Reps invite Edun, Cardoso, others over non take-off of Unclaimed Dividend Trust Fund

THE House of Representatives on Tuesday resolved to invite Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Budget & National Planning, Senator Atiku Bagudu; Governor of Central Bank of Nigeria (CBN), Mr Olayemi Cardoso over non-operationalisation of Unclaimed Dividend Trust Fund.

Chairman, House Committee on Capital Market and other Institutions, Hon. Solomon Bob who issued the notice during an interactive session with Director General of Securities Exchange Commission (SEC), Mr. Lamido Yuguda, who confirmed that unclaimed dividend stands at N210,981,480,402.44 as of September 30, 2023, out of which N166,671,399,552.73 was in custody of paying companies while N44,310,080,849.73 was in custody of the Registrars.

In his remarks, Hon. Bob tasked the Commission to give details on some of the naughty issues affecting the capital market, including unresolved issues of Unclaimed dividends.

While reiterating the Committee’s resolve to minimize the incidences of Unclaimed dividends to the barest minimum, he observed that there are some inconsistencies in the report of the 9th Assembly’s Committee on Capital Market and SEC’s submission, hence the need to reconcile the discrepancies.

He also emphasised the need for SEC and other stakeholders to interact with the Committee during subsequent engagements with a view to address myriad of challenges facing the capital market.