The Securities and Exchange Commission (SEC) has announced plans to establish special units to address issues of unclaimed dividends in the industry.

The commission’s Director-General, Emomotomi Agama, disclosed this during a press conference following a Capital Market Committee (CMC) meeting on Thursday.

Agama said the commission is making strong efforts towards reducing unclaimed dividends.

He stated that the unclaimed dividends had increased to N215 billion as of March, adding, “we’re putting up mechanisms to ensure we bring that figure down.”

Agama noted that small offices will be established at the commission’s headquarters and other offices across the nation.

In August 2023, the SEC said unclaimed dividends in the capital market had increased to an estimated N190 billion, a situation described as “a serious problem.”