Securities Exchange Commission (SEC) has announced that it will set up special units to address issues of unclaimed dividends in the industry.
Gatekeepers News reports that SEC’s director-general, Emomotomi Agama made the announcement while speaking at a news conference held after capital market committee (CMC) meeting on Thursday.
Agama noted that the commission is strongly making efforts toward reducing unclaimed dividends.
The DG revealed that unclaimed dividends have increased to N215 billion as of March.
He said, “We’re putting up mechanisms to ensure we bring that figure down.”
Agama said small offices will be established in the commissions’ headquarters and other offices across the nation.
In August 2023, SEC said unclaimed dividends in capital market increased to an estimated N190 billion, referring to the situation as “a serious problem”.
Agama had in June urged stakeholders in capital market to collaborate with the commission to reduce quantum of unclaimed dividends.
