Capital market stakeholders seek solution for unclaimed dividends  

The Senate Committee on Capital Market, the Security and Exchange Commission (SEC) and stakeholders in the capital market  Monday agreed to evolve strategies to  address the issue of unclaimed dividends in the country.

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

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

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

All the participants also agreed that the director general of the Security and Exchange Commission, 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 the 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 dividend funds and to chart a path forward that would empower investors, protect their interest and unleash the full potential of the capital market.