New SEC DG, Agama seeks stakeholders collaboration in addressing N190bn unclaimed dividends

Newly confirmed  Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged the Association of Securities Dealing Houses of Nigeria (ASHON) and other key stakeholders in the capital market to collaborate with the Commission in addressing the substantial issue of unclaimed dividends, which currently stands at a staggering N190 billion.

During a meeting with ASHON held in Abuja, Agama described unclaimed dividends as a “monster” in the capital market that requires immediate and decisive action.

According to a statement from the Commission, he emphasized the need for swift measures to tackle this issue, alongside other market-related challenges.

The DG further emphasized that the Commission would address these challenges in the shortest time possible and invited ASHON to submit practical proposals on how to reduce the current level of unclaimed dividends.

The SEC boss pledged to give their best efforts to eliminate all forms of infractions in the market, work towards broadening the market for the overall benefit of the economy, and achieve substantial success for Nigeria’s economic growth.

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The statement read in part: “Dr Agama assured that every unresolved issue ranging from unclaimed dividends, which is the big Elephant in the room, time to market and other related market issues will be addressed in the shortest time possible.

He assured the association that every good thought that they have had will be brought to fruition while inviting the Association to forward a practical proposal on how they are going to deal with the current level of unclaimed dividends.”

Shareholders under the aegis of the New Dimension Shareholders Association of Nigeria recently called on the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, to find a lasting solution to the rising wave of unclaimed dividends in the country.

The total value of unclaimed dividends according to SEC has risen to N190 billion, representing a 7.35 per cent rise from N177 billion recorded in 2021, which was the last figure from the commission.