UNCLAIMED dividend in the Nigerian Capital Market (NCM) currently stands at N170 billion, Lamido Yuguda, Director General, Securities and Exchange (SEC) disclosed on Friday at the second virtual Capital Market Committee (CMC) press briefing.
“The figure currently stands at about N170 billion, it has actually increased from what it was at the end of 2019,” Yuguda said.
As earlier reported at the end of 2019, the total value of unclaimed dividends stood at 158.44 billion. In 2015, the SEC had introduced the electronic dividend payment platform to enable an automated deposit of dividends to Investors’ bank accounts to help mitigate the incidence of unclaimed dividends.
According to him, SEC recently set up a high powered committee to look at the issue stemming from an individual investor using multiple names to buy shares from one company, creating the multiple subscription problem.
In June 2021, the Commission constituted a Committee on Identity Management for the Nigerian Capital Market chaired by Aigboje Aig-Imoukhuede and is expected to harmonize various databases of investors and facilitate data accuracy in the market. “We are optimistic that the outcome of this committee’s assignment would address the challenges of identity management and help resolve some of the issues we face in the areas of unclaimed dividend, direct cash settlement and multiple subscriptions,” Yuguda added.
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