The Securities and Exchange Commission (SEC) says unclaimed dividends, as at December 31, 2021, had totalled N180 billion. This, according to the commission, amount 5 per cent of the total dividends declared by companies trading at the domestic exchanges.
Lamido Yuguda, SEC’s director-general, said the commission is worried over the development and it is currently making efforts to reduce the unclaimed dividends to zero per cent.
“That is a large amount …the 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.
“We are also making sure that investors continue to get their dividends.,” he said.
Highlights
- The Companies and Allied Matters Act (CAMA) 1990 (revised 2020) refers to ‘unclaimed dividends’ as dividends not claimed within six months after a declaration.
- Affected investors can still claim their dividends, but not later than 12 years as the Federal Government proclaims that unclaimed dividends exceeding 12 years will be forfeited.
- The companies with the most unclaimed dividends are Total Plc, First Bank Plc, Nestle, Nigerian Breweries, Dangote Cement, Unilever etc, in that order.
