The Securities Exchange Commission (SEC) says it will set up
special units to address issues of unclaimed dividends in the industry.
Emomotomi Agama, SEC’s director-general, spoke at a news
conference held after the capital market committee (CMC) meeting on Thursday.
Agama said the commission is strongly making efforts towards
reducing unclaimed dividends.
The director-general said unclaimed dividends have increased
to N215 billion as at March.
“We’re putting up
mechanisms to ensure we bring that figure down,” he said.
Agama said the the 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.
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