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Unclaimed Dividend: SEC Adopts Measures To Tackle Multiple Subscriptions - The Revealer
Stock Markets

Unclaimed Dividend: SEC Adopts Measures To Tackle Multiple Subscriptions

The Securities and Exchange Commission (SEC) has adopted new measures to tackle the lingering problem of multiple subscriptions in the nation’s capital market

Director-General of SEC, Lamido Yuguda disclosed this while addressing Journalists at a virtual press briefing after Capital Market Committee Meeting.

Yuguda said that the Commission has already constituted a committee on identity management to harmonize various databases of investors and facilitate data accuracy in the market.

According to him, the outcome of the committee’s assignment would address the challenges of identity management and help tackle some of the issues of unclaimed dividends, direct cash settlements and multiple subscriptions.

He also said that unclaimed dividend has continued to be on the increase, adding that figure has risen to N170 billion as at December 2020 from N158.4 billion recorded in 2019.

As little as over N2 billion in 1999, the figure rose sharply to N158.4 billion as at the end of 2019, representing an increase of 32 per cent from N120 billion recorded in 2018.

He Linked the rising figure to irregularities in identity management and multiple subscriptions from investors.

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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