Unclaimed Dividend Soars to N215bn- DG, SEC
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Securities & Exchange Commission SEC, Corporate Headquarters, Abuja
The unclaimed dividend from Nigeria’s capital market has risen to N215 billion as at March 2024.
Dr Emomotimi Agama, Director General/Chief Executive, DGCE, of the Securities and Exchange Commission, SEC, the apex regulatory agency of the capital market made the announcement.
He said the commission had introduced a new portal that will enable individuals to do self-service, while the SEC is on the verge of introducing an app that could be downloaded from the Google Playstore which will enable investors to have access to their accounts whenever real time, online, and make claims accordingly.
Agama said recent trouble-shooting by SEC in league with the Committee for Identity Management for the Capital Market, had identified the lack of identification of investors as the major culprit.
He however expressed optimism that a solution-based technology had been developed and will soon be deployed to initially reduce drastically the menace of unclaimed dividends and sooner than later eliminate the ugly trend.
The DG said the commission had geared up its advocacy encouraging more companies to get listed at the Exchange. He added that the commission would continue promoting capacity building on derivatives both for market operators and regulators.
Emomotimi Agama explained that listing on the Exchange will avail such company access to long-term funds and the best place to get such money is through the capital market.
Chronicling some of the SEC’s achievements so far, he explained the Commission had approved nine new issuances totalling N1.228 trillion, which is inspiring increased confidence in the market.
The SEC DG revealed that in the funds management space, the Net Asset Value, NAV, of registered mutual funds had grown by 111.08 per cent to N3.335 trillion, indicating a strong and sustainable growth.
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