The Securities and Exchange Commission (SEC) has revealed that the unclaimed dividends within the nation’s capital market have reached N190 billion. The Director-General of SEC, Mr. Lamido Yuguda, shared this information during the second post-Capital Market Committee (CMC) media briefing in Abuja.

Yuguda cited issues related to identity management in the country as a key factor contributing to the increasing figure of unclaimed dividends. He also pointed out that multiple subscriptions during banking consolidation and identity management processes have played a role in driving up the number.

“We have legacy issues that have aggravated unclaimed dividends,” Yuguda remarked.

To address this concern, Yuguda mentioned that the SEC is collaborating with the Nigeria Inter-Bank Settlement System (NIBSS) to work on the e-dividend portal. This portal is undergoing upgrades and repairs to facilitate the reduction of unclaimed dividends. The objective is to ensure that individuals who invest in the capital market can easily access their due dividends.

Yuguda acknowledged the challenges faced by the market, including the listing of dollar-denominated bonds on the NGX (Nigerian Exchange Group). He stressed that the capital market would continue to support economic reforms and contribute to national development.

During the briefing, it was highlighted that the Investments and Securities Bill (ISB) 2023 is currently under consideration by the 10th National Assembly. The bill aims to modernize market regulations and enhance the capital market’s role in national development.

Mr. Dayo Obisan, the Commissioner of Operations at SEC, emphasized efforts to improve access to claiming dividends. He noted that while progress has been made, some investors still face challenges due to incorrect details. The SEC is committed to ensuring accurate data and transferring dividends effectively to beneficiaries.

The SEC’s commitment to upgrading the e-dividend portal and enhancing data accuracy underscores its dedication to resolving the issue of unclaimed dividends and improving the overall efficiency and transparency of the Nigerian capital market.

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 35,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.