Efforts by the Securities and Exchange Commission to tackle the rising unclaimed dividends in the nation’s capital market have continued to hit the brick wall as the commission announced that the figure has risen to N170 billion as at December 2020 from N158.4 billion recorded in 2019.
At a Virtual Capital Market Committee Meeting held in Lagos, yesterday, the Director General of the SEC, Lamido Yuguda, linked the rising figure to irregularities in identity management and multiple subscriptions from investors.Yuguda expressed dissatisfaction over the development, assuring that the SEC would adopt all-inclusive approaches to stem the tide and boost investors’ confidence.
According to him, the outcome of the committee’s assignment would address the challenges of identity management and help tackle some of the issues of unclaimed dividends, direct cash settlement and multiple subscription. On the Electronic Dividend Mandate Management System portal, Yuguda said the total number of mandated and approved accounts from its inception in 2016 to July 2021 stood at 1,144,970.He explained that the COVID-19 pandemic affected the registration exercise. Yuguda said members of the CMC had adopted some measures to increase the number of mandated investors on the e-DMMS and reduce the quantum of unclaimed dividends in the market.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »
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