SEC Steps Up Efforts to Reduce Unclaimed Dividends in Capital Market

The Securities and Exchange Commission (SEC) has intensified its efforts through a series of strategic initiatives and investor clinics across various regions.

The latest endeavor took place in Yobe State, where the SEC, in collaboration with the Gombe State Investment and Property Development Company, organized a three-day investors clinic.

Mr. Danladi Mohammed, the Head of the SEC Zonal Office in Kano, disclosed that the initiative aimed to address concerns related to unclaimed dividends and enlighten investors on crucial matters such as e-dividend and dematerialization of shares certificates.

The clinic also served as a platform to handle inquiries and complaints from shareholders in Yobe State and its environs.

Unclaimed dividends in the Nigerian capital market reached a staggering N190 billion by August 2023, prompting regulatory authorities to take decisive action.

The SEC views reducing unclaimed dividends as a key objective outlined in the Capital Market Development Master Plan 2015 to 2025.

The initiative aligns with the SEC’s commitment to fostering investor confidence and ensuring market integrity.

It reflects the Commission’s dedication to fulfilling its mandate of regulating and developing the Nigerian capital market to meet international standards.

The SEC’s Director-General, Lamido Yuguda, emphasized the importance of investor education and engagement in addressing the challenge of unclaimed dividends.

Through investor clinics and proactive measures, the SEC aims to empower investors to claim what rightfully belongs to them and enhance transparency and efficiency in the capital market ecosystem.