Nigeria’s Unclaimed dividends hit whopping N180 billion

Written by on June 29, 2022

The Security and Exchange Commission (SEC) has stated that the commission is working to ensure it reduces the level of unclaimed dividends to zero per cent in the Nigeria financial market.

This was disclosed by Alhaji Lamido Yuguda, the Director-General, In an interactive session with the press on Tuesday in Lagos.

As of December 31, 2021, unclaimed dividends have increased to N180 billion, according to Yuguda. Although N180 billion in unclaimed dividends is a sizable sum, according to Yuguda, it represents only 5% of the total amount of dividends announced in the entire capital market.

He added that the SEC is collaborating with other industry stakeholders, including the Central Securities Clearing System (CSCS), to solve the issue of unclaimed dividends.

He noted that SEC would continue working to ensure it gets to zero per cent level, saying that “there is a need for strong investor education to achieve success.

(NAIRAMETRICS)


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