SEC pays N42b unclaimed dividend to investors

The Securities and Exchange Commission (SEC) has said that N42 billion out of about N117 billion unclaimed dividend has been paid out to investors.

This the commission attributed to aggressive campaign for elimination of such funds in the capital market.

Director General of SEC, Munir Gwarzo, who disclosed this yesterday at a public hearing on unclaimed N90billion dividend in securities for Nigerian investors, said efforts by the commission to address the issue was yielding results with the e-dividend registration system. Consequently, the money has dropped from N117 billion to N75billion.

“As of today, based on the reports we received from the registrars, almost N42 billion has so far been paid, out of a total of N117billion as of 30th of December 2016, which means our message of unclaimed dividend is yielding positive results,” he told the Joint Senate and House of Representatives Committee on Capital Market.

Chairman of the Senate Committee on Capital Market, Isiaka Adeleke, requested for the list of beneficiaries. The DG said it would be transmitted to the panel as soon as possible.

Senate President, Bukola Saraki, urged members of the Senate Committee on Capital Market to work closely with stakeholders in the sector to reposition the nation’s capital market.