Unclaimed dividends issue tops agenda as ICSAN holds forum March 4

Unclaimed dividends tops agenda as ICSAN holds Forum March 4


The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has fixed Thursday, March 4 for the 2021 annual ICSAN annual Company Secretaries and Registrars Forum, themed: “Managing Unclaimed Dividends and Unutilised funds in Dormant Bank Accounts: Issues, Options & Way out”.

Chairperson of ICSAN’s Corporate Members Committee, Mrs. Abiola Laseinde who disclosed this during a medial parley, said all controversies surrounding some provisions on unclaimed dividends in the new Companies and Allied Matters Act (CAMA) 2020 and Section 13 of the Companies Regulation 2021 on unclaimed dividends would be discussed at the forum by professional experts.

Laseinde said the forum, billed to host seasoned technocrats and skilled professionals, would stimulate the interest of members working as corporate professionals in the formal sector, ensuring their positive contribution to both the Institute’s and national affairs.

She also added that the forum offered a platform for exposing participants to modern day practices and practical solutions to problems on company secretarial practices, the capital market and related issues.

Laseinde explained that ICSAN’s open courses are specifically designed for company secretaries and directors,  compliance managers, risk managers and governance advisors among others.

While urging fresh graduates to take advantage of the Institute’s Graduate Internship Scheme, Laseinde said the platform provided fresh graduates the opportunity to acquire hands-on experience in corporate governance, compliance, share registration and company secretarial practice in reputable organisations in Nigeria.

In her own comment, Mrs. Lynda Onefeli, FCIS, Chairperson of ICSAN Publicity and Advocacy Committee, said forum will address controversies surrounding some provisions on unclaimed dividends, including those in Section 124 of the Companies and Allied Matters Act, 2020 and Section 13 of the Companies Regulation 2021 on unclaimed dividends.

According to Onefeli, Founder and Chairman of Phillips Consulting Limited, Mr. Folusho Phillips will chair the forum, while Mr. Ajibola Olomola, a partner at KPMG will deliver the keynote address.

She also listed Sir Sunny Nwosu, who is the National leader, emeritus of Independence Shareholders Association of Nigeria, Mrs. Toyin Basir, Special Aide to the Vice President, Prof. Yemi Osinbajo and Mr. Oluseye David Awojobi, FCIB, Registrar/Chief Executive of Chartered Institute of Bankers of Nigeria, CIBN as other key discussants expected at the forum.

According to her, it is not the best time for the government to take drastic decisions capable of aggravating the plight of people especially those who have labored and deserve their rewards.

She said unclaimed dividends belong to the investors and their beneficiaries, and that the federal government worked together with the Organised Private Sector to eliminate the bottlenecks in the whole process of accessing the dividends.

ICSAN’s Head of Research, Kayode Ketefe, FCIS, assured Nigerians of the institute’s plans to engage the government by proffering solutions that would engender the review of some of the provisions.