The capital market has continued to record high incidence of unclaimed dividends due to the provision of inadequate proof of ownership of shares by investors, the acting Director General of the Securities and Exchange Commission , Mary Uduk, has said.
She said the capital market has opened a forbearance window to allow investors with multiple subscriptions/applications to public offers to regularise them under a single account name. “Non-receipt of dividends discourages investors in stock market and encourages them to search for alternative investment outlets such as the real sector and money market. Consequently, Public Companies are denied the opportunity of cheaper source of finance,” she said.Ms Uduk disclosed that e-Dividend is a secure on-line means of paying dividends directly to the shareholder’s account instead of printing and mailing dividend warrants, as was the case before now.
In his remarks, the chairman of Ibadan Zone of Shareholders’ Association, Eric Akinduro, urged the SEC to intensify efforts at enticing investors to embrace the e-dividends registration.
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