As part of efforts to reduce the level of unclaimed dividends by investors in the capital market, the Securities and Exchange Commission said it is intensifying strategies to shrink unclaimed dividends.
The apex regulator saddled with the dual responsibilities of regulating and developing the Nigerian capital market, disclosed this to journalists on Thursday after a three-day investors clinic it held in Yobe State to address complaints from investors in the region.
Head of the SEC Zonal Office, Kano, Mr. Danladi Mohammed, stated that the investor clinic was jointly organised by the Securities and Exchange Commission and the Gombe State Investment and Property Development Company to assist investors with unclaimed dividends and related matters.
Mohammed said the three-day exercise was aimed at creating awareness and enlightenment on e-dividend, dematerialisation of shares certificates, and direct cash settlement payment system, among other initiatives.
It was also to handle inquiries and complaints from shareholders in Yobe State and its environs.
“The initiative is one in a series of programmes, and strategies toward reducing the level of unclaimed dividends which stood at N190bn in August 2023, 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,” he said.
It will be recalled that the Director-General of the Securities and Exchange Commission, Lamido Yuguda, while briefing the members of the House Committee on Capital Market and Institutions on the overview of the capital market and its importance to the Nigerian economy, intimated that the commission had made several efforts in the past and has a lot of strategies and measures in place to tackle the rise in unclaimed dividends.
“The initiative is one in a series of programmes, and strategies toward reducing the level of unclaimed dividends which stood at N190bn in August 2023, 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,” he said.
It will be recalled that the Director-General of the Securities and Exchange Commission, Lamido Yuguda, while briefing the members of the House Committee on Capital Market and Institutions on the overview of the capital market and its importance to the Nigerian economy, intimated that the commission had made several efforts in the past and has a lot of strategies and measures in place to tackle the rise in unclaimed dividends.
SOURCE: PUNCH
