Well shrink N190bn unclaimed dividends, SEC says

Securities and Exchange Commission (SEC) says it is intensifying strategies to reduce N190bn unclaimed dividends as part of efforts to cut down on the level of unclaimed dividends by investors in the capital market.

Mr. Danladi Mohammed, Head of the SEC Zonal Office, Kano, stated this on Thursday at a three-day investors clinic it held in Yobe State to address complaints from investors in the region.

The event was jointly organised by SEC and the Gombe State Investment and Property Development Company to assist investors with unclaimed dividends and related matters.

According to Mohammed, the three-day exercise was aimed at creating awareness and enlightenment on e-dividend, dematerialisation of shares certificates, and direct cash settlement payment system, among other initiatives.

“The initiative is one in a series of programmes, and strategies toward reducing the level of unclaimed dividends which stood at N190bn in August 2023, by creating awareness, particularly in the regions; to make the investing public come forward to take what rightfully belongs to them – This is one of the key objectives of the Capital Market Development Master Plan 2015 to 2025,” he said.