Acting Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has tasked relevant stakeholders in the capital market to cooperate with the Commission in its desire to reduce the quantum of unclaimed dividends.
Recall that over a decade ago, Nigeria’s total unclaimed dividends stood at N60 billion but tripled to over N190 billion as of last August, according to SEC.
The SEC acting DG, during a meeting with the Association of Securities Dealing Houses of Nigeria (ASHON) in Abuja, described unclaimed dividends as a monster in the capital market, which must be tackled swiftly.
Agama assured that every unresolved issue, ranging from unclaimed dividends to other related market issues, will be addressed soon.
He assured the association that every good thought that they have had would be brought to fruition while asking it to forward a practical proposal on how they would deal with the current level of unclaimed dividends.
“We cannot continue to do a thing in a particular way and expect a different result. You need to strengthen the institutions under you and know who you are leaving behind to continue the legacy,” he said.
Chairman of ASHON, Sam Onukwe, applauded President Bola Ahmed Tinubu for appointing Agama as DG and the three executive commissioners, describing it as renewed hope for the Nigerian capital market and the economy
