According to calculations done by the Securities and Exchange Commission, unclaimed dividends at the Nigerian stock market have surged from N168 billion in 2020 to N177 billion in 2021.
Lamido Yuguda, director-general of the SEC, revealed this in Abuja while discussing some of the outcomes of the most recent meeting of the Capital Market Committee, which was also held in Abuja.
At the Nigerian Stock Exchange, Yuguda responded to a question concerning the total amount of unclaimed dividends by saying, “The unclaimed dividends that we have as of the end of last year were roughly N177bn.
The head of the SEC stated that the second action taken by the commission was to inform individuals of the numerous developments that had occurred in the stock market.
He added that despite the SEC’s attempts to establish the electronic Dividend Mandate Management System, investors had continued to complain about a number of issues, including the lengthy manual process and the delayed e-dividend payments.
Yuguda added that the SEC had received cash from donors to purchase and implement a securities market surveillance system.
He said that the implementation of the surveillance system would enhance the commission’s ability to regulate and oversee securities trading operations and contribute to the modernization of the regional capital markets.
- Tags: #capitalmarket, #dividends, #SEC
