{"id":61864,"date":"2022-06-29T06:35:13","date_gmt":"2022-06-29T05:35:13","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=61864"},"modified":"2022-06-29T13:50:54","modified_gmt":"2022-06-29T12:50:54","slug":"sec-management-meeting-with-newspaper-editors-in-lagos-pix","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-management-meeting-with-newspaper-editors-in-lagos-pix\/","title":{"rendered":"SEC Working To Reduce Unclaimed Dividends"},"content":{"rendered":"<p dir=\"ltr\">&#8230; as figures hit N180 billion<\/p>\n<p dir=\"ltr\"><span style=\"color: initial; font-size: revert;\">Alhaji Lamido Yuguda, the Director-General, Security and Exchange Commission (SEC), says the commission is working to ensure it reduces the level of unclaimed dividends to zero per cent.<\/span><\/p>\n<div align=\"left\">\n<p dir=\"ltr\">In an interactive session with editors on Tuesday in Lagos, Yuguda said that unclaimed dividends rose to N180 billion as at Dec. 31, 2021.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cThis continues to be an important area of concern for the commission and we have been engaged in tackling it in the capital market,\u2019\u2019 the director-general said.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">Although N180 billion unclaimed dividends is a large amount, Yuguda said that the amount constituted only five per cent of the quantum of dividends declared in the entire capital market.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cThat is a large amount, but when you compare that with the total amount of dividends declared in the Nigerian capital market, these unclaimed dividends amount to about five per cent of the total amount of dividends declared.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cAlthough, five per cent is still not the ideal number, it should be zero per cent.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cEvery person, who has come to the capital market and invested money, should be able to get his dividends as and when due,\u2019\u2019 Yuguda said<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">He also said that SEC is working with the Central Securities Clearing System (CSCS) and other stakeholders in the industry to address the issue of unclaimed dividends.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cThe SEC has been working with CSCS, Registrars and the stockbrokers to make sure that every market appraisal makes it easy for the clients to fill their mandate form.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cWe are also making sure that investors continue to get their dividends.\u2019\u2019<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">He also said that the Federal Government intervened last year by enacting a Finance Act on Unclaimed Dividends Fund.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cThe government is looking at unclaimed monies both in the capital market and the banking system and established a fund that will actually access through dividends that have been unclaimed for a certain number of years that meet certain basic definitions.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cIt is not that the government has taken over the money, but when the claimants eventually surface, there is a system for recovering.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">\u201cEvery person who has come to the capital market and invested money should be able to get his dividends as and when due,\u201d he added.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">He noted that SEC would continue working to ensure it gets to zero per cent level, saying that \u201cthere is a need for strong investor education to achieve success. (NAN)<\/p>\n<\/div>\n<p>Photo Caption:<\/p>\n<p>Meeting with Editors &#8212; Director General Securities and Exchange commission Mr Lamido Yuguda, Executive Commissioner Operations SEC Mr Dayo Obisan and Executive Commissioner Corporate Services SEC Mr Ibrahim Boyi during a Meeting between The SEC Management and the Newspaper Editor&#8217;s held in Lagos Yesterday<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-61868\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2022\/06\/MEETING-with-Editors-10-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/p>\n<p dir=\"ltr\">Pix 2<\/p>\n<p dir=\"ltr\">Director General Securities and Exchange commission Mr Lamido Yuguda with Business Day Newspaper Editor Mr Tayo Fagbule during a Meeting between The SEC Management and the Newspaper Editor&#8217;s held in Lagos Yesterday.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-61872\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2022\/06\/MEETING-with-Editors-6-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/p>\n<p dir=\"ltr\">Pix 3<\/p>\n<p dir=\"ltr\">L-R. Mr Abdulfatah Babatunde NAN, Juliet Bumah New telegraph Newspaper, Mr Joseph Onyekwe Guardian Newspaper, Director General Securities and Exchange commission Mr Lamido Yuguda and Mr Taofeek Salako Nation Newspaper during a Meeting between The SEC Management and the Newspaper Editor&#8217;s held in Lagos Yesterday<\/p>\n<p dir=\"ltr\">\n<\/p><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Meeting with Editors &#8212; Director General Securities and Exchange commission Mr Lamido Yuguda, Executive Commissioner Operations SEC Mr Dayo Obisan and Executive Commissioner Corporate Services SEC Mr Ibrahim Boyi during a Meeting between The SEC Management and the Newspaper Editor&#8217;s held in Lagos Yesterday<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[575],"coauthors":[2391],"class_list":["post-61864","post","type-post","status-publish","format-standard","","category-business","category-news","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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