Senate panel on Capital Market, Security and Exchange Commission (SEC) and stakeholders in the capital market have promised to work together to resolve the recurring issue of unclaimed dividends in the country.

The agreement was reached at a one-day public hearing organised by the Senate panel to find a lasting solution to the issue.

Apart from suggesting a further amendment to the Finance Act, shareholders at the forum, reiterated the need for proper sensitisation to the activities of SEC.

They also urged SEC to deploy modern technology to identify owners of unclaimed dividends and to come up with comprehensive data.

All the participants also agreed that the Director General of SEC, Dr Emomotimi Agama, should within the next six months forward to the Senate panel, necessary strategies on how to reclaim unclaimed dividends in the Debt Management Office.

The DMO, according to the stakeholders, had no business keeping 10 per cent of the fund, as currently empowered by the Finance Act.

Declaring the event open, the President of the Senate, Godswill Akpabio, said the forum was organised to identify the root causes of unclaimed dividends and to chart a path forward that would empower investors, protect their interest and unleash the full potential of the capital market.

The Chairman of the committee, Osita Izunaso, said critical legislation was necessary to instill confidence in the capital market.

Izunaso said: “A lot is on your shoulder because you are the main regulator. Now, there is need to strengthen the Know Your Customer (KYC) requirements.

“It’s very key. Once you strengthen the KYC requirements, some of these issues would have been taken care of. You should simplify the process of account update. This is for the bank. Let the process be simplified.

“The shareholders’ representative that spoke, talked about their website, where all these things will be there, Once you go to that website, you will see everything.”