Speaking at the pre-annual conference of the Institute of Capital Market Registrars (ICMR) on Friday in Lagos, President/Chairman of the Institute and Managing Director of First Registrars Limited, Mr. Bayo Olugbemi, said that as at December 31st, 2013, total unclaimed dividends reached N50.936 billion, representing 5.05 per cent of the total dividends declared.
According to him, the money was increased because of the huge dividends declared by many companies recently. Olugbemi said it was necessary for the institute to organise a forum that can rebuild and expand the capital market.
He said: “After the near collapse of the capital market in 2008/2009, the emphasis was on how to resuscitate and rebuild the market, as it were, with the sole aim of improving investor’s confidence. After about five years of refocusing and restrategising, we can now safely say that the nation’s capital is recovering and it is making a steady progress to the level we all want it to be, a world class capital market.
“The truth is, what makes the capital markets of the advanced economies like those of the United Kingdom, United States of America, Japan and China different from ours, has to do with issues relating to leadership and good corporate principles by the regulators, operators, investors and publicly quoted companies.”
Speaking on the forthcoming conference, he said the institute has thought it critical to deliberate on the theme: “Developing a world-class capital market: the need to strengthen adherence to corporate governance practices, the role of regulators, operators and investors,” during the conference.
The keynote address of the conference holding June 21st, at Eko Hotel in Lagos will be delivered by Mr. Tunde Lemo, the former deputy governor of Central Bank of Nigeria. Olugbemi said that the conference would be held to ensure sustenance of investors’ confidence in the market and the growth of the market.
