes, and strategies toward reducing the level of unclaimed dividends which stood at N190 billion in August 2023.

”This is by creating awareness, particularly in the regions to make the investing public come forward to take what rightfully belongs to them.

”This is one of the key objectives of the Capital Market Development Master Plan 2015 to 2025.

”The core mandate of the Commission is to regulate and develop the capital market of Nigeria to be at par with its counterparts in other jurisdictions in all ramifications.

”The commission is not resting on its efforts to achieving and sustaining that mission.

”The commission will embark on a series of investor clinics in 2024 in all the regions of the federation to provide the platforms for investors to reap the benefits of investing in the capital market,” it said.