SEC tells beneficiaries of deceased investors to claim their dividends

The Securities and Exchange Commission (SEC) has urged beneficiaries of deceased investors to claim their dividends.

This is in a bid to further reduce the quantum of unclaimed dividends in the Nigerian capital market, SEC said in a statement yesterday.

The statement quoted the Acting Director General of the SEC, Ms Mary Uduk to have made the call at the enlightenment programme for Lagos State Probate Registry held in Lagos.

Uduk who was represented by Acting Executive Commissioner Operations of the SEC, Mr. Isyaku Tilde, said the purpose of the enlightenment programme is to give participants an understanding of the operations of the capital market, especially in the area concerning transmission of shares and administration of estate, areas in which the Probate Registry is a key stakeholder.

Uduk said one category of investors whose investment yields have contributed to the growth of unclaimed dividends are deceased investors, whose beneficiaries as indicated in the will or letter of administration are yet to claim the investments and accrued dividends through the share transmission process.

According to her, “The capital market is a market for raising medium to long term capital via a number of instruments. The most popular of the instruments are shared and bonds with resultant yields of dividends and interests respectively.

“However, the quantum of unclaimed dividends in the Nigerian capital market has been on the increase as investors fail to claim the dividends from their investment in shares.’’