SEC Chairman

 

 

Some shareholders have stressed the need for Capital Market Stakeholders’ Forum to be championed by the Securities and Exchange Commission (SEC) to address problems associated with unclaimed dividends.

The shareholders made this known in separate interviews in Lagos on Saturday.

They said that the disturbing unclaimed dividends of N50.94 billion as being posted by the Institute of Capital Market Registrars (ICMR) in Dec. 31, 2013 was retarding market growth.

The Chairman, ICMR Council, Mr Bayo Olugbemi, said the figure represented 5.05 per cent of the total dividends declared for the past 10 years.

The shareholders, however, called on the management of SEC to organise regular market wide stakeholders’ forum to proffer solutions to the menace.

Alhaji Gbadebo Olatokunbo, Founding Member, Nigeria Shareholders Association, said sincere stakeholders’ forum would go a long way in finding lasting solutions to unclaimed dividends’ problem.

Olatokunbo attributed the problem of unclaimed dividends to multiple entries and shareholders’ inability to notify their registrars of change in postal addresses.

He said that postage of electronic annual reports by registrars rendered unclaimed dividends information useless, noting that, many shareholders were not aware of their unclaimed dividends status.

Olatokunbo stressed the need for companies to continue to forward hard copies of unclaimed dividends details to shareholders and stop incorporation of the information in electronic format.