Following the surge in unclaimed dividend to a whopping N215bn, the Securities Exchange Commission (SEC) has disclosed that it will set up special units to address the issue which has been described as a “monster in the capital market”.
This development was announced by Emomotomi Agama, SEC’s director-general at a news conference held after the capital market committee (CMC) meeting on Thursday in Lagos.
Agama said the commission is strongly making efforts towards reducing unclaimed dividends.
“We’re putting up mechanisms to ensure we bring that figure down,” he said.
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Agama said that small offices will be established in the commissions’ headquarters and other offices across the nation.
In August 2023, the SEC had said unclaimed dividends in the capital market increased to an estimated N190 billion — a situation described as “a serious problem”.
Describing the issue as “monster in the capital market” in June, Agama called on stakeholders in the capital market to collaborate with the commission to reduce the quantum of unclaimed dividends.
By: Babajide Okeowo
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