Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Equities Stock Market

Unclaimed dividend stands at N158.44 billion, over N100 billion from unclaimed shares

Abiola OdutolabyAbiola Odutola
3 years ago
in Stock Market
Lamido Yuguda, Unclaimed dividend stands at N158.44 billion, over N100 billion from unclaimed shares, INTERVIEW: Ponzi scheme depriving a lot of households of hard earned money- Yuguda

Dr. Lamido Yuguda, SEC DG

Share on FacebookShare on TwitterShare on Linkedin

The total value of unclaimed dividend in the Nigerian capital market closed 2019 at N158.44 billion and over N100 billion of the amount are from unclaimed shares.

This was disclosed by the Securities and Exchange Commission via a report from the News Agency of Nigeria.

The development revealed that the figure has been on the increase despite the introduction of e-dividend, which was introduced by SEC in 2015. From about N100 billion in 2017, it closed 2018 at over N120 billion.

Dividend is company’s earnings, decided and managed by the company’s board of directors, and paid to a class of its shareholders.

The earnings turned unclaimed when a shareholder fails to claim an already paid dividend after six months.

READ ALSO: Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account

Breakdown: The components, according to the report, showed that unclaimed dividends with companies (15 months and above) stood at N119.01 billion.

The ones with registrars amounted to N14.64 billion and unclaimed dividend less than 15 months old stood at N24.77 billion.

Why the figure rises: Head, Office of the Chief Economist, SEC, Mr Okey Umeano, explained that value has been on the increase since the market has been witnessing surge in large number of unclaimed shares.

He said, “The main issue why unclaimed dividend is rising is because we have a large number of unclaimed shares.”

According to him, many investors during the banking consolidation bought shares with different names as well as other people’s names which they were yet to rectify.

READ MORE: AIICO seeks NSE’s approval for conducting Rights Issue

“As companies declare dividend, those accounts would equally be paid, leading to increase in unclaimed dividend figure.

“The commission introduced a forbearance window for multiple accounts to enable investors that bought shares with different names to regularise their accounts in order to reduce the quantum of unclaimed dividends.

“SEC gave a window for people to come and rectify the multiple subscription thing.

“Many people have still not been able to claim their own because some of them have forgotten the names they used.

“Some have not been able to prove to their stockbrokers that they are the owners of the shares.

“So, we still have a large chunk of those shares, and anytime dividends are paid, those shares are not claimed and those people don’t get their dividends,” Umeano said.

Explore useful research data from Nairametrics on Nairalytics

Until the number of unclaimed shares goes down, unclaimed dividend problem will continue.

On the way forward, he assured that the commission would continue to put pressure on all the people involved in order to curb the problem of unclaimed dividends.

Umeano called on investors to go and prove ownership of their shares, noting that SEC was not prosecuting anybody.

“SEC has given them amnesty to go and claim their shares and as people are claiming those shares, unclaimed dividends number will go down,” he added.

Related

Tags: DividendsOkey UmeanoSecurities and Exchange Commission

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Emergence of new airlines increase costs of surveillance programme -NCAA
  • Federal High Court Abuja Acquits Jide Omokore of 1.6bn Fraud
  • LeBron James surpasses Kareem Abdul-Jabbar to become America’s NBA all-time leading scorer

Follow us on social media:

Recent News

New Airlines’ Emergence, Expansions Increase CA Surveillance Programme Costs, Says DG

Emergence of new airlines increase costs of surveillance programme -NCAA

February 8, 2023
Federal High court

Federal High Court Abuja Acquits Jide Omokore of 1.6bn Fraud

February 8, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics