Securities and Exchange Commission, SEC, has stated that Nigeria’s unclaimed dividends are now in the excess of N80 billion.
The Direcror General of the SEC, Mounir Gwazo, who spoke during a meeting with management of Nigerian Television Authority, NTA, in Abuja, Gwazo, lamented that these unclaimed dividends are from small stakeholders and that efforts are being made to ensure that they are claimed.
He said: “The issue of unclaimed dividend which according to our records is in the excess of N80billion will also be a thing of the past. These unclaimed dividends came about from dividends of small stakeholders like you and me and we need to ensure that they are claimed.”
“Once we are able to get through with the registration process, those dividends that are less than 12 years, once the registrars can certify that the people are the owners, they should be able to pay them. Gradually we should be able to address the problem of unclaimed dividends.” he said.
Gwazo also disclosed that with Direct Cash Settlement, the era where shares will be sold and the proceeds will be given to the broker who will then pay the client is over as what is obtainable now is that once the shares of an individual are sold, the proceed is paid directly into his bank account.
