The Security and Exchange Commission (SEC) has stated that the commission is working to ensure it reduces the level of unclaimed dividends to zero. This effective in the Nigeria financial market. This was disclosed by Alhaji Lamido Yuguda, the Director-General, In an interactive session with the press on Tuesday in Lagos.
As of December 31, 2021, unclaimed dividends have increased to N180 billion, according to Yuguda. Although N180 billion in unclaimed dividends is a sizable sum, according to Yuguda. It represents only 5% of the total amount of dividends announced in the entire capital market.
Alhaji Lamido Yuguda said, “That is a large amount, but when you compare that with the total amount of dividends declared in the Nigerian capital market. These unclaimed dividends amount to about five percent of the total amount of dividends declared.”
He added the SEC is collaborating with other industry stakeholders, including the Central Securities Clearing System (CSCS), to solve unclaimed dividends. He also said that the Federal Government intervened last year by enacting a Finance Act on Unclaimed Dividends Fund. Also notes that SEC would continue working to ensure it gets to zero percent level. Therefore, saying that there is a need for strong investor education to achieve success.