SEC Has Set Up Committee Against Multiple Stock Accounts, N80billion Unclaimed Dividend

The Securities and Exchange Commission, SEC has set up a committee to fix the deadline for investors with multiple accounts to merge into a single account which is said to be part of the reasons why unclaimed dividend had risen to over N80 billion.

The committee members were selected from the Nigerian Stock Exchange, NSE, Central Securities Clearing System, CSCS Plc and stock broking firms.

“…The committee will come up with the relevant information that will be presented to SEC whether sanctions be made against such action or for the period of grace people will be allowed to amalgamate such account. After that period of grace there will be penalty. We will be having meeting by next week (this week) and the committee will come out with a common position that will be made known to the investors.” A source said.

The General Manager, IT & Operations of the CSCS Plc, Mr. Joseph Mekiliuwa, said, In order not to clog the system, we encourage shareholders to consolidate their accounts; it is better and cheaper to maintain fewer accounts for ease of tracking investments.