Securities and exchange commission says paid over n30bn unclaimed dividends

According to a report by the Nigerian Securities and Exchange Commission (SEC), over N30 billion in unclaimed dividends are lying idle in the custody of the commission.

The report, which was released in 2020, revealed that the SEC had received a total of N30.4 billion in unclaimed dividends from various companies listed on the Nigerian Stock Exchange (NSE) between 2015 and 2020.

The report also showed that the number of unclaimed dividend accounts had increased significantly over the years, with a total of 1.4 million accounts remaining unclaimed as of 2020.

The SEC attributed the rise in unclaimed dividends to a combination of factors, including the lack of awareness among investors about the importance of claiming their dividends, as well as the complexity of the process involved in claiming dividends.

To address this issue, the SEC has implemented several measures, including the creation of a dividend payment platform that allows investors to claim their dividends online. The commission has also launched a public awareness campaign to educate investors about the importance of claiming their dividends.

In addition, the SEC has also partnered with the Central Bank of Nigeria (CBN) to develop a system that will enable investors to claim their dividends using their bank accounts.

The report also highlighted the need for companies to improve their dividend payment processes and to provide more information to investors about the status of their dividend payments.

Overall, the report emphasized the importance of investors claiming their dividends and the need for companies to improve their dividend payment processes to ensure that investors receive their rightful dividends.

Here are some key statistics from the report:

It's worth noting that the report only covers unclaimed dividends from companies listed on the NSE, and the actual amount of unclaimed dividends in Nigeria may be higher.