Acting DG SEC, Mary Uduk
The Securities and Exchange Commission, SEC, is considering a number of options to resolve the issue of unclaimed dividends in the capital market.
Acting Director General of the SEC, Mary Uduk, who disclosed this at a forum in Abuja, said in the new year, the Commission would implement various strategies in a bid to ensure that the issue of unclaimed dividends is effectively addressed.
She explained that unclaimed dividends are legacy issues which originated in the past, adding that the major problem currently has to do with identity management that the capital market and other stakeholders are working to resolve.
“Right now you will not get unclaimed dividends from new issues, part of the problem of unclaimed dividend has to do with identity management which we are doing all we can to educate the public on and engaging the various stakeholders to be able to get a lot of the information that we require.” She said.
The acting DG further said a committee comprising SEC, registrars, stockbrokers, issuing houses, the CSCS and the local bourse has come up with recommendations which have been adopted.
According to Uduk, the resolutions deal with the issues of investors’ information update and rules on electronic offering.
Uduk also disclosed that the Commission has approved the rule in respect of electronic offering which she believes would address some of the problems associated with unclaimed dividends.
” We believe that in addition to the e-dividend mandate, these other initiatives that the Commission is doing with other stakeholders will address the issue of unclaimed dividends” she said.