Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has pledged to deal decisively with the recurring issue of unclaimed dividends in the Nigerian capital market.
Acting Director-General, Securities and Exchange Commission (SEC), Emomotimi Agama, who spoke during a meeting with the executives of Institute of Capital Market Registrars (ICMR) in Abuja at the weekend, described unclaimed dividend as a monster in the capital market.
The Securities and exchange Commission has said that it will soon issue a framework that will guide the capital market in the proposed recapitalisation exercise by banks.
He said registrars must embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past. “Unclaimed dividends is a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it. “Let us put our thoughts together and provide a workable solution, let us ensure that this becomes a thing of the past. We need to provide solution and the time is now. As custodians, we implore you to provide practicable steps to address this issue,” Agama said.
