SEC Takes Action To Address N190bn In Unclaimed Dividends

The Securities and Exchange Commission (SEC) announced on Thursday that it has initiated efforts to address the issue of unclaimed dividends, which currently amount to N190bn. The unclaimed dividends saw a 7.35% increase from the previous year, rising from N177bn in 2021. This information was disclosed by the apex regulator during a press briefing following a three-day investor clinic held in Yobe State to address concerns raised by investors in the region.

Mr. Danladi Mohammed, the Head of the SEC Zonal Office in Kano, revealed that the investor clinic, jointly organized by the Securities and Exchange Commission and the Gombe State Investment & Property Development Company, focused on finding solutions for investors dealing with unclaimed dividends and related issues. The three-day event aimed to raise awareness and provide information on various initiatives, including e-dividend, dematerialization of share certificates, and a direct cash settlement payment system. Additionally, the clinic addressed inquiries and complaints from shareholders in Yobe State and its surrounding areas.

Mr. Mohammed emphasized that the initiative is part of a broader strategy to reduce the level of unclaimed dividends, in line with the Capital Market Development Master Plan 2015–2025. He highlighted the importance of creating awareness, especially in regional areas, to encourage the investing public to claim what rightfully belongs to them.

Notably, SEC’s Director General, Lamido Yuguda, had previously briefed the House Committee on Capital Markets and Institutions on the capital market’s overview and its significance to the Nigerian economy, emphasizing the commission’s commitment to addressing the unclaimed dividends issue.

For more information join our WhatsApp group by clicking the link here: WhatsApp Group Invite