Hanging dividends hit N190bn at SEC

The value of unclaimed dividends in the nation’s capital market currently stands at N190 billion, Mr Lamido Yuguda, the Director-General, Securities and Exchange Commission, SEC, has disclosed.

Yuguda, at the second post Capital Market Committee media briefing in Abuja on Friday, said the figure increased due to issues concerning identity management in the country.

Yuguda also attributed the rising figure to multiple subscriptions by investors during banking consolidation and identity management.

“We have legacy issues that have aggravated unclaimed dividends,” said Yuguda, who disclosed that the commission was working with the Nigeria Inter-Bank Settlement System, NIBSS, on the e-dividend portal.

He added that the SEC was working with NIBSS to make changes to the electronic dividend portal currently going through some form of upgrading and repair.

“We are working very hard to ensure we reduce the number of unclaimed dividends.

“This is why we are upgrading the e-dividend portal with NIBSS to restore investors’ dividend and reduce unclaimed dividends.

“We reiterate that every person, who has come to the capital market and invested money, should be able to get his dividends as and when due,” he said.

On dollar denominated bonds listed on NGX, the director-general said it was not a problem as long as it was a corporate one.

He said that the road ahead of the mar

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