SEC clears N29bn unclaimed dividends

The Securities and Exchange Commission (SEC) has said it has cleared N29 billion as unclaimed investors’ dividends after it harmonised multiple dividend accounts.

The SEC Director General (DG), Lamido Yuguda, disclosed this on Wednesday while speaking at an investigative hearing held by the House of Representatives Committee on Capital Market and Institutions.

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The hearing was on: “The Need to Investigate the Rising Value of Unclaimed Dividends, Unremitted Withholding Tax on Dividends and their Attendant Effects on Nation’s Economy.”

The Chairman of the House of Committee, Babangida Ibrahim, and members of the committee expressed concern over the rise in unclaimed dividends which was projected to reach N200bn at the end of 2020.