Nigeria: Volume of Unclaimed Dividends Still Huge - SEC

The Securities and Exchange Commission (SEC) has said that it will continue to collaborate with relevant stakeholders to sensitise investors on the need to regularise their multiple accounts as well as claim their dividends.

A statement from the commission at the weekend quoted the SEC Acting DG, Ms. Mary Uduk, as saying that the Commission has taken various steps to ensure that shareholders benefit from their investments in the capital market.

She said the volume of unclaimed dividends is still huge but that the commission was doing a lot to bring it down.

According to her, "Only recently, in our determination to reduce the quantum of unclaimed dividends in the Nigerian capital market and encourage beneficiaries of deceased investors to step up efforts to claim such dividends, the commission espoused an amendment to our rules which reduced the time, processes and costs of the transmission of shares from a deceased to the beneficiary.

"The timeline for the transmission of a deceased's shares has been reduced from three weeks to one week. Going by that, registrars shall ensure that shares of a deceased are transmitted within a week of receiving the request from the administrators or executors. This effort will ensure seamless transmission and claim of a deceased's shares by heirs and administrators," she said.

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