By Abubakar Yunusa Ojima-Ojo
The Securities Exchange Commission (SEC) says it will set up special units to address issues of unclaimed dividends in the industry.
Emomotomi Agama, SEC’s director-general, spoke at a news conference held after the capital market committee (CMC) meeting on Thursday.
Agama said the commission is strongly making efforts towards reducing unclaimed dividends.
The director-general said unclaimed dividends have increased to N215 billion as at March.
“We’re putting up mechanisms to ensure we bring that figure down,” he said.
Agama said the the small offices will be established in the commissions’ headquarters and other offices across the nation.
In August 2023, the SEC had said unclaimed dividends in the capital market increased to an estimated N190 billion — a situation described as “a serious problem”.
Describing the issue as “monster in the capital market” in June, Agama called on stakeholders in the capital market to collaborate with the commission to reduce the quantum of unclaimed dividends.