{"id":107249,"date":"2023-08-25T19:18:56","date_gmt":"2023-08-25T18:18:56","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=107249"},"modified":"2023-08-25T19:18:56","modified_gmt":"2023-08-25T18:18:56","slug":"unclaimed-dividends-in-capital-market-hits-n190bn-sec","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/unclaimed-dividends-in-capital-market-hits-n190bn-sec\/","title":{"rendered":"Unclaimed dividends in capital market hits N190bn \u2014 SEC"},"content":{"rendered":"
The Securities and Exchange Commission (SEC) says that the unclaimed dividends figure in the nation\u2019s capital market currently stands at N190 billion.<\/p>\n

Mr Lamido Yuguda, the Director-General of SEC, said this at the second post-Capital Market Committee (CMC) media briefing in Abuja on Friday.<\/p>\n

He said the figure increased due to issues concerning identity management in the country.<\/p>\n

Yuguda also attributed the rising figure to multiple subscriptions by investors during banking consolidation and identity management.<\/p>\n

According to him, \u201cwe have legacy issues that have aggravated unclaimed dividends.\u201d<\/p>\n

Yuguda, however, said the commission was working with the Nigeria Inter-Bank Settlement System (NIBSS), on the e-dividend portal.<\/p>\n

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.<\/p>\n

\u201cWe are working very hard to ensure we reduce the number of unclaimed dividends.<\/p>\n

\u201cThis is why we are upgrading the e-dividend portal with NIBSS to restore investors\u2019 dividend and reduce unclaimed dividends.<\/p>\n

\u201cWe 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,\u201d he said.<\/p>\n

On dollar-denominated bonds listed on NGX, the director-general said it was not a problem as long as it was a corporate one.<\/p><\/div>\n

\nHe said that the road ahead of the market was undeniably challenging but that the capital market would step forward in whatever way to lend its helping hand to the current economic reforms.<\/p>\n

\u201cWe introduced the Know Your Customer (KYC) requirement so that all information needed will be collated.<\/p>\n

\u201cThe market must make sacrifices to help drive the economic transformation that will change our nation\u2019s fortunes for the better.<\/p>\n

\u201cThe Chairman informed the meeting that the Investments and Securities Bill (ISB) 2023 was under consideration by the 10th National Assembly.<\/p>\n

\u201cThe Bill aims to align regulations with the modern dynamics of the market and it is hoped that if passed into law, it will enable optimal contribution of the capital market to national development,\u201d he said.<\/p>\n

The director-general said that market players were urged during the meeting to prioritise cyber-security measures to safeguard sensitive financial data and transactions.<\/p>\n

He lamented the trend where companies chose to de-list from the capital market.<\/p>\n

Also speaking, the Commissioner, of Operations at SEC, Mr Dayo Obisan, said one of the major issues bedeviling the commission was for beneficiaries to get access to claim their dividends.<\/p>\n

\u201cWe keep putting our efforts to ensure that investors update their bank details, and information and claim their dividends.<\/p>\n

\u201cBut we still have some of them who fill in details wrongly.<\/p>\n

\u201cWe at SEC are working very hard and we want to ensure bonuses get transferred to beneficiaries, and capture everyone who is in the market so that our data is more robust.<\/p>\n

\u201cWe can be able to work effectively on reducing unclaimed dividends,\u201d Obisan said.<\/p>\n

<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission (SEC) says that the unclaimed dividends figure in the nation\u2019s capital market currently stands at N190 billion. Mr Lamido Yuguda, the Director-General of SEC, said…<\/p>\n","protected":false},"author":1,"featured_media":107250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-107249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nUnclaimed dividends in capital market hits N190bn \u2014 SEC - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/unclaimed-dividends-in-capital-market-hits-n190bn-sec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unclaimed dividends in capital market hits N190bn \u2014 SEC - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Securities and Exchange Commission (SEC) says that the unclaimed dividends figure in the nation\u2019s capital market currently stands at N190 billion. 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