Over N90b unclaimed dividends trapped in quoted coys -SEC

The Securities and Exchange Commission (SEC) on Monday declared that over N90billion unclaimed dividends is trapped in the vaults of quoted companies in the country.

Speaking at a three-day sensitisation Road Show organised by the Commission in Abuja, the Head, Marketing Development, SEC, Mr Henry Adekunle Rowland, disclosed that the total value of unclaimed dividend as at 30th September, 2015 stood at N90 billion.

Justifying the need for the sensitisation walk, Rowland said the essence is to encourage investors to provide the necessary information so they could be able to claim their dividends electronically.

“E-dividend means electronic dividend and dividend is the profit which an investor gets from the company which he has invested his money. What we are saying is that, go and register to collect your dividend electronically in your preferred bank,’’ he said.

The objective of this initiative, he said, is to make sure that the N90 billion unclaimed dividend is depleted
within the next six months after the completion of this exercise. “The exercise will be free for about three months and close in March, six months from that date, we expect that these N90 billion would have been fully depleted” he said.

Rowland assured investors that the exercise would continue afterwards but investors would be required to pay a fee of N100, which according to him, was not subject to review and is considered administrative cost for the banks and the NIBSS for warehousing the data.

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