ABUJA — The Securities and Exchange Commission (SEC) has said stakeholders will interrogate until the rising unclaimed dividends are solved.
Director-general of the SEC, Lamido Yuguda, disclosed this during the presentation of the 2022 budget of the commission before the house of representatives committee on capital markets and institutions in Abuja on Tuesday.
According to him, part of the problems of unclaimed dividends had to do with identity management.
He noted that the agency is engaging the registrars and increasing investors’ education to stem the trend.
Lamido added that an identity management committee has been created to harmonise various databases of investors and facilitate data accuracy in the market.
“We have engaged with the industry to see where the issues are. We have understood the problem better and we are working in collaboration with them to ensure that by the end of the first half of 2022 we will be able to report back to this committee some of the milestones achieved in solving some of these issues and we believe it will have a massive impact.
We need to transform our IT infrastructure as we superintendent over a market that is vast and technology-driven. The Steering committee has started work, and we are already looking at the proposals,” he said.
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