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Home Markets Fixed Income Securities

Unclaimed dividends rise to N170 billion – SEC

William Ukpe by William Ukpe
August 14, 2021
in Securities, Spotlight
Reps raise alarm over N200 billion unclaimed dividends in 2020, the Capital market, Lamido Yuguda assumes duty as new DG of Security and Exchange Commission, SEC promise to intensify monitoring, surveillance of market operators

Director-General of the SEC, Lamido Yuguda

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The Securities and Exchange Commission (SEC) revealed that unclaimed dividends in the Nigerian Capital Markets rose to N170 billion as at December 2020.

This was disclosed by Director-General, SEC, Mr Lamido Yuguda, at the second post-Capital Market Committee (CMC) virtual news conference, on Friday. He added that the figure rose from N158.44 billion total unclaimed dividends as of December 2019, citing issues related to poor identity management.

READ: Court stops FG from taking over N200 billion unclaimed dividends

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What the SEC boss said

“We have problems with identity management in the Nigerian capital market and this is really one of the things the commission is trying to resolve.

“We have set up a high-powered committee to look at the issue. People bought shares under false names and multiple subscriptions.

“There is a problem with the process but there is a problem with us too as people because if you are buying securities using your own wealth; why will you use another person’s name, why will you use a name that will not be traceable to you?

READ: How to redeem your unclaimed dividends in Nigeria

“This became an issue after the introduction of BVN because BVN is tied to only one name,” Yuguda said.

He added that the SEC constituted a Committee on Identity Management chaired by Mr Aigboje Aig-Imoukhuede and is expected to harmonise various databases of investors, and facilitate data accuracy in the market.

He also revealed that the SEC is optimistic that the outcome of the committee’s assignment would address the challenges of identity management and help resolve some of the issues we face in the areas of unclaimed dividend, direct cash settlement and multiple subscriptions.

READ: How To Get Back Unclaimed Dividends & Process e-dividends

He explained that the implementation of the Electronic Dividend Mandate Management System (e-DMMS) portal, has seen the total number of mandated and approved accounts from its inception in 2016 to July 2021 at 1,144,970, citing issues affected by covid-19 in its rollout.

In case you missed it

Recall Nairametrics reported last month that a Federal High Court sitting in Abeokuta granted an interim order restraining the federal government from having access to the unclaimed dividends of shareholders in the capital market, following a case instituted by shareholders under the aegis of Palm Wealth Shareholders Association (PWSA) asking the court to void the plan to take over unclaimed dividends.

Tags: SECSecurities and Exchange CommissionUnclaimed Dividends
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 1

  1. TIJANI ADEGOKE ABDUL AZEEZ says:
    August 14, 2021 at 8:11 am

    Sir, Iam Having Equity Stock Shairs in Nigeria Stocks Exchange that I do not know how I can be getting my Dividend Warranty

    Reply

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