Dayo Obisan, the executive commissioner responsible for operations at the Securities Exchange Commission (SEC), revealed that unclaimed dividends in Nigeria have reached a staggering ₦190 billion. Speaking at the post Capital Market Committee (CMC) press briefing held on Friday, Obisan highlighted the alarming amount of unclaimed dividends within the country’s financial landscape.
The recent CMC meeting, jointly hosted by the SEC and the Capital Market community on August 24, led to discussions about critical reforms underway in the sector. Lamido Yuguda, the director general of SEC, shared insights into the ongoing reforms being undertaken by the commission to enhance various aspects of the Capital Market.
Yuguda addressed the pressing issue of unclaimed dividends, attributing the problem to factors such as identification challenges and multiple subscriptions. He also noted that company name changes have contributed to the complexity of the matter.
To counter these challenges, Yuguda emphasized the commission’s commitment to bolster Know Your Customer (KYC) requirements. By ensuring comprehensive data capture, the SEC aims to eradicate the persistence of unclaimed dividends.
Yuguda also weighed in on the topic of dollar bonds, expressing his confidence in companies listing such bonds. He emphasized the importance of issuers’ ability to meet both principal and interest obligations, regardless of the currency denomination.
Furthermore, Yuguda underscored the SEC’s dedication to offering investment products tailored to investors’ needs. The Capital Market master plan, designed for the years 2015-2025, has been subject to a successful midterm review that has guided the commission’s achievements thus far in 2023.
As Nigeria’s financial sector continues to evolve, the SEC remains committed to addressing key challenges and promoting investor-friendly reforms that facilitate growth and stability.
Photo Source: Google
August 26th , 2023
Delino Gayweh
Serrari Financial Analyst
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
